The London Open - page 41
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Hi Dan & all,
Good day today - I only entered 2 trades today as the markets have no direction at present.
Took a short trade on the EUR/USD this morning down to the hourly 20 M/A. Thought it would found support there. - 32pips
Then had the choice of which trade I took for the dollar weakness that set in. All the Majors against the dollar found support & started to rally.
I went long on Gold as it found support for 180 pips. Under normal conditions I would have kept this trade on & keep moving my stop under the 20 M/A - but not with this unpredictable market.
Happy trading
Simon
Thoughts on GBPUSD tonight?
Nearing resistance at 1.9900.
Week long run up.
Weekly trend is down though.
My overbought indicators are showing time to sell the high.
My KAMA and SteepSlope have just pierced price - indicates reversal.
EMA(SMA(CCI)) has just peaked.
What y'all think?
MM
I hope it falls market mole. It's end of of week, has had a good run, is overbought, has been moving the same as EURUSD, which has been moving the same as gold, which is heavily overbought. I'm wih you, down to 1.9750 please. Needs to break 1.9850 as confirmation, but I like you're thinking. Could well just bounce off the 60m 20 though.
The big question this morning is "how much of a rest will Gold need"
As I have said in many morning posts, I do like gold higher but it's moved almost $40 in a straight line, which is quite a sharp move, and I hope that with the new 'toy', a few of you managed to get some of those.
So my theory is this for this morning. A little resting period for the Gold with EURUSD & GBPUSD falling a little and USDCHF & USDJPY finding a little bit of support.
About time the indices pulled back again isn't it? I won't be looking to buy into these but the Dow does look interesting.
Of everything though I like EURO down to 1.5650 level, but it's a risky proposition and could bounce off the 60m 20 like it did yesterday morning.
Is Crude going to put a spanner in the works by going mad again? There was a relatively easy 300 pips there yesterday with the 'weapon'. I hope you were on it Bloom. Sounds like you deserve a break.
That's all for now. The Pimp-Show will be good this afternoon. I hope to put a few bonus pips in the banks of the needy.
RS calling from a foreign place!
Le Pimp, please do a video overview of The Pimp Show. Look forward to catching up properly with the new template at the weekend.
Remember - you can run but you can't hide! I'm still watching you!
Good luck with your trading everyone.
PS Company email warning - DO NOT OPEN ANY EMAILS TITLED "INVITATION" - new virus alert, wipes your c:/ drive
RS calling from a foreign place!
Hi Le Pet du Pimp,
Its been a week of 2 halves for me. Had a cracking start making good pips and then, just as I thought I was making progress, the bogey man come and got me. Lots plenty pips yesterday and ended at just over 100 pips. After last weeks 200 this seems pip squeak by comparison.
I think you and me have lots of homework this week. Need to check and recheck me charts to make sure I have the right set-ups. My 5 min chart were definitely not right....so need to be comfortable. Also I think I dithered more over the last couple of days than my usual, and guess what entries too late, poor trades and lost pips.
The Pimp show was great fun. Le Pimp was most certainly on form. He was begging crude up and down with his pimp wand.....an interesting spectacle.
Had some beers for lunch to properly close out the week. Will be at it bright and early on Monday for a feast of pips and normal service resuming.
Well done Team London Open, an excellent week of banter and chit chat and the trading was good too.
Enjoy the weekend.
Small Rockss
I hope it falls market mole. It's end of of week, has had a good run, is overbought, has been moving the same as EURUSD, which has been moving the same as gold, which is heavily overbought. I'm wih you, down to 1.9750 please. Needs to break 1.9850 as confirmation, but I like you're thinking. Could well just bounce off the 60m 20 though. The big question this morning is "how much of a rest will Gold need"As I have said in many morning posts, I do like gold higher but it's moved almost $40 in a straight line, which is quite a sharp move, and I hope that with the new 'toy', a few of you managed to get some of those.So my theory is this for this morning. A little resting period for the Gold with EURUSD & GBPUSD falling a little and USDCHF & USDJPY finding a little bit of support. About time the indices pulled back again isn't it? I won't be looking to buy into these but the Dow does look interesting. Of everything though I like EURO down to 1.5650 level, but it's a risky proposition and could bounce off the 60m 20 like it did yesterday morning. Is Crude going to put a spanner in the works by going mad again? There was a relatively easy 300 pips there yesterday with the 'weapon'. I hope you were on it Bloom. Sounds like you deserve a break. That's all for now. The Pimp-Show will be good this afternoon. I hope to put a few bonus pips in the banks of the needy.
Hey Le Pimp,
A pretty good call on Gold - yet again my friend you are the man. If you'd have looked at the charts and follwed the CCI's there were 100 pips to be had. I didn't but thanks for another very accurate reading on this very temperamental market.
Have a great one Le Pimp and don't forget to refresh your pipometer.....Its going to be another busy week.....
Rockie Pip Squeak
Morning All.
As you now know the room will be open from 7, not 6:30.
Wll today be another bad Dollar day, with no sign of a major slowdown ?
The Euro and Gold and Cable must retrace at some point but I'd be interested to know who is bored with giving away cash by trying to buck the trend. I most certainly am.
Best so sit it out and buy the dips. Try too much to buck the trend and you will more often than not get bucked right back, as I discovered during the Pimp-Show.
Yen is looking quite good today too. I do feel that the major falls on EURJPY are almost over though. Look at the Dow. It's failed to cross the 60m 20 in a while. Eurjpy has already broken it. So, it's back bounced off the 4hr, but the point is, it's showing strength just from having penetrated it, and wondereing if there's double bottom written on these.
I don't mind playing against the 4hr trend but against the 60m trend is out now' I've been getting it right 7 out of 10 times and 2 of the 3 losers I've discovered were against the trend.
So, I'm only interested in shorting Gold & Euro and cable today IF They break the 60m supports.
Have a great day guys.
Good morning all
Quietish day but good direction in GOLD which showed the way for the EURUSD and USDCHF 1st thing this morning. Many making 20 plus pips...
Paul alerted us to the DAX break and the indices traders picked up pips there as well...Well done
The JPY’s moved far too early for an exact low risk entry point but overall a good day for those who traded.
However CABLE (30 PIPS) and EURUSD (30+ pips) have been the big movers in the last 30 mins..
Controlled trading today which is good to see and should pick up 100+ today. Keep up the good work.
I would like to officially welcome Hemal onto the MBC and we look forward to hearing his views each morning.
Have a good afternoon.
Dan007
Hi everyone...
Its all coming together really well... I have to thank you all for your emails. Very positive which is great to see.
I dont have time to read every reply so if you need to ask me anything please message me in my private messages.
Have a great day...
Gold double topped hey!!!
Dan007
Morning all.
Well, a pretty reasonable day yesterday with EURUSD & GBPUSD & Gold all falling back through the 60m 20ema's.
Manage to take a little 1-2-3 in the afternoon on both FTSE (courtesey of the Lobster) and USDJPY which did eventually recover 75 pips on the back of stronger USD.
So, what's the theme of the day?
Well, looking at the bigger picture on the Crude and Gold, these are looking like just little retracements in a strong uptrend, and, as we discussed yesterday, do we really want to be selling these two heavily against the longer term trend ? I don't think so, but at the same time they look weak on the short-term. Who can you beleive; who can you trust?
Euro is looking weak but with much better than previous German retail sales expected out, that could change in an hour. I must add though, last month they came out at -0.6 and this month they expect +0.8. Quite a bit of difference. It would be interesting to see them come in slightly better than last month, at say 0.0 say. It would be better than previous and yet miles off ??? hmmmmm
I've just gone short EURJPY at 167.14 , so lets see what occurs there.
Back onto the Euro, technically it's set for a fall. Or is it? Yes it's below the 60m 20, but above the 4hr. My 4hr says go long whilst my 15m is whispering go short.
I give up.