The London Open - page 70
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After a solid 75 pips up i banked 50% but held the rest.
Just closed out my other 50% for a loss, so all flat.
That had so much promise for the upside and didnt behave.
These are def not normal market conditions and again i need to watch that 252 cci. What did i say earlier. Follow the trend and the 252 cci.
Annoying
D
Hi Dan, Just to let you know you are not talking to yourself !
Thanks Barry...vvv annoying re crude. It had the perfect setup for a long play. Should have closed all for 75 pips but got greedy!!! Broke my rules and wanted more.
Arhhhhhhh!!!
D
Very messy out there on the currencies...EUR and CABLE all over the place...
I am staying out for now...
Watch that black stuff go now...
Oh well thats trading!!!
Next time.
D
Following your core London Open strat I was sitting on a fast 30 points as €$ broke a previous resistance line, gave a 1-2-3 and ran up to the pivot. As I'm still on minimum stakes I couldn't cut half and let it run so I stayed with the position back down to +10. Not too unhappy coz the entry was crystal clear and I would have 50%'d if I could.
IMO the familar correlations are being distorted by funds:
A flowing towards growth, hence recent $ strength
and
B away from high risk/high yield currencies and hence towards Yen, CHF and $
So whilst $ strength will usually cause the currency to appreciate across a broad front it is now possible for, say, the yen to be stronger still as high risk carry trades unwind. Gold and crude moves are not the primary concerns at the moment.
Happy Trading Dan and All
Following your core London Open strat I was sitting on a fast 30 points as €$ broke a previous resistance line, gave a 1-2-3 and ran up to the pivot. As I'm still on minimum stakes I couldn't cut half and let it run so I stayed with the position back down to +10. Not too unhappy coz the entry was crystal clear and I would have 50%'d if I could. IMO the familar correlations are being distorted by funds: A flowing towards growth, hence recent $ strength and B away from high risk/high yield currencies and hence towards Yen, CHF and $ So whilst $ strength will usually cause the currency to appreciate across a broad front it is now possible for, say, the yen to be stronger still as high risk carry trades unwind. Gold and crude moves are not the primary concerns at the moment. Happy Trading Dan and All
The important note is that the entry was crystal clear...The rest will fall into place.
Its a messy morning but still really like the 4hr USDCHF chart as posted earlier.
Off for a meeting now so will be back online later.
Looking back i should have banked all at 75 pips profit in crude. The weakness of a human is greed and i went for glory and paid the price. No disaster as they cancelled each out but annoying.
Interesting morning and getting use to how the market is moving again. Always takes a week to really get back into the swing of things.
Speak later
D
Hi
I got asked a question earlier re trading rules and thought i would start with the mind set as this is prob teh most important to get right. Will write more tom re my rules...
I have many rules to be honest but the main key is consistency. I do not sit and watch charts all day. I know so many guys and girls who sit there for 20 hrs a day and by the end of the month they r still flat on pips. Its not the time spent but the quality of time.
For me i am more focused for 3 hours at a time. Manily once per day and sometimes twice, depending on the market and what i did that am.
You must be focused at all time on short term trading and as i metioned 1,000 pips a month feeds the family and pays the bills. Thats 50 pips on average per day. Only 2, 25 point trades or one 50 pt trade in Crude a day...(Arggg i was up 75 and got greedy, stupid!!!)
This is not an easy game and especially trying to beat the brokers and banks but hey thats our job as a home trader and my London Open generally makes me a winner a lot of the time.
My last point is to remain utterly confident and never let your head go down. Its very easy to beat yourself up about trading..If only this happened...If only that happened... None of that matters. Get in, get out and make the pips. That is the way to get 1000 pips per month...Its not about sitting at your desk for ever...
I will write more tom re my trading rules but the mindset is equally as important.
Speak tom and i will write more on my trading rules.
D
Hi Dan
Hee hee, are you in training for a second job as a typist? You have certainly been giving your keyboard a bit of a bashing lately, you may need to work on your make-up a bit though, and don't forget to wax.
Aaaah, the words of wisdom flowing again - and what wise words they are too. Thank you for the above post which I can completely relate to unfortunately. Still, with reading this thread I am sure that I will mend my ways, and for me the only way is up!
It's great to have you back posting Dan, thanks.
RS
Hi Dan,
A very good post above, thanks for sharing your wisdom and strategy. Yeah, like your trading rules!!
And will get there.
Kind regards
Pardy
Good morning all
Thanks Rollingstone and Pardy for responding. Haven't had too much response yet but if it helps one person then thats what counts.
Yesterday was messy and as i said this market is not normal so do not expect normal trading ranges and momentum. I had a big city friend call me up the other day and actually said he was embarrassed of working for his bank. Oh how the world changes!!! These city slickers with the fat porshes looking like prime idiots!!! I knew there was a reason why i left and got on with my normal life...
Anyway enough ranting...
Well Crude finally broke up after messing around yesterday like a naughty school kid.. 8 out of 10 times i would have banked 150/200 points on that trade but thats life and i move on.. It is now forgotten and a new day. Positive thinking always!!!
GOLD remains messy. I like it higher because i like gold bars when the stock market is in turmoil. However this is not a normal market so a break below the 60min 50ma could see a pullback to the 4 hr 20ma as its below the pivot. Personally i want to remain bid with it..
Crude is messy and boxed in now between the 60min 50ma and 60min 20ma. Going to wait for direction here..
Again currencies are messy and direction is hard to read.. I can see arguments for both directions fundamentally and technically at mom...
Sorry not very informative today... Let me get back to u when i know whats going on with the USD..