The London Open - page 75
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Hi all
Hope u all made a few pips on Crude. Look back at Post 8.06am. Said to go long at 96.20 and took 200 little pips. Not going to get greedy today..
Turning out to be a good week.
D
PS Hope those arrows help...
Hi Dan, Great to have you back, looking forward to increasing my pip count, need to eradicate stupid trades. Your posts are incredibly usefull, even if its just to confirm what i`m thinking. As you say consistency is the key, so looking forward to your help and wisdom. Chris
Hi Chris
Good to hear from u and glad all is well...
We all make silly mistakes so dont worry about it. I am the biggest plum sometimes and get greedy, even though i tell myself not to, i still do it!!!
I hope i can help...
D
Hi Guys
This market is scaring me...
Here is a quick explanation of my 5 min chart.
960 my 4 hour 20ma
600 my 60min 50ma
240 my 60min 20ma
60 my 15min 20ma
20 my 5min 20
CCI 63
CCI 252
CCI 4
My 60min chart...
1200 my Day 50
480 my Day 20
200 my 4HR 50
80 my 4HR 20
50 my 60min 50
20 my 60min 20
CCI 84
CCI 5
This way i can basically look at two charts and get a strong idea of trends and entry points. The 60min shows me the trend and the 5min gets me in early enough for the move. I dont rely too much on the 5min but i make most of my trading decisions on the 60min with the 5 only as an entry. The 60min has been my king chart for years!!!
I look for crossovers on the CCI's and the MA's for support and resistance. As mentioned this has been developed over the years from my standard templates but i have worked with a close friend to get to this template and we do very well from it.
The 252 is key as well and i rarely trade against him unless i really fancy it.
Ok must run... Got a friend flying in from out of town.
D
Dear Dan and Le Pimp,
What wonderful company............I was not trading today, as I had chores, but.......after the missive yesterday on gold and the massive missed potential I thought, well a sneaky one. I took a little limit order trade before I went out (96.10 break of 15m 20, and as seen on this site) and thought, lets not be greedy and put a limit sell of 100 pips.......blow me over, coming back in this evening after being out dining with some old friends, I had some extra wanga in my account. A very pleasant surprise and it totally paid for lunch!
You guys and the trading 'friends' on this thread have been amazing. Thank you for your most excellent sharing.....I hope you have a fantastic evening and please ensure your friend is put to bed at a reasonable hour. We don't want him locked up on his first night!
Lock up your daughters..................and pets there's an animal on the loose!
Crude Rockie
p.s. there is apparently an interpol wanted poster for a man seen travelling today in a purple spandex three piece suit with glow faster yellow stripes. If you see this man approach with caution and phone your nearest drinking establishment, direct him to said bar and ensure a large drink is placed in his hand and retire to safety. Vive Le Pimp and Dan you Rock.
Evening all
Its been a good few days so a deserved sleep in is required tom am.
1,150 pips secured in the pip bank and going to take a long weekend. Gold was the big player yesterday and Crude today... Thats 3/4 of all those pips in 2 trades. It just shows what can be done. (Not a normal week and they tend to average themselves out over the year). A little bit of luck as well but hey u need a little bit...
Might be online for an hour tomorrow but thats all.
Have fun... Keep your heads up, as we are all going to make great pips together in the near future.
Sleep well
D
PS Rockdrive u r a legend...
Morning Team;
Only a quick one. I had more chores and only small time this morning. Took gold on limit sell 946 to 935 (5m 960 area), closed a nice 110 pips. Thank you.
Gave a shout this morning on several other trades to a friend. Liked the look of cable 1.8035 and below, usd/jpy above 107, usd/chf above 1.1167 and of course the shiny stuff. I make that 200 pips available.
Anyway, I must close out as I am being shouted at by the boss, as I am holding things up........
Bye guys.
Ear Blast Rockie
p.s. did Le Pimp pass border control with his taiwanese passport knock off?
Morning Team; Only a quick one. I had more chores and only small time this morning. Took gold on limit sell 946 to 935 (5m 960 area), closed a nice 110 pips. Thank you. Gave a shout this morning on several other trades to a friend. Liked the look of cable 1.8035 and below, usd/jpy above 107, usd/chf above 1.1167 and of course the shiny stuff. I make that 200 pips available. Anyway, I must close out as I am being shouted at by the boss, as I am holding things up........ Bye guys. Ear Blast Rockie
You are reading these charts very well Sir Rock... No turning back for u now...
Enjoy the weekend.
Le Pimp has arrived and the monkey, Hemal and I will be taking him out on the town to paint it purple!!!
See u monday.
D
What can I say these moves this week have been so scary its not even funny. For those of you who are not aware, the Fed are buying everyone's CP, they are also attempting to set up a "bad bank" that will buy all the banks whale excrement removing it from their balance sheet and thus freeing up room for them to lend again. Sounds good in theory and from what I understand worked during the S&L crisis of the 80's ( I was doing trigonometry and chasing my sisters mates at the time so I cant vouch for that). At what price do the banks get this whale shite off their balance sheets and to what cost to the US tax payer? So aside from all the stuff I mentioned yesterday, they are buying toxic waste, buying cp and by the way you are no longer allowed to short equities either. Call me old fashioned but is this a free market economy a capitalist country or is it communism? At the same time the Chinese are buying their own stocks as are the Russians. I am no rocket scientist but are we not repeating mistakes that previous generations made thus making it more costly in the future and leaving a longer deeper recession a possibility. I'll repeat what I said earlier this week I am embarrassed to be a part of this mess as normal people, farmers, nurses & teachers have to foot the bill for the mess the banks have got themselves into, is that fair or right? Does the US still deserve a triple A rating? One more thing, these moves these past few days have been historically volatile, I can talk from experience that very small positions with 200bp moves can be extremely costly or profitable and are not going to encourage any position taking in the near future. How many more hedge funds will implode on the back of this weeks volatility specifically the squeeze of the last 24 hours?
Clearly this is another weekend that is going to be key, will Hank get his grand plan through congress and for how long will this hold the stock market up? My view has not changed, the knock on effect on the real economy is going to be painful, asset prices specifically property will continue to depreciate and government intervention will delay the recovery (case study Japan late 80s early 90s). Its been a long tiring week for all, enjoy the Ryder cup may the best team win, lots more fun and games next week!
The City Trader
Hi Guys This market is scaring me... Here is a quick explanation of my 5 min chart. 960 my 4 hour 20ma 600 my 60min 50ma 240 my 60min 20ma 60 my 15min 20ma 20 my 5min 20 CCI 63 CCI 252 CCI 4 My 60min chart... 1200 my Day 50 480 my Day 20 200 my 4HR 50 80 my 4HR 20 50 my 60min 50 20 my 60min 20 CCI 84 CCI 5 This way i can basically look at two charts and get a strong idea of trends and entry points. The 60min shows me the trend and the 5min gets me in early enough for the move. I dont rely too much on the 5min but i make most of my trading decisions on the 60min with the 5 only as an entry. The 60min has been my king chart for years!!! I look for crossovers on the CCI's and the MA's for support and resistance. As mentioned this has been developed over the years from my standard templates but i have worked with a close friend to get to this template and we do very well from it. The 252 is key as well and i rarely trade against him unless i really fancy it. Ok must run... Got a friend flying in from out of town. D
This is what I'm struggling with. On the 60 min, e.g. CCI 84 could be at say -100. Would u only look for shorts? What if that cci has been coming up from -150? and will maybe continue that way??
So, how do you actually determine the trend?
Or do you strictly trade only crossovers - I suppose that there could be times in the Londo open when these crossovers do not happen!
As you know, unlike some more fortunate people, I haven't had the privilege of your coaching. What I think would be very very helpful would be to lay down the summary of your logic process in reading and acting upon the charts.
Breaking it down into steps, something like, e.g. , !. Look at the 60 min chart. Check the position of the 84 cci. Is it going up/ down / level. This means that trend for the day is............
2. Now go to the 5 min chart. When x happens, and ma's are in following order, take trade etc etc.
I know this may sound like spoonfeeding, but really it isn't. I have been in the boiler room since inception, and still can't figure out how the really successful traders are taking their trades. A lot of trades seem to be taken when ma's are not all stacked in the right order. Hence, my request to try and understand the logic and sequence that you follow.
Also, could you shed some light on your exit strategy, please. Reason is I often tend to close trades too early ( this is psychological I know, see a trade in positive, bank the profit) but in your experience, is there anything I should be looking for that will allow me to set decent tp's.
Please help!!!
Kind regards
Pardy
Do hope all of this makes sense.
The Authorities in Spain have been inundated with sitings of a purple phenomena. People are reporting an extrordinary colourful man in garish costume; these sitings were originally reported in the South of the country but there has been a surge in calls from all along the Costa and as far South as Gibraltar.
So far The Purple One, as police have named him, has caused no damage, but there was concern over the potential threat to bar takings, as people keen to see this phenomena take to the streets seekings him out.
One eye witness said "it was amazing, like a rainbow, and suddenly it was raining pips, and then he was gone, leaving an empty bottle of San Miguel". The police are still trying to determine the importance of the 'pips' to their inquiry, but can confirm significant quantities of local beer seem to go missing in areas where The Purple One has been sited.
Following the 'rain of pips' locals are calling for protection and some are now carrying special pip collectors to harvest them. With the pip feast, there have been other sitings of a large Gorilla, and a smaller Monkey who seem to accompany the Purple One, an entourage of otherworldly preportions. One thing is for sure, they have great legal representation and have managed to keep their movements hidden from view; where they will appear next is a mystery only Scooby Doo could solve.
The local mayor has asked for special powers; the purple one is our saviour and he is keen for the pip feast to become a regular festival; attracting so called 'pipster's' from around the world.
One thing is for sure, beer and burger sales are up. For the Purple One is now in his speedos sunbathing.........so are thongs!