The London Open - page 15
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I see oil has slicked back its hair to give a dudey move this morning - keep forgetting to look at Gold for a trade, hung up on FX, only got one monitor, makes it hard.
Oh GBPJPY - bottled it, and its now sitting on our T2, need that Pimp to hold my hand.
Saw it, traded it, bottled it, closed it, regretted it, learnt from it!
Where are you Pimp? I know where you are and hoping to join you very soon.
F
Fran, I too use capital and have found them to be a bit saucy of late.For example with a heavy fall, because of the delay you're getting a very bad price. Take the crude 300 pip candle of yesterday. I've gotten in somewhere near the top but not been filled until somewhere near the bottom. Maybe over-exaggerated a little bit but I'm finding holes in what I thought was the best little spread-betting outfit on the planet. Oh, I forgot. The spread is a bit laaaaaarge on the pairs you mentioned, but they do move well.However, don't trade these two until you are really comfortable with the strategy. They do have a tendency to move very quickly. Yesterday I got over 100 pips in under an hour on GBPJPY, but it could have been -100 in under an hour also so be careful
Guys I am uising GFT and funny enough I too thought I had a great provider. Interestingly, they offer a great spread on most of the pairs etc, however, when I have taken samples from other users, who use alternate providers they seem to be getting in at better points than me. For example this morning on crude I was being quoted 135.23 but in the room people were saying it had broken 135. So, although I have a nice spread I am in essence buying in after the market has really moved. Not saying GFT manipulate the price offered but the questions does need to be asked and answered. Any body else had the same experience on the speads and bid / ask price?
Oh GBPJPY - bottled it, and its now sitting on our T2, need that Pimp to hold my hand. Saw it, traded it, bottled it, closed it, regretted it, learnt from it! Where are you Pimp? I know where you are and hoping to join you very soon. F
Funny, thing was last week I was doing the same thing. Got the right set up and then could not pull the trigger. This week I have come in with the attitude, well if I get it wrong and I put the right trade on, I can only lose small. If it is the right trade, then I get a nice collection of pips. It happened for me this morning. I traded crude for the first time and got 54, and it was pretty nervy and also had a trade going with g/j. Stay with your instinct and the charts, and go only as quickly as you want. There is no pressure to jump in. I did this yesterday on e/u and lost 40 pips and then came home later in the day to see it had fallen a long way....I hope this helps, but I be quiet now.
I see oil has slicked back its hair to give a dudey move this morning - keep forgetting to look at Gold for a trade, hung up on FX, only got one monitor, makes it hard.
Hi,
I don't use meta but have continue using the GFT platform software. What I have done is set my charts up so the ones that correlate are close together, and the ones that drive the market are the ones that open for me. So when I start my platform the first chart open is always Gold. I then look at Crude, and then the US pairs and so on. It seems to follow, but if FX or Dan have a better suggestion of ordering the pairs for correlation and trading please do shout and let us know. I am currently in with the e/j trade, which does not seem to correlate with anything - or so I think!
Hey Guys,
Another good morning. Crude for 84 pips. What I took most out of the morning was the correlation between the different pairs and gold. Something I have never considered in the past.
I'm short EURUSD now after the break of the 200MA and looking for a retrace on GBPCHF.
Thanks rockdrive, we still need to learn from our mistakes, if we had taken the 8 trades yesterday when the set-ups were shown on the chart, and closed atther fib targets that we use for exits we would have made 3-400 pips, pulling the trigger is always the hardest, we get the set-up, the generally say "lets wait for it to start moving to confirm", then if it does we think we are too late and either don't enter like yesterday, or enter late like the GBPJPY this morning.
Its all down to confidence, and with us just plain old being frightened of losing.
Funny, thing was last week I was doing the same thing. Got the right set up and then could not pull the trigger. This week I have come in with the attitude, well if I get it wrong and I put the right trade on, I can only lose small. If it is the right trade, then I get a nice collection of pips. It happened for me this morning. I traded crude for the first time and got 54, and it was pretty nervy and also had a trade going with g/j. Stay with your instinct and the charts, and go only as quickly as you want. There is no pressure to jump in. I did this yesterday on e/u and lost 40 pips and then came home later in the day to see it had fallen a long way....I hope this helps, but I be quiet now.
Thanks RockDrive
It's always good to know other people's "mis-fortunes" as well as successes. I always learn more from my mistakes - very philisophical I know, but true. Great attitude too.
Congrats on oil - nice one.
Hi sarah, Best thing to do is tell you how we are set-up. For the normal pairs we use a demo account from alpari (just google it and you will find their site to download MT4), make sure you make a note of where it is installed. For gold and oil we use odl (again google it) then download a demo and install it, noting where it goes. If you want I can make you up a "Dan" template to install. Let me know when you have installed them and I will help further while the markets are mixed. Note: you can install as many versions of MT4 as you like. Also suggest you read the whole of the thread on FF and study the charts, we are "newbies" to this technique as well although we had our charts set up fairly similar for the past couple of months but just with the final pieces of the jigsaw missing. For us the final pieces look to be the ccis and the correlations especially with gold. hope this helps
Thanks scorpion!!!
-So i downloaded mt4 from odlsecurities but can i keep fxdd or should i switch to alpari? Can i just trade from odl only or do i have to trade through 2 platforms?
-'a dan template to install' = what is it?
-I have my M15 charts with: 80EMA, 200SMA, 800SMA, CCI84 and CCI21. Is this correct?
-What is the heiken ashi? What about T1 or T2 or T3?
-Am I done with the settings? Am i ready to start learning more about the entries, exits, crossovers, stop losses etc... ?
I can't stop thanking you for you help!!!
Hi Guys,
I think a lot of us took that crude trade didn't we ? Managed an average of about 80, coupled with a cheeky 20 on EURJPY, so not a monster morning for me.
Was playing very cautiously with the EURJPY as with a little Dollar strength coming back into play and giving some imptus to the upside on USDJPY this was always going to be a problem.
It's a funny awkward pair to trade, as a strong Dollar = USDJPY up and EURUSD down, so a weaker Euro and a weaker Yen.
Best traded long when either EURUSD is bullish and USDJPY shackled between moving averages and boxed or when USDJPY is bullish with EURUSD stuck between support and resistance levels.
The opposite is true for shorts. (no, not speedo's)
As for the quoted prices with the brokers, it doesn't really matter what the quoted price is. My spread-betting firm's quote now on FTSE is 5867 when my chart is saying 5877. So long as my chart moves 50 pips, then so should the spread betting price.
If your Crude price is Brent and not U.S then it will differ again slightly, then again if you look at the difference between the July & August prices.
It's all relative but this morning it moved 100 pips everywhere, on every chart and with every broker. Worth bearing in mind. I don't even look at the quoted prices. When something moves I hit the button and hold tight.
What else is cooking. Oh yes, shame about the GBPJPY Fran & Scropion jnr.
That's the thing when you're not comfortable trading a pair isn't it ? I sweat a lot when I'm in an Oil trade in the Afternoon. I'm not 100% comfortable with these 500 pip spikes, but I'm getting there. Just keep my stop in the right place and my exposure reduced.
I think there are several firms doing less than the standard minumum stake.
It might be worth having a look and halving your stake on the GBPJPY, GBPCHF, Crude, Gold and of course, my old favourite the Kazakh/Mongolian !
What's coming up then. Looks like more Dollar strength. The question is : How long can it last ?
Not looking to get carried away but I like the Crude oil lower if it can get below $134.00
On the currencies, I've missed the moves due to typing this, but hey, you guys are worth it.
Have a great morning. I'll be back later.