The London Open - page 19
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Hi Dan and all,
Great lesson today - I always learn something new or pick up on something I'd forgotten.
Went short on the GBP/USD this morning with a few others as it broke through the hourly 200 M/A after being boxed in for 82 pips.
Also after, I went short on the EUR/USD as it had a similar pattern as the GBP/USD, but just took 47 pips as the 84 CCI had been down for some time - the trade had already come a long way.
Really enjoying working with you all!
Simon.
Dan007 and Le Pimp Thanks Dan for an informative lesson today, sorry you didn't get a chance to talk about this morning's GBPJPY. What I wanted to ask specifically was whether the strength of the CCI 21 would get you into the move earlier, or whether you would hold out for the CCI 84 cross. You can see the move starts early - is jumping in before the 84 cross for more experienced traders only or forbidden territory altogether? The 60m chart was showing a really strong trend. ThanksFran PS Use a couple of other indicators too - sorry!
Fran. Bear in mind that the 0.0 line on any CCI is directly related to the M.A of the same period. We've established that the 21 is the 15m CCI and the 84CCI is the 60m 21 (21 x 4), so based on what you are saying and what I have just outlined, technically what you are doing is playing the break of the 15m 20m.a down to the 60m 20 m.a, yes ?
By all means do it. It's more risky, but see what happens at the 84CCI 0.0 line. As you know a 60m 20 moving average can be a good support level so it could have bounced off there and gone into orbit.
It's not going to be perfect every time. We just need to make the most of it.
Now you're going to be in the 'forbidden place we do not talk of' each morning with us we can go through it all together.
Yes, yes, yes, Dan007 certainly can put it simply. A refreshing change from all the mumbo-jumbo that seems to infest some other sites. Its nice to be linked with a group who are really trying to work together and put different experiences together to develop a more cohesive and robust trading strategy. I've not really got anything to add to what Fx and Dan do so well, but I hope in the near future I can be spotting breaks and highlighting trades for the London Open family.....I'm off for a little sniffter of Rosie! Bon Nuit Le Pimp
Well Well Well.
After a falsie, that bad-boy done exactly what it said on the tin.
I liked it short of $134.00 as per previous post, and with Gold falling too liked the whole unison gig once the beast ran out of steam.
Anyone else have the desire to take it ?
Admitedly, I needed a few glasses of that wild elderflow juice to get me in, but just quadrupled my gains for the day and off to watch a bit of footy after a pretty tame one on the currencies fo me.
Back later for some analysis paralysis.
I'm feeling a bit aggrieved on crude. I had an order to open at 13555, which I believe the price hit, but it failed to open. I've emailed the spread betting company to see what happened. I'm sure I don't have a leg to stand on with them though.
On the plus side I got 86 pips from the first fall, then 118 pips from the following rise, so not all bad.
............................................................... Today showed clear direction with GBP weakness and USD strength... .................................................... I am very happy indeed. Dan007
==========================
Hi Dan,
How do you judge, that GBP is weak and USD is strenth.What do you look at ? Thanks !
.............................................. If you follow the CCI rules and daily MA's, it will come. ...............................................................
Hi rockdrive,
What are CCI & daily MA's rules ? Could you elaborate more on this please ?
Thanks!
I'm feeling a bit aggrieved on crude. I had an order to open at 13555, which I believe the price hit, but it failed to open. I've emailed the spread betting company to see what happened. I'm sure I don't have a leg to stand on with them though. On the plus side I got 86 pips from the first fall, then 118 pips from the following rise, so not all bad.
Bloom. I don't know who your broker is, but mine has a delay of between 5-10 seconds after pulling the trigger to actually being executed.
Last night, my order on Crude was not executed with one of these brokers until that 1 big 15m candle had bottomed out and bounced off the 60m 50sma. Bit gutted as I could have dubbled my bubble and averaged 300 pips on it, where instead I actually lost 160 on one part due to the automatic computer generated stop-loss.
Had I not made a profit overall I would have gone insane as I should have been in 200 odd pips higher, and maybe it's worth looking into a bit further.
Bit of a mug, me. Always smiling if I'm up 500 pips on the day !!
Last night, my order on Crude was not executed with one of these brokers until that 1 big 15m candle had bottomed out and bounced off the 60m 50sma. Bit gutted as I could have dubbled my bubble and averaged 300 pips on it, where instead I actually lost 160 on one part due to the automatic computer generated stop-loss. Had I not made a profit overall I would have gone insane as I should have been in 200 odd pips higher, and maybe it's worth looking into a bit further.
It would be interesting to see which is actually the best Spread Betting firm in terms of execution delays, spreads and commissions
I use IG. Never had any complaints with them.
The price didn't just touch my open price, it went above it then back down through it and on down about another 500 pips. I'd have been out after 200 though!!