The London Open - page 56
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Hi Pardy,
Welcome to the thread.
I hope you enjoy the reading and look forwad to answering any questions you may have regarding the strategies.
F$X$P
OK, onto this morning.
I have a mixed bag on the Commodities which for me personally means 'do nothing'
Gold is back in the open, having broken all shackles.
Crude on the other hand still had a lot of upside traffic, namely the 4hr & daily 20&50 m.a's.
Interestingly my 60m 20 has crossed the 60m 50, which is a good sign, so we could well see a run from the current $120.50 level to the $132.50 level, which is Resistance 1 on the pivot and my 4hr 20ema.
With any kind of upside momentum on our black beauty we could see Gold back up at $976, some 8 Dollars away !
So another weaker Dollar morning session MAYBE, unless Crude breaks all my m.a's.
So over on the currencies that leaves us with a potentially short USDJPY and/or USDCHF, with potential to the upside for EURUSD and/or GBPUSD.
USDJPY looks more bid than offerred which puts a spaaner in the works.
We've Mr King from the BOE speaking later at 9:45 so he should rustle up the Pound.
Moving onto the 5m chart for a closer look we can actually see a different story.
These 5m charts are incicating the opposite is happening and that Dollar is getting a little bit of strength back as we speak.
Crude appears to be having a spot of bother at the pivot point so won't be getting carried away until it breaks up.
There really are no gaps to the upside for Swissie for me to exploit. The same is true for the downside of Euro & Pound. It's m.a city with nowhere really to go.
USDJPY looks good to the upside IF Crude and Gold do fall but I will remain patient and pray that Crude breaks up and takes Gold for the ride.
Then we're looking for 5m 1-2-3's in the appropriate direction on the other 3 Majors.
Any question?
Hi Linda M
A very warm welcome to the thread. It is great to see another lady trader posting here and I wish you every success.
I am happy to help in any way I can if required and hope you will join me in getting your elbows into all these (lovely) guys when there are some pips to be had.
It is a great strategy and a great thread and Dan, le Pimp and the rest of the guys take good care of me so I am sure they will take good care of you too.
Good luck with your trading.
Hi Pardy
A warm welcome to you too!
Hello Zak
Looks like the markets are being good to you. I have being stopping in to read the posts when work allows (still not often as I wish) and the learning continues. I really like the 5/15 minute setup and this really works for me. The addition of daily pivots is interesting and if you get the chance a pimp school on there use would be really helpful.
I am still very keen to get back into the Markets Bytes Live room with you and Dan after my August holiday but whats the story regarding post 528 and your "farewell to the room"?
Cheers Simon - New Zealand
Dan if you are lurking, hows the golf going?
Onto this mornings potentials.
I did mention the strong possibility of Gold moving higher to $976 and Crude to $132.50.
Crude has moved 155 pips since that post and Gold has also moved $5.
There hasn't been any major stimulation in the Forex pairs I cover but a couple of potentials. Long on GBPUSD and short Swissie, which is not as clear cut, but a potential 1-2-3 for later.
I'll be back in a couple of hours to see what's going on.
Please keep up the questions and let's get these brokers running for the hills.
hey guys, just checking in here.
FX pimp, thanks for all the helpful insight and stuff your offering. Im a friend of pardys, just thought id say hi 2 you all! Looking at the ftse this week for some quick 10pip opportunitys or a free ride into a trend, you guys ever thought about making a room on skype to trade together? Its good fun
forex has been so choppy these past few weeks because of this credit crunch crisis going on all around,
Hi Guys
That USDCHF has been painful all morning but the setup is perfect on the 60 min. The 50 level holding firm...
Need Pimp and his doughnuts to sit on the USD.
A few guys are short the DAX from 6427 to S1.
Speak later
Dan007
Simon
Playing golf early evening... Looking to break into single figures but proving to be difficult. Short play as good as Pimp on the dance floor!!!
Dan007
Hi
Forgot to say that for Indices to fall further you will need the Dow to break the 4Hr 20ma at 50.
Good trading this avo.
Dan007