The London Open - page 63
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I have a summer holiday coming up and will be away from my screens for a bit, so just wanting to get as many pips in as I can prior to that.
Hahahaha, silly boy. As soon as you start doing that a certain element of greed can creep into the mind as I have demonstrated today.
Could have taken 40 pips profit this morning on two trades, USDJPY and Gold, but didn't.
Could have taken 180 pips profit on two trades this afternoon Gold & Crude but didn't.
Could've made over 250 pips on trades that I took today but didn't.
Why, because I was pushing for more to make up for the time I will be away.
Total for the day -47..........MUPPET !!
First losing day for a while but still doesn't excuse it.
Going for a nice long soak, in a bath of sulphuric acid !
Hi Pimp
Ooh, those elusive profits today, glad you bagged some pips in the end.
My trouble is I have always tried to watch too many pairs and as a fairly novice trader with sporadic success and only one monitor there is doom written on the cards.
I have therefore, on good advice, cut down to just 4 pairs for now - Gold, EURUSD, GPBUSD and USDJPY. This will focus me on the USD moves and give a little extra when the GBP does its own thing. It is surprising just how many moves there are on these pairs alone, more than enough pips to be had for starters. I would still like to have a go at crude someday though, but I will learn my trade on these less volatile pairs first.
Hopefully I won't miss so many moves now because I am too busy scanning charts for moves!
Great chat in the chat room, thanks to Cako for setting it up and of course for your Pimptastic input.
RS
PS Please don't save your bathwater for me - yuk!
NON FARM !!!!!!!!!!!!!!!!!!
Rt Rt Hon David Miliband MP
Secretary of State,
Department for Environment, Food and Rural Affairs
(DEFRA),
Nobel House
17 Smith Square
London SW1P 3JR
16 May 2007
Dear Secretary of State,
My friend, who is in farming at the moment, recently received a cheque for £3,000 from the Rural Payments Agency for not rearing pigs. I would now like to join the "not rearing pigs" business.
In your opinion, what is the best kind of farm not to rear pigs on, and which is the best breed of pigs not to rear? I want to be sure I approach this endeavour in keeping with all government policies, as dictated by the EU under the Common Agricultural Policy.
I would prefer not to rear bacon pigs, but if this is not the type you want not rearing, I will just as gladly not rear porkers. Are there any advantages in not rearing rare breeds such as Saddlebacks or Gloucester Old Spots, or are there too many people already not rearing these?
As I see it, the hardest part of this programme will be keeping an accurate record of how many pigs I haven't reared. Are there any Government or Local Authority courses on this? My friend is very satisfied with this business. He has been rearing pigs for forty years or so, and the best he ever made on them was £1,422 in 1968.
That is - until this year, when he received a cheque for not rearing any. If I get £3,000 for not rearing 50 pigs, will I get £6,000 for not rearing 100?
I plan to operate on a small scale at first, holding myself down to about 4,000 pigs not raised, which will mean about £240,000 for the first year. As I become more expert in not rearing pigs, I plan to be more ambitious, perhaps increasing to, say, 40,000 pigs not reared in my second year, for which should expect about £2.4 million from your department.
Incidentally, I wonder if I would be eligible to receive tradable carbon credits for all these pigs not producing harmful and polluting methane gases? Another point: These pigs that I plan not to rear will not eat 2,000 tonnes of cereals. I understand that you also pay farmers for not growing crops. Will I qualify for payments for not growing cereals to not feed the pigs I don't rear?
I am also considering the "not milking cows" business, so please send any information you have on that too. Please could you also include the current DEFRA advice on set aside fields? Can this be done on an e-commerce basis
with virtual fields (of which I seem to have several thousand hectares)?
In view of the above, you will realise that I will be totally unemployed, and will therefore qualify for unemployment benefits. I shall of course be voting for
your party at the next general election.
Yours faithfully,
FX Pimp.
Morning all,
Weak Dollar didn't last long, then?
So, bad news not sticking to the Greenback, that is interesting. It's been shrugging off good news for the last coupla years so looks like those horrible little 5m charts might be going away soon and we can start holding some positions.
Anyway it looks like Dollar strength is here to stay for a bit so lets work on that basis for a few hours.
Just a quick work before I begin. This morning will
Both the Lord of Darkess and Gold are tucked in below their daily pivots.
1hr 4hr and daily CCI's are in negative and weeklys are struggling a little but on or around 0.0. Below that region would appear to be the next logical move.
Longer term currencies are as to be expected.
EURUSD all 4 longer term CCI's are below 0.0
GBPUSD just struggling on the weekly
USDCHF all 4 are up
USDJPY hmmmmm. Weekly and daily are up although daily looks like it's struggling but surprisingly the 60m and 4hr are in the negative
Short-term
EURUSD looks weak as does USDJPY so I bet there are some nice opporunities for you EURJPY traders.
My girl from the Alps looks like she wants to push higher.
GBPUSD errrrrm, no thanks.
Strange that Euro and Yen are both falling. I will be quite careful here getting overly excired shorting USDJPY as the Chairman and the Coach are looking bearish already, but I do like her Lower, my Japanese princess.
Crude below $123 this morning may even see him at $120 on strong Non-Farm numbers.
Have a great morning. Possibly not a lot of volatility about.
Good morning.
I hope you are all well-rested and reafy to rumble.
I've been away from the thread all weekend, having gotten roped into some silly cleansing detox thing by my wonderful sister.
No meat, no alcohol, no bread, no potatoes. I would love to say I feel much better, but actually I feel exhausted.
Anyway, the format will change a tiny bit today. Most of the questions I get are referring to the 5m chart.
Many of you are using this as a stand-alone strategy which will eventually burn your bank. It's imperitive that you look at the bigger picture and for that reason I will no longer refer to the 5m chart, but instead the 4hr, 60m and 15m.
I have made a couple of tiny alterations to the template to help keep you away from the 5m until it's time.
I will discuss these later.
So, swiftly moving along, Gold & Crude are still in an overall downward trend, but Crude seems so be curling.
By that I mean on the 4hr chart the falls of late haven't been so heavy. there has been more sideways action, and this gives rise to the price looking like it's curling around. The weekly CCI didn't manage to break yet, there has been a higher low and a higher high, the 4hr 20 is very close to crossing the 50 in a bullish manner and a 400 pip recovery to the daily 20 at $130 may well be on the menu.
For Gold it's not quite so clear cut. Yes it's made a higher high and higher low, but it's sat directly below the daily 50 with a descending 4hr 20 powering down. At least the crude has a gap to play.
Gold really needs to break Friday's high with some conviction before I get excited.
Technically it's all set for futher falls, but I dare say if the Dragon pushes higher then Gold will not fall too much.
On the currencies Cable and Euro look set for falls, whilst Swissie is having some difficulties.
USDJPY is also having a rough time at present. The weekly 50 is up there at 108.50 but a clean break of 108.00 might see it go close.
On the 15m charts. Gold is not appealling to the upside as Crude is not to the downside.
Mixed picture at the moment, with Swiss looking bearish and Euro looking quite good above 1.56. $hr CCI on both of these is very close.
If cable can break Friday's lows that maybe an interesting proposition on the back of weaker news.
I'll go back to bed for an hour.
Good morning
Well, another big day on the Commodities with both Gold and Crude making new lows and adding more weight to the Dollar.
The next port of call could well be the weekly 50 now the 20 has well & truly gone. That'd take us down to about $100 a barrel.
Gold could fall as low as $850 an ounce.
Both are showing a lot of red both on the Heiken Ashi and the CCI's so I will not be getting into these immediately.
So where does that leave us with the currencies?
They are all a little overcooked to be honest.
Pound had fallen almost 200 pips since yesterday morning.
Euro is still messing about at the weekly 20 and Last Weeks Low's.
Swissie has been podering these highs with no real menace for over a month now.
Finally, my Japanese Princess. She's still stuttering aroung the weekly 50.
All are overbought or oversold bar JPY.
Euro needs to break 1.5500 for move south.
Swiss needs to break 1.0520 for a move north.
Miss Yen need to break 108.50 for a move up.
Pound is on the Sub's bench
The shorter-term.
Let's not forget Gold and Crude here. Without these two falling hugely we would not expect and majot move on the currencies, apart for Pound, who seems to be very naughty of late.
With Euro under the averages and USDJPY looking tired I am tempted off beaten track in search for a short EURJPY.
Good day to you.
Good Morning,
Dollar strength is really starting to push forward once more.
In two weeks Gold has fallen 1000 pips ($100), Crude 3000 pips (£30).
On the Forex Euro has fallen 500 pips, Pound 500 pips. Swiss 600 pips and Yen 400 pips. That's a total of 6000 pips. YES SIX THOUSAND PIPS and do you know what ?
We were trading virtually all of these from the tops and bottoms for a few pips, but how many of us stayed with them ? Not many I'd bet.
This is why I say time and time again. Try to leave a little bit running and run it with the daily CCI, or at least the 4hr CCI.
Anywat it looks like further Dollar strength will prevail over the coming months.
The weekly 20's have been broken now on everything, so the next logical support/resistance would be the weekly 50's (daily 200's).
Longer term I am waiting for pullbacks on everything.
I'd like $900 on Gold before I'd consider it. Crude is not on my list but it would heve to be back to $122.
Euro I am looking for a pullback to 1.5550 before shorting, Pound to about 1.9700.
Yen I am already holding a small position. It's so close to that weekly 50 I'ts almost ready to pop and I'd consider building from 108.00, off the support line if it pulls back a bit.
Swissie I am looking for a retracement ro 1.05 befor contemplating a long position.
Shorter term things are very different.
Remember the elastic band I spoke about?
These are all at full stretch now so expect some retracements.
Gold and Crude have yet to break the 60m 20ema or the 84 CCI on the 15m chart so I won't be jumping on a long Euro and Cable band-wagon.
Yes these latter two are in the positive with the 84 crossing a couple of hours ago. There maybe some plays upto the 60m 50sma or even the 4hr 20ema, but remember it's against the trend.
Swissie is doing the oppsitie of Euro, as she does.
Interestingly USDJPY is still Positive on the CCI and so would expect some moves on EURJPY IF she can hold-up and IF continue to recover.
Good day to you
Goood morning all.
I hope you are all well and profiting nicely from this spate of Dollar strength.
Today I will be sitting on the sidelines I think.
There is a lot of divergence on all the 4hr CCI's apart fro USDJPY, who staged an incredible breakout and comeback yesterday after smashing the old resistance AND the weekly 50sma.
We all know where crude & Gold stand at the moment and although they might well fall further I am not getting involved at the moment.
Really, we need to look at the shorter term today to sniff out some opportunity.
Yes the 60m CCI's have retraced to 0.0 but it's awefully stretched.
If you feel the need to trade then do. Wait for the 84CCI to retrace to 0.0, then look for the 21CCI cross (all on 15m chart), switch to 5m and wait for 7CCI retrace.
Be careful of retracements though !!
I will be back with something a little more concrete in a while I hope, but for now, sorry to disappoint.
Morning all.
Great to see so many of you doing well.
Please accept my apologies for 'tweaking' all the time, but with Dollar strength everywhere it's important to join the market conditions. As I said before the CCI's are the same setting, still 21's from different timeframes, but shuffled about onto different timeframes for a clearer view.
On to today. I do beleive that Friday may be upon us, am I right ??
This means there could be a lot of banks around the world closing-out dollar position prior to the weekend.
The only evidence I see right now is Crude. Once again having a good look at the 4hr 20ema.
The rate of descent has not been as aggressive as at first, the 4hr CCI has actually crossed to positive already indicating a little recovery might be on its way. Or at least some sideways action for a bit. The last time the 4hr CCI crossed into positive last week we saw som nice moves north of 500 pips or more.
No doubt bloom scooped the whole lot, our newfound dark-lord demon.
Gold is still struggling and failing to make higher highs on the 60m, BUT IF the the lord of darkness, Crude not Mr Bloom, can break the 4hr 20 and make some headway then the Gold-slide will stall.
Take a look at the currencies. Just shows how much the Dollar is coming back, but these are short-term overbought/oversold even on the Daily CCI's.
So I will not be playing continuation games.
Crude has made a little higher low on the 15m chart which is promising. This is the one thing I hate about intra day. Unless you actually stay in the trade there is always something holding me back when I see lots of red or green.
I really do reccommend trying to hold these trades first on the 60m then 4hr charts.
The only currency pair I would be interested in on a possible continuation would be little miss Jpy.
On the 5m looks like the Asians have had some fun.
Not overly interested in playing reversals but Euro if it can claw its way above S1 at 1.5255 could be a little play, but I didn't say that, as I only play WITH the trean.
Keep an eye on Crude.
Just to let you know I won't be posting here any more. It seems like the audiance has dried up since Rockdrive went on holiday.
The numbers coming through the site itself are quite low by comparison too so I have opted to stick with here.
School of Pimpology - Forex Trading
There's loads of info on there and I post quite a lot of extra stuff on there too.
By all means moan and I will remain but talking to oneself doesn't really do it for me, whereas over on TSD I have had nearly 20,000 visitors in 3 weeks.
I'd like to thank Scorpion and Rollinstone and Rockdrice and Rockwelland FarmerBob and Tony Hill and Spitfire and Jeremy and William and of course Dan the man, who is running the risk of losing his eyebrows.
Youir support has been great and if you want to find me that where I will be.
The 4hr template is now complate so if anyone hasn't got it please feel free to email me thefxpimp@hotmail.com
Hope to see you all accross the road.