The London Open - page 72
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Nice longs on eu and gu this a.m. Missed the shorts ( will it turn back around?!). And really too scared to touch oil, need a bit more experience and hand-holding!
Regards
Pardy
So pls tell me that someone else likes Gold bars under the bed!!!
Its slowly making a play north.
D
Ok just go in for 2 last trades... Cheeky but profitable.. Short EURUSD at R1 at 60 to 30 for 30 pips. Short CABLE at R1 at 60 to 30 for 30 pips. Thats 60 pips extra..Oh might have jam on my croissant. Thats 125 pips after a frustrating morning but worked out well. I can breath now!!! Lovely. D
Hi, Dan,
I noticed your cable R1 is higher than mine (Pimp's) = 1.7970 which was a perfect bounce. See attached. Which Pivot is correct?
Also, why are you using a 4cci trigger?
Big D,Nicely done........took cable this morning, managed an entry on break at 1.7901 and rode it all the way to 1.7974. Le Pimp mentioned a target of 1.7970, which was apparently a pivot point. Don't have access to them on GFT platform so without any other target used this closed out at 1.7974 for a lovely 73 pips......Makes up for me breaking my rules about being patient yesterday, rushing in to trades and getting kicked in the A**! Hit 250 pips for the week so on track for that 1000 pips per month you keep mentioning. As a piece of advice for readers, and I know you've mentioned it before, but on entry you must have some idea of exit........always better to have some profit than no profit. I know some folks would have be troubled by the quick change in direction, as crude fell over and dragged gold and then the currencies. My philosophy is simple 'Don't be greedy'. Bye for now......Hope you enjoyed the jam! Bueno Pivotless Rockie
Sound advice Rock...Greed ruins everyone at this game. About being content with what u make...250 pips a week is great and you are well on target. Worth treating yourself and the lovely wife when u hit 1000 pips a month.
I need a few more but getting there slowly.
Well done.
D
Nice longs on eu and gu this a.m. Missed the shorts ( will it turn back around?!). And really too scared to touch oil, need a bit more experience and hand-holding! Regards Pardy
Great trading Pardy... It was all about the anticipation to the MPC minutes this am and with no vote for a rate rise the market fell off vvv sharply. I tend not to trade the exact news as i leave this for the big boys but i tuck in for piggy back rides in the anticipation of the alerts.
Good idea to stay away from Crude for now. That will come... Concentrate on GOLD and EURUSD as they move well together.
D
Hi, Dan, I noticed your cable R1 is higher than mine (Pimp's) = 1.7970 which was a perfect bounce. See attached. Which Pivot is correct? Also, why are you using a 4cci trigger?
Hi William
Indeed it is. Pivots are the man's best friend but also the worst. They can offer very different views if not calculated correctly.
I am playing at the moment on a different charting package. Let me get back to you on this as i am in touch with them on a daily basis. I am comparing pivots with 4 other packages as we speak and i need a little more time.
Again the 4 CCI i am playing with. Gives me a more direct entry. I will reveal all later my friend.
D
Hi guys, just thought I'd let you know about the trades I took today... I took 25, short on EURUSD with the an order at the 4250 level.
Also took 25 on cable on the break of 1 hour 50 MA, in hindsight could have held this a little longer but thought that 50 would be sufficient for the day.
Keep up the great work guys.
Regards
Hemal
Wotcha Team London,
Thought I'd just update on the remainder of the morning; am now finished for the day and locked pips in the tin. I took a couple of other trades which were a bit anti-strategy and played the ftse twice as it bounced off 15m 200 for 20 and 11 pips respectively. I also took cable again as it came through the channel at 1.7860 for another 19 pips and closed at 5m 960. It went a lot more, but frankly I play my book for profit, not to be a hero! So all in today was 124 pips.
It makes up for my silly mistake yesterday of rushing trades and trying to make pips before I went out the door.
Going to have a go on a Concept Rower which I have in the garage. Will see if I survive the 30 minutes I plan to row........wish me luck!
Rowing Rockie
Going back to the GOLD chart.
The 4HR still shows we are clearly in a downtrend. I was really looking for a pullback to the Daily 20ma and wont look to go short unless it breaks the 4HR 20ma on the downside. The 4HR 21 CCI is the key to watch here...
D
In have looked into pivot thoroughly. The "best" start time seems to be midnight GMT - this should not be confused with London time which is daylight saving and currently 1 hour ahead of GMT, but when the clocks go back in October then London time and GMT are back in sync. As you will know all brokers have different server times so the same candle appear at different times, so the pivot properties need to be adjusted to be broker server time minus GMT e.g if broker server time is 02:00 at 00:00 GMT then the start hour (for pivot properties) should be set to 2. I've found this to work for the GU and EU - trading during the London session.
I don't want to start a big debate on pivots because it is a huge grey area and peoples calculations differ greatly. The above is what I've found to work best for me.
Indy