The London Open - page 104
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Well the market rallied predictably last night with the Dow up over 300 pips.
Its a new beginning, lets hope confidence resumes and we can start building again. Figures are still appalling with manufaturing activity at its lowest but hopefully the States can grind this out and move forward.
Everything rallied yesterday so the pullbacks are on...
OIL prices moved up on threat of OPEC cut and has now broken out of the upside of the 4hr triangle.
GOLD is boxed in just above the pivot. If it can hold support here look for a push higher. The 123 could work well here.
EURUSD has a strong resistance at this level. If it can break and hold the support look for the bounce. A potential 123 play!!!
It will be interesting to see where the USD moves today. Will we continue our moves lower or is there going to be a rally for a weak USD.
CAble is moving lower and has a key resistance line on teh 15min chart. Watch play off this...
Ok speak later. Need to get into chat room.
Dan
Morning all
EUR and CABLE rallied strongly yesterday afternoon with weak US figures but we come in this morning and see them back down again and broken their key support levels.
At the moment i am looking for the downside to be tested but i need EUR to break the Weeklpy pivot before i get excited. Cable looks attractive now but going to wait for triggers and potential break of the figure at 1.28000.
Gold is hoveringa round the WP as well but looks weak with teh 60min 20ma just above. If teh short term ma´s match up and the trigger comes in i will be looking for a short..
Oil looks all set for testing the WS1 so keep an eye. Havent traded OIL for a while but i might get teased into this. Lets see how it performs in an hour.
Speak later
D
PS Great to see so many of you making good pips. Been quiet for me this week in the mornings but makig good pips around the late morning and afternoons which is nice.
I forgot to say its Interest Rate day...Could be a little unpredictable so be careful...
Morning all
Well its been an interesting week and i have been off form to be honest. It happens and you cant win them all.
Only up small this week. Stayed out of the good trades, closed early on any ones i did take and got hit on a few bad ones. Frustrating but that is trading. I learn, dust myself off and move on. When markets consolidate they are often hard to trade as you are always trading into MA´s and pivots...Huff!!!
I promise to post more but feel free to come in the live chat. Very friendly banter and everyone trading off the same strategy now. Ask for teh template once in there and enjoy the fun.
Enjoy the weekend. Off to see the lovely wife.
Speak monday.
D
Hey Dan
Thanks for all your analysis each week. It may only seem like a little bit to you but for those of us who can't make it into the chat room each day it is a life line.
Glad you are all making great pips - but it is also good to see that even you have off days too. Keeps it all in perspective, for me anyway.
Hope you had a great weekend and wish you all lots of pips next week.
RS
Hi Rollingstone...
Its been a difficult week as the market has consolidated. Patinece is required!!!
To be honest i have hardly put on any risk this week. Been small up but happy to sit last week out.
The charts are building and are going to make a big push b4 christmas and then we will attack them.
Everyday this week we have had to buy into support and sell into resistance!!! Very frustrating but as a trader you need to know when to hold back and when to attack and last week i backed away.
For me its all about the end result at the end of each month. I multiply that by 12 each year and then decide how well i have done.
Ok far too much red wine. Have a great weekend to you all.
D
Hi Dan
Wow, you pack it all in to your weekends don't you!
That was a wicked little flick over the head of that Pacific Islander to Sackey to give him that try under the posts - D Armitage, that's you isn't it? I knew you were a rugby boy but didn't know you played for England in your spare time. Ooh, and Man of the Match too, cool
.
Silverback, fullback, pullback - makes no odds to you huh, you just take them all in your stride.
Anyway, I've got a question please.
I have always liked the 15m and 60m charts, but can't trade them at the moment 'cos I'm not here. Should I look at longer time-frames, something I could just check twice a day, morning and evening? Hmmm, not sure as it would mean stepping out of my comfort zone, I like to watch my trades, but then again it's something I would like to look at later on, and I like the 4hr charts.
Is it just a case of being comfortable setting a bigger stop loss and also being comfortable placing a trade and walking away (and not suffering from apoplexy all day at work). Or is there a whole lot more to it than that?
As always your words of wisdom would be much appreciated.
Thanks,
RS
PS What's next, Strictly Come Dancing following in the exceedingly brilliant Austin Healey's footsteps?
Hi Dan Wow, you pack it all in to your weekends don't you! That was a wicked little flick over the head of that Pacific Islander to Sackey to give him that try under the posts - D Armitage, that's you isn't it? I knew you were a rugby boy but didn't know you played for England in your spare time. Ooh, and Man of the Match too, cool
You are the eager beaver aren't you.............listend girlfriend let's not get too frisky before Friday. Shave your legs paint your nails and then you can sit back and enjoy the show!!!!
Enjoy
Morning all
Trust you all had a good weekend...
Asia has bought into GBP and EUR this am but if these two currencies can hold their strong resistance levels, a push lower should be on the cards this week.
CABLE will always have support in the 50s but after such an aggressive move to the low 1.50s i feel the market will want to attack it again and soon test the 40s. As we speak the 60min 20ma has been broken on the downside and it could be gearing up. Lets see...If teh stoch and trigger come back into play i will be looking to short it.
It was very messy last week and i would like to see some trending markets again soon..
Enjoy.
D
Afernoon all
After a stressful morning and thinking i was going mad, CABLE, EURUSD, GOLD and USDCHF finally moved the way i wanted. In the last 30mins OIL setup for a perfect play south...Didnt take it but thats teh way it goes.
I nailed CABLE & EURUSD on the cross of the MA´s...
CABLE dropped through the 15min 20ma and as it popped back up through the pivot i went short at 1.5735 for a lovely 95 pips on the downside to 1.5640.
EURUSD was setup in a different format with a larger gap back down to the pivot but after such a strong morning the momentum was soon to weaken. As the price fell through the 15min 20ma the small retracement came and went short at 1.2880 with a stop above the R1 at 2.30pm. As the price neared the weekly pivot i took profit at 1.2820 for a solid 60 pips.
I always say patience pays off and a solid 155 pips made this afternoon.
Ok i am finished for the day now and i will see you all tomorrow.
Dan