The London Open - page 109
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Hi Dan
Your pip happiness is palpable and long may it continue.
That's what I really like about you, and having you as my trading mentor - your genuine joy when people around you are making pips and finding success with your strategy.
Just a little suggestion though, from a girlie. If you want to keep the rest of your hair I would stay out of the Christmas sock department, I think the handbag is a much safer option if harmony is to be maintained.
Thanks, as always, for great analysis and fabulous teaching and look forward to more of the same tomorrow.
RS
Morning all
I totally agree re the handbag... Would have got a kick in the goolies otherwise!!!
So Wall street has held the support but cant rally through the monthly pivot. Is this a double top forming i ask myself? I still like this lower but understand that we get these squeezes in December. Ok so look for the break below the 60min support or a break of the monthly pivot. That will give direction to the currencies this morning.
Gold is in a downtrend still (even though i like it higher) Watch the triangle break for a move lower. A break of DS1 and Ws2 should signal that and wait for a trigger.
EURUSD is still in the 60min triangle. HArd to trade inside it so going to be patient with it. STill like it lower so will hit iton teh break.
There is obvious support in CABLE around the 1.4700 level. I still like this lower an dbeen calling 1.4200 for ages now. The 4hr 20ma needs to catch up but its trying. We sit below the Daily pivot so remain to look for short position swith the triggers for now.
EURGBP is still big... Someone called parity on this for next year. I think 0.9000 or 0.95000 would be enough but what do i know. I cant touch it at this level.. Looks bid but its gone too far on the 60min chart. To be honest u could look for a pullback here but i will leave it for now...
AUDUSD getting very close to the 60min support line. Is it getting toppy at the monthly pivot...Possibly. Wait for break and 123 play for move lower.
USDCAD still moving higher... Great to see so many of u taking this trade. I am now out on the reamining part of my trade for 150 pips... Not bad for a slow mover.
NZDUSD has held the support level on the 60min chart. They cut rates by 1.5% to 5.0% as expected. Best to wait for break of support or play the 123 on the 4hr 20ma.
Oil Is best left at this level. I have closed my position from the 1.5100 break.. Will wait for next pullback then break of any support.
Have a good one. Its interest rate day today...
D
Morning London
Its friday so you all should be happy.
Wall Street looked punchy last night but couldnt break the monthly pivot. Perfect triple top and fell off 200 pips. It still looks weak and and as long as it stayes below the 60min 20ma look for short opportunities.
GOLD has been messy but great to see Hans making just under 100 pips yesterday afternoon on the short towards the support at 62. Prob best to stay away from this until it breaks as something scarily big is sitting just above the 60 level. Still looks set to move lower but entry is key.
EURUSD found good support yesterday and is now above the 60min 20ma. A break above the 1.2800 should signal a move higher. remember to wait for the trigger on the 15min. Still like it lower overall but technically setup for a move higher this am.
CABLE still in strong downtrend but found support off the daily pivot. A break above the 1.4700 level with a 123 and trigger should see a move to 1.4800. Again still like this lower but understand retracements need to happen. A break below pivot will signal this.
EURGBP looks heavy. A break below the 60min 20ma and pivot should signala pullback. Just looked at GBPJPY and this looks weak so that might question a long cable trade. Will need to watch this one.
USDCAD is bid as we expected but now looks a little toppy and struggling to get past 1.2800.
AUSUSDstill holding support. Patience here but like this lower still. Look to sell when it breaks and plays a 123.
NZDUSD...Messy to say the least. Leave for now. A move below the WS1 should signal the next move lower.
Ok have a great day.
Non farm at 1.30pm....
Dan
PS Just been told one of the guys has made 600 pips in his 1st week with us in the live chat. Great work.
Morning London Its friday so you all should be happy. Prob best to stay away from this until it breaks as something scarily big is sitting just above the 60 level.
Dan
That would be FXPimp's doughnuts more than likely.
RS
Morning all
Looking for my Christamas pips this week.
Well the DOW remains supported going into silly season and any bad news is met with support. Dont ask why but get involved in the volatility. Made a good 120 pips on the DOW on friday so happy days. We should see the DOW push on up to above 9,000 and maybe 9,500 before Jan settles in and we fall another 25% from there.
Oil is still in free fall and now at $40. Could find a little support here but look for the next down move. Today could see a pullback to the 60min 20ma.
GOLD has rebounded strongly off the support and today will be interesting to see which direction it moves. It needs to break the Monthly Pivot for the next move higher. or a break below the MS1 for a move lower. I am still undecided here so going to be patient. Still fundamentally i like it higher. Infact been investing in a few GOLD funds for the last few months as think this will retest the $1,000 and higher.
EURUSD is in a large triangle on the 4hr chart. The 60min chart is supported and has broken out of the triangle on the upside. Look to buy on dips.
CABLE has broken the 4hr 20ma so again look to buy on dips. Still like it lower but if Wall st remains supported then CABLE should follow. Cant touch here but lets see how the morning moves.
USDCAD is in an ascending triangle on the 4hr chart. look to buy on support and sell again at resistance. The 1.3000 will be tested again and look for a break at some point.
Have a great day.
Speak later
D
Morning all
Oil had the expected retracement yesterday and now sits at the WP. Look for the next crosss down with a break below the 60min 20ma for the signal to go short again. Fancy this to $30 now going into next year.
Gold is struggling to find momentum. i am still torn between fundamentals and technicals but at the moment if it breaks the 60min 50ma at 768, there is a chance the price could fall further here.
EUR and GBP were bid yesterday but both pulled back well later in the day. EURUSD has major res on teh 4hr chart and is still inside the triangle. Any pullback through the Daily pivot should signal a pullback to the 60min50ma fro a cheeky 50 pips. Otherwise any break above the 60min 20ma should signal a further rise.
CABLE looks toppy again after a lower high yest on the 60min chart. GBP is boxed in between the 4hr 50ma and 4hr 20ma. Could break either way but to me looks weak here. Need a move below 1.4775 for a clear path lower.
In the JPYs the USDJPY looks the most attractive for a downside play. A break of the MS1at 35 would signal a move lower.
Have a good one.
Dan
Morning all
Take a look at OIl on the 60min chart. Can u see how powerful this chart is...The price retraced to the weekly pivot and slowly fell off after touching it 3 times. hard to get in now as triggers are down but wait for nect trigger and play south for a further move. Yes there are talks of OPEC cutting supply but still think this has further to fall.
As mentioned in teh last 2 weeks. Gold is in a difficult position. I like this higher but all technicals were suggesting lower. The good news is the 4hr 20ma is looking strong and wants to cross the 50ma. Any break above the monthly pivot would be seen as very positive and $800 should be tested again. Wait for triggers but this could be lining up well for along if it can break this resistance.
EURUSD is sitting on major resistance on teh 4 hr triangle at 1.2950. EUR seems to be holding in well towards the end of this year but i predict the EUR will struggle in 2009.
CABLE has most certainly found support around the 1.4700 level. Its hard to touch here but i still like it lower. Generally every December GBP finds support so think this might settle around here till 2009 then make another move lower in Jan.
EURGBP is toppy. Been very hard to trade at these levels but still want to buy on dips. Personally will stay out of this one for now.
CAD cut interest rates aggresively yesterday and we saw a solid move higher. This was short lived and maybe the power of the triple top has come into play here. The technicals dont lie...At the moment the short term charts are suggesting to sell on any rises so stay with the trend...
Ok enjoy today..I have promised myself i would go fro a swim today. The 1st session is always the hardest but wish me luck and that i dont sink!!!
D
Morning all
All the expected breakouts have happened over night.
EURUSD has broken the 4hr triangle from 1.3000 and is now on its way to 1.3500. Look to buy on dips as this will remain supported for now.
CABLE - GBP had a consolidation day yesterday in the build up to the breakout. Look at the shape of the 4hr 20ma and 50ma. It was squeezing togther and had to break. As mentioned in the room yest as long as it stays above the support line only look for longs. It has now broken so look to buy on dips until it breaks the support.
USDCAD - Again look at the squeeze of the 4hr 20ma and 50ma. It could have popped but the triple top on teh 4hr chart said it all. Its now broken the support and looks weak down to the WS1 at 1.2360. Look to sell on any rises.
AUDUSD - Needs to break the 0.6700 res level but looks well supported down at 0.6600. Look for the break and move up to the res.
NZDUSD - Again this looks bid.Look for the break of the 0.5500 and a 123 play.
GOLD - This was the winner for me yesterday and made some good pips with this. I again like this higher and will retest the $1000 level again soon.
Enjoy
Dan
Morning all
Well what can i say... A great day yesterday and was loking forward to holding my USDCAD after being up a few hundred pips but i come in this am and the USDCAD balance was triggered on the break back above 1.2300. The AUDUSD looked very strong early doors and locked in 125 pips ahead of WS3 on 50% but then stopped out the balance at breakeven.
I am all flat now and after the US collapsing on the $14 Billion car bail out project, the USD looks weak again with USDJPY looking the best of the lot. The JPY is def the best pick of a weak currency market. The good news is i didnt lose pips but really felt the AUD was going to have a bit of a run. Will reassestoday and see what happens.
GOLD is on a natural retracement after such a strong move. (Probably why the AUD weakened). The short term charts are boxed in between the MA´s so wait for a break. Still like it higher but wait for the ma´s to give you that direction.
EURGBP is bid. Stay with the trend and buy on dips.
AUDUSD - Flat now and will wait for next move. It really needs GOLD to make another move up for it to show strength but until the 15min chart turns around i will stay out of this.
USDCAD is back up at the 1.2500 level which is where it broke from yesterday. Only look for a long if it breaks the WP but as it stands it looks like a small pulback is needed.
EURUSD - This so needs to pullback. I hesitated on the break and didnt take the long but as it stands if it breaks the DP and 60min 20ma could signal a move back to the WR3.
CABLE - Its trying to get punchy but i´m not convinced. Still technically u should be buying on dips as the 4hr 20ma has crossed teh 4hr 50ma. Wait for ma´s to line up then hit it.
Cheers all. Been a great week but frustrated not to turn AUDUSD into a big 500+ trade. It looked so promising and then WR3 came into play. See how important these pivots are. A good lesson is to always put profit targets around 30-50pips below them as they wont always get up there. Example on the NZDUSD. I banked 50% at 0.5560 ahead of the monthly pivot at 0.5590 level. the balance then fell back to breakeven where my stop was. Yes the trade never maximised but i still make 85 pips on the 1st move and dont lose any on the balance as stop is at breakeven. I very rarely go to ged without the stop at breakeven so i can sleep in peace!!!
Ok enjoy,.
Dan
Afternoon all
Had a fryup...Not good for my diet!!!
The mornings trades were GBPCHF and EURUSD break.
Most of the team made 40 - 60 pips on GBPCHF and 40 - 60 pips on EURUSD.
Nice and simple and played the breaks.
Happy pip hunting.
Dan