The London Open - page 125
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Good morning all
Trust you are all well…*Watching 15min charts for double tops in EURUSD & CABLE. Wait for move and wait for break either side of resistance and support. The DPs are just below in CABLE and EURUSD and any break of these will signal further weakness today.
EURUSD – The EUR bounced from 1.2800 to 1.3100 last night. The question today will we continue the downtrend or continue the bounce. Only look for shorts with a break below the 60min 50ma at 1.2950 as this will signal further weakness this morning. Not convinced that the bounce will last long and that the squeeze will be short lived. Watch EURJPY as guidance for EUR
CABLE – Short squeeze last night from 1.3600 to 1.4000…Looking for further weakness today but again only if GBP breaks below the 60min MA at 1.3880. Look for a move down to the DP at 1.3840 and then if this level is broken, look for a retest of the 1.3600 level. A break above the 1.3975 level would see a pullback to the DR1 at 1.4065. Watch GBPJPY as guidance for GB
OIL – Held 4 hr support…. Draw 4hr triangle and wait for break. A break below $41.75 would mean the price of OIL is ready to fall. I will be staying away from this market until the triangle and support level is broke
EURGBP – The trend is up with GBP in deep trouble. Small channel forming on 15min chart. A break above 0.9375 would see a move to the old highs and a break down from 0.9325 would see a move to the 60min 50ma. I don’t favour the downward move as there is not a huge gap so be very careful here. Trade with the trend as much as possibl
USDCAD – A break below 4hr 20ma at 1.2560 would signal a move to the previous low. Watch the 1.2540 level but if this breaks look for a play down to the DS1 level at 1.2500
Enjoy… I am excited to see where GBP and EUR head this mornin
Dan
Good morning all.
Looks like a tricky morning on the Yen pairs. In fact it’s not clear cut on the Swissies either.We can’t go long on the Yens into the moving averages and on the CHF side we can only possibly play a short against the trend on EURCHF which is banging its head against the WR1 level. Not one for me but can see the attraction.
USDJPY-Eventually broke the all important .65 level yesterday afternoon. Sadly I had already closed with a small loss. Well done to those of you who had your stops beyond the daily pivot.Looks supported this morning but with 60m 50sma and 4hr 20ema at 89.80 there doesn’t appear to be an opportunity here at the moment.
GBPJPY-Took another pounding with sterling yesterday. Now wedged between 60m 20&50 we need to wait for a break either side then a 123 to confirm.
EURJPY-Has had a nice retracement to the 4hr 20ema. Is it able to break? We’ll have to wait and see, but can not go short into the 60m 20ema, nor long into the 4hr 20 so a difficult time and best to sit on the fence with all 3 of these yens and wait for the next direction.
USDCHF-Broke the daily 50sma at 1.1500 and now looking to target MR1 at 1.1800. Looking tired and needs to pullback a little but again, can’t short into averages. Need to wait for consolidation.
GBPCHF-The plan of the afternoon was foiled by GBPJPY & Cable pulling this down, but anyone who remembered the diagram on the 5m chart could have made a nice couple of hundred had they recognized the 123 that occurred a few hours later. Looks like potential double-top material on the 60m chart and I am sitting this one out for the moment.
EURCHF-Probably the best opportunity here to go short through 1.5040. Has had a massive run with EURUSD late yesterday and would need a retracement, but be very careful as this pair has been a little unpredictable the last few day.I will take a small short on this IF the 1.5040 level breaks, targeting the 60m 20ema some 100 pips lower.
So to summarize…..Everything is in no-mans-land at present and we’re needing some breaks to guage direction. One slightly risky proposition would have to be EURCHF ONLY if it breaks the 1.5040 with a tight 30 pip stop targeting the 1.4950 level. Play this with reduced stake.
Have a good day.
Zak
Good morning all
As we know EUR and GBP are very much oversold...Its always risky to continue to go short but if the opportunities arise its worth having a go with a protected stop.
The Daily Pivots on the JPYs and GBP were all below so it was all about the gap down to them and the potential for further moves south.
The DPs were hit twice in CABLE b4 finding small support and bounced back up to the 25 level...I will wait for next entry.
Many would have been up over 60-80 pips in GBPJPY and CABLE but it was how u manged these positions to how many pips u made.
CABLE - Short at 1.3898 - Banked at 1.3840 & 50 & stopped balance at 1.3900.
EURGBP - Long at 0.9360 - Banked at 0.9385 - Didnt want to be too heavily short in GBP.
USDCAD - Short at 1.2568 - Banked at 1.2540 on 50% - Looking for DS1 on balance.
See u this afternoon.
Dan
The room got into CABLE again at 1.3885...Stop at 35.
Hit 15min trigger as usual.
We need this to break below 1.3800
Go CABLE Go.
GBPJPY will help it if it can break DP.
D
Hi all
CABLE and GBPJPY finally behave.
CABLE - Short at 1.3885 - Banked at 1.3800 and 1.3755. Holding part.
GBPJPY - Short at 123.00 - Banked at 122.28. Holding part.
Love it when a plan comes together.
Dan
PS Well doen to u all as well...Quite a few of u banking 100 pips. Lovely.
All out GBPJPY and CABLE
Kicked into eurusd on break of dp.
D
Vvv tight play as 15min trigger down. Stop at 75 above DP. Would only be a 7 pip loss.
Lets see
D
EURUSD - Short at 1.2968. Closed at 1.2938 for 50%, 25% at 1.2930 and 25% at 1.2968
See u tom.
D
Great work team...
Just think how many pips we will all be making in 6 months.
This is a journey and u will get better and better. It doesnt matter how long it takes as you will all get there. For some it happens quickly and others longer. Who cares as long as we all get to our chosen targets!!
Ok off to dinner with Monkey.
D