The London Open - page 129
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Not a bad break in USDCAD...
Ok off for wife´s scan.
See u tom.
D
AUDUSD – The AUD can’t break the daily 20ma and 50ma and after testing twice has fallen back to its WP at 0.6590. The 21 CCI on the 60min chart is a little oversold now and would like to see a small pullback before a push lower to the MS1 at 0.6500. Use the triggers and watch the break of the DS1 at 0.6580 leve
USDCAD – With CABLE pulling back down again after a strong push higher with the FTSE, the USDCAD should remain supported around the 1.2000 level. Be patient with this and wait to see the direction of the USD this morning, as any further pullbacks in GBPUSD will see the USD rise back to the 4hr 20ma at 1.2275 level
EURGBP – Tight box between the 4hr 20ma and the daily 20ma. Look for a break of 0.9320 and MP on the downside at 0.9195. Yes it might be worth playing inside the box with stops wither side of the support and resistance. Watch CABLE for direction in GBP as if this falls below the MS1 we should see EURGBP pop above the 0.9320 level
EURUSD – Double top and now boxed between the 4hr 20ma and 50ma. It looks like the neckline has been broken and a move south could be back on. Is the squeeze over? A break below the 4hr 50ma at 1.3065 level would see a push towards the WP at 1.3014 level. This is the last line of defence and we need to see a break of the psychological 1.3000 for a real push to the lows again at 1.2750
CABLE – Ok so no double top like EUR but trying to hold support at 4hr 20ma and 50ma. A break below the WP at 1.4000 would certainly see the downward trend back on again and test the lows at 1.3500. Expect support above 1.4000…Patient here and wait for entry with triggers. Lets see a move through the 4hr 20ma for a test to the W
GOLD – Boxed between the 4hr 20ma and WP at $874.00. It is grinding slowly lower and broken 15min support. Would prefer to be short closer to the 60min 20ma with a protected stop. If you brave keep a tight stop on this but it looks likely to test the DS1 at $878.00 to begin with. I will remain patient and wait for trigger
OIL - 4hr chart is the one to watch. The MP holds again and clear support of last 3 lows. Any break of MP at $43.40 level would surely see a push to the lows at $37.00. Some of you might be in already on a long play with a stop below the MP. Heavy resistance at the MR1 at $50.20. I will be waiting for the break.
Enjoy and see you just after 7.00am.
Dan
Good morning all.
I hope you are well.
Yesterday saw that little break of the 4hr 50sma at 89.60 on USDJPY so should remain quite bid IF it manages to hold the 90.00 area.15m 20ema has crossed south through the 15m 50sma and not overly appealling until it breaks 90.20. Best to sit out for the moment until something develops.
GBPJPY-Actually looking pretty weak IF it falls through 60m 50sma at 127.00 but not a lot of room to downside with crossing 4hr 20&50 into the positive. Best to wait for clearer direction in USDJPY before committing to anything here.
EURJPY-Looks like a double-top on the 60m chart and if EURUSD falls through 1.3100 level I would expect to see this pair lower.Look for break 117.50 IF USDJPY fails to hold 90.00.
CHFJPY-A tiny bit oversold on 60m CCI but a break of pivot could well see this lower this morning. Any order below 77.50 could well get filled now the support line on 15m has been broken.Summary…..Best 2 would be EURJPY and CHFJPY.
Keep eyes open for breaks of given levels.
More to follow, have a great day.
Good morning all
Well quiet day to start with but made a few pips on AUDUSD. James hit GODL perfectly for the move down to the Wp at $874.00.
AUDUSD - Short 0.6585 - Banked 0.6550 and 0.6580
GOLD - (James) Short 883.00 - Banked $880 and $879.00
Short now..
EURJPY short at 117.95..A preemptive hit but like the EURUSD lower so thought i would short. Banked part at 45 for 50 pips. Lets see...
GBPJPY short at 127.45...Another preemptive hit...Looking for the 123 move south. Needs to break the 127.00...Banked part here for 45 and stop above the 15min 50ma.
Well done guys...Great controlled trading.
Dan
One to watch...
Good morning all.
I’m hoping a few of you were patient enough to wait for the break of 117.50 on EURJPY yesterday afternoon or whether you were holding from morning with a sensible stop. With USDJPY and EURUSD eventually playing ball there was a couple of hundred pips available for the taking there. The other one from the morning session, CHFJPY did eventually break that level too and now looks very tasty on the 60m chart. An oder below 77.35 could be the way forward on this pair for a move lower
USDJPY-Sitting on the support on 60m chart this now needs to break weekly pivot at 88.80 for a push much lower.The first sign of a break of DS1 at 89.20 could see us trying to anticipate the break of that weekly pivot.
EURJPY-A nice move yesterday now sees this oversold (see 84cci on 60m chart).We need to see a pullback to 116.00 before looking to go short again.
GBPJPY-Had a good run with sterling yesterday but now fallen off and retraced back to 4hr 20ema. Below pivot so cannot go long before a break of 128.00 Keep an eye on cable. If it can manage to pop up over the 1.4265 level it might kick some life into GBPJPY. Looks like it’s starting finding support off 5m 20ema but not getting too excited prior to the 128.00 level
CHFJPY-A nice little triangle pattern break and now WP and DP above these could possibly hold this down.Needs to break that 77.35 level to confirm the move.
To summarize…
If it’s going to be a weak yen session then I am looking for that 128.00 level on GBPJPY and on the other hand, plan b would be CHFJPY short through 77.35 if it’s going to be a stronger Yen session.A break of 89.00 on the downside or 90.00 upside on USDJPY should show us the wa
Have a good day.
Good morning all,
Its Friday and looking forward to making some pips this morning…
AUDUSD – The perfect entry for AUD was at 4.45pm last night. Triple top and perfect entry after the 3rd high. DS1 holding support at 0.6430 level. A retracement is needed and wait for a lower high on the 15min chart before a continuation move lower.
USDCAD –The chart is directly opposite to CABLE. Watch GBPs direction for movement in the CAD this am. Any further weakness in the USD will see CABLE test the highs again and the USDCAD test the 60min 20ma. USDCAD is sitting above the 60min 20ma which is a sign of strength. Any break below here will target the 60min 50ma and then WS1 at 1.2170. Again if USD strengthens this am look for a break above the MP at 1.2325.
EURUSD – Heavy fall late afternoon and evening makes EUR very hard to sell here. Look for a retracement back towards the 60min 20ma. Watch the 7MA cross the 15min 20ma for any support. Once back towards the 60min 20ma look for a double top and a directional change on the 15min chart for a continuation move lower.
CABLE – It’s a big day with advance GDP out for the States. Will GBP hold this 4hr 20ma? The Daily 20ma is holding resistance but the lows are getting higher suggesting a break out at some point today. The GDP is expected to be very weak at -5.4%. The resistance is at 1.4400 and look for a confirmed break here for a move higher. The 15min chart suggests support at 4hr 20ma at 1.4200. Any break below here will see further weakness down to the DS1 at 1.4100. Won’t be looking for any long plays until we see a confirmed 123 support off the Dp at 1.4260 level.
GOLD – Big lesson from yesterday.. The WP is a key support or resistance level. Look at the bounce yesterday afternoon. Immediate resistance is $909.00 and $915.00 previous high.
With GDP expected very weak, expect GOLD to remain supported. You need to play triggers well here.
Have fun and happy Friday.
Dan
Good morning all
Quiet day initially and the CABLE in the last 15minutes broke out.
Orders were set by quite a few of you (not as many as i would like) above the 66 level and banked part below the 1.4296.
Holding balance with stop below 45...
GOLD - Jami made 100 plus pips this am.. I stupidly didnt place order and missed the break...Chuck a cream pie in my face!!!
Dan
PS EURGBP broken support at 0.9000
EURGBP - Good to see some of you trading this short. Broke 0.9000 level, 123 then bam!!!
Simple trades are the best!!!
Dan
Hi
Looked at a few charts this afternoon but didnt fancy anything enough to place a trade.
Only scalping opportunites for 10 pips here and there but nothing setup that well to be honest.
See u monday...Great results by the way.
D