The London Open - page 131
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Morning all
Quiet morning my side with no trades taken.
Waiting for breaks to happen.
D
The USD Desk - Tuesday 3rd February
Good morning all
Not sure if I can talk so James and Zak will be running the live room again this am.
CABLE – Looks weak again. Boxed between the 4hr 20ma and 50ma. The WP will be 1st line of support at 1.4154 and the 4hr 50ma will be 2nd line of support. The psychological support of 1.4000 will need to be broken again. If we can drive the price through here the lows at 1.3500 will be surely tested again. I won’t be looking for any long plays unless we break back above the daily 20ma. Play triggers again here as WP will need momentum behind to break it.
EURUSD – 15mimn chart suggests strong support below with the 60min 20ma and 50ma. 60min chart suggests heavy resistance above with the 4hr 20ma and 50ma. On any short play wait for a break of the DP at 1.2800 and be careful for any long play. There is a lot of resistance so u will have to play the gaps between the MA´s. Personally will only be trading this if it breaks down below DP.
EURGBP – With EUR finding support the EURGBP is either setting up for a double top on the 60min chart or its going to make a push to break the MP at 0.9090.I will only be looking for a short play here, unless we break the Monthly Pivot. If EURUSD weakens and CABLE holds the 4hr 50ma, look at EURGBP for the break back below the 60min 20ma.
USDCAD – WR1 (1.2460) is proving to be a strong resistance. Look for a break if USD continues to power up against other currencies.
AUDUSD – The oversold market found support as expected yesterday…Only look for short plays if and when trend reverses eg lower highs or lower lows. At moment the 4hr 20ma will be resistance and 60min 20ma support. Wait for confirmation in change of direction.
GOLD – Boxed between the 4hr 20ma and 50ma.. There is 100 pips down to the WS1 level at 890.00. Resistance will be the 60min 20ma so looking for short plays to the 4hr 50ma. Play trigger and stop above the 4hr 20ma.
Have fun…Great day yesterday and lots of pips made.
Dan
The JPY Desk - Tuesday 3rd February
Good morning all. I hope you are all revelling in your wealth of pips from yesterday. A great day across the board according to reports back to me last night, so well done to you guys who racked in 300 plus on just a few trades.
Swiftly moving into today before the moves happen, GBPJPY looks pretty solid IF it breaks below the weekly pivot at 126.65. I’ll be looking at my 5m chart to find a short entry below this level.
USDJPY-Caught me yesterday after being 70 pips up then giving it all away. A lesson to take from that about turning profit into loss. Live room trades should be in and out, not “holding it all day” material, so apologies there. I hope a few of you banked some or all with a profit.
We need to see a break below the daily pivot at 89.35. I am not looking for any long position in this pair.
EURJPY-Needs to break the daily pivot at 114.60 and with the 60m chart saying “double-top” I would not be surprised to see this level go.
Play the 123 on 5m chart if it does.
GBPJPY-Watch 126.60. That’s the level, targeting 125.00!
CHFJPY-Needs to break previous low of 76.70 to show me this could move lower.
Summary……..
I am watching cable for sterling weakness and see a nice opportunity IF the .60-.65 level breaks on GBPJPY. My stop would need to be beyond the daily pivot at 127.25, so a 60 pip risk with a possible 200 pip reward.
More to follow.
Zak
Lovely USDCAD break...
D
Its a dead market...
Orders set..
See u tom.
D
Good afternoon all
Its very quiet out there so don’t get caught out…
CABLE – Tight channel and wait for break… Support at WP at 1.4150 and RES at 60min 50ma at 1.4300. Not great on upside due to DAILY 20ma and would prefer to hit downside break of WP.
EURUSD – Similar to CABLE… Support at DP at 1.2800 and order below. Not interested in any upside potential due to 4hr 20ma and WP.
EURGBP – Resistance at WP at 0.9060. MP at 0.9087 so again don’t look for any break higher until we break at least the MP. Looking for break below the 0.9000 level down to DP and then push to 60min 50ma at 0.8950 level. A break here would signal a move to the lows on 60min chart.
USDCAD – Only trade of the day so far from 1.2465 to the DR1 at 1.2510 resistance level. Look for further break of DR1 for a further push higher. We will need to see CABLE to break below the WP for USD to continue its strength.
AUDUSD – Resistance at 4hr 20ma and DR2 at 0.6420… Support at 0.6325 and wait for break for any entry.
As mentioned it is desperately quiet so be careful. Yesterday was a dream and hundreds of pips made. Today might only be a few…
Enjoy
Dan
Good afternoon all.
A very sideways USDJPY is not helping our YEN pairs perform very well and hope that the pending home sales number at 3PM has some impact and gives us some much needed direction.
As before, EURJPY needs to break the daily pivot at 114.50 for a move down or 115.50 (4hr 20) on the upside for a move to the weekly pivot.
GBPJPY needs to break below the weekly pivot at 126.65 for a move lower or above the 60m 50sma at 128.00 for a push higher.
Not very concise I know but without USDJPY showing the way these two pairs are just oscillating and not trending so any plays will need to be very short term until such time as these levels are broken.
I am happy to sit out of the market for the time being whist awaiting the breaks. I am favouring the downside also and will keep you up to date as these developments occur.
Have a good afternoon.
Zak
Trust u all made some pips on the breakouts!!!
See u tom am at 7.00.
D
Hi Dan,
What do you and your trading buddies see longer term for EURUSD and GBPUSD?
The Daily EURUSD looks to me like it might reverse at 1.3091, call it 1.3100, where the 20 ema and Daily downtrend line intersect.
Also, there is a bit of a "Mickey Mouse" head and shoulders forming and if the pattern holds and breaks the neckline at 1.2710, it's on it's way down to 1.2091, call it 1.2100. All this is held in place by the huge triangle on the Daily which again is suggesting more downward movement.
The only trouble is though, the Weekly has put in a tweezer bottom and is trying it's darndest to put in a swing low.
GBPUSD is above the Daily 20 and almost at the Daily down trend line. The Weekly GBPUSD has also put in a tweezer bottom and looking pretty strong. All this is going against the fundamentals which say GBP should be tanking.
Any thoughts?
Morning Trade - Wednesday 4th February
Good morning all
Feeling more alive today which is good
CABLE – WP held firm yesterday at 1.4150 and will be major support next time we test it. GBP is boxed between the DAILY 20ma at 1.4340 and MP at 1.4470. Look for break of previous high and low this am
EURUSD – WP again held yesterday at 1.2940 level and again will be major support next time we test. 1.3060 is previous high and look for break of here for any test of the WR1 at 1.3135. If EUR weakens this am wait for break of WP
EURGBP – Tight channel with support at 0.8985 and resistance at 0.9087. Be patient and wait for brea
USDCAD – With USD weakening across the board USDCAD looks set to test its low again at the 1.2050 level. 2 major support levels below with MP at 1.2268 and WP and 1.2238. Wait for triggers here and be careful ahead of these major support levels. For USDCAD to continue its weakness we need to see CABLE break yesterdays high, the MP at 1.4470
AUDUSD – With USD weakness across the board the AUD has found a little support. Resistance at 0.6545 and support at 0.6450. Look for break of these levels… Any break on the upside will be met at WR1 at 0.660
Speak to you at 7.05am.
Dan