The London Open - page 145
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
GOLD, USDCAD , AUDUSD , - Thursday 12th March
Morning all
GOLD:
• Daily Chart is again finding support off the long term support level running from October and we have the first green candle.
• We are now in between the 4 hourly 20 and 50 ma with the hourly 20 and 50 now crossed in the correct direction.
• Looks like we are starting a new upward leg but we will need to surpass the previous highs.
• 15 minute chart is difficult to buy into now but I will be looking for buying opportunities on retracements.
AUDUSD:
• Daily Chart shows us in a descending triangle testing the upper resistance.
• Hourly chart shows a pull back into the 4 hourly 20 MA which could allow us an entry to the upside with a stop the other side of the 4 hourly 20 MA. Look for a break in the downward sloping resistance on the trigger here.
• We really need the USDCAD to start falling to help this position come into play.
• 15 minute chart if it falls through the support could fall to the WP.
USDCAD:
• At the highs again but will it break the 1.3025 level.
• Limitted to the upside through MR1 and WR1.
• Will wait to see what happens with USDJPY and GBPUSD before updating you.
Verdict :
IF Cable can move higher then Cad will drop helping us with a possible position on AUD.
IF Cable moves down then Cad will rise but AUD will fall further.
JPY Desk - Thursday 12th March
Good Morning all………..
So exactly how bad an exit was USDJPY this time yesterday, having seen it plummet almost 300 pips from the original entry late afternoon?
USDJPY-
• Been in freefall and would expect it to recover from the daily 20ema at 96.20
• Could potentially be looking for a little pullback should resistance at WS1 get broken at around the 96.50 level
• Need 5ema to cross 20ema for confirmation targeting the 97.00 region
GBPJPY-
• Was a good strong move through 135.00 yesterday but with cable looking pretty strong failed to maximize the downside potential and actually fell less than it’s little sister USDJPY
• USDJPY is almost certain to recover some lost ground this morning & unless sterling strength pushes cable up, which I think unlikely, this pair is non tradable at this moment
EURJPY-
• Again pulled by big sis but only a small fall with EURUSD moving up yesterday
• Very reluctant to go short at these levels
• Best to sit out and wait for retracements
VERDICT…….
Looking for a small long position on USDJPY
Wanting it to break 96.55 and for 15m 20ema to support the price 1st
Not there yet and against the trend but a 300 pips fall on this pair is pretty big so some recovery required
Have a good morning
Hi all
(I will be writing an end of day post from now on…
I am finding this week tough to be honest… Monday was good but Tuesday, Wednesday and Thursday have been tough.
Some had a great morning with USDJPY and GBPJPY but i felt these markets were a little oversold and expected a pullback (as per this afternoon) so i didnt take them. Was the right gut feel this am but my timing was poor! (Good to see Joan, Graham and a few others take over 100/200+ pips).
Then a few took some pips with the CHFs this pm… I dont tend to trade the news that often and didnt fancy them either so stayed out…(Well done Tom for making 80 pips in GBPCHF)
So its been a non event for me really. Frustrated with setups, entry levels etc etc.
The reality of a trader is some days are good and some are bad.
I am very confident tomorrow will be good and vvv keen on finshing the week on a high.
See u all tom.
Dan
CABLE, EURUSD, EURGBP - Thursday 12th March
Good afternoon
CABLE
• 60min chart has confirmed support with trend line around the 1.3760 level.
• I am feeling small GBP strength back in the market but wont be looking for any long play until we gather support off the 4hr 20ma.
• Think CABLE will be tricky as its consolidating on a daily chart and until we break the support or resistance at 1.3920 I would stay away.
• Verdict wait for triangle to break.
EURUSD
• 60min chart has held support and trend line for support is around the 1.2700 level now.
• The 4hr 20ma has held and EUR looks strong again with EURJPY popping back up.
• Best to now wait for pullback before another long play.
EURGBP
• Needs a pullback but the strength of the EUR is showing.
• 0.9300 is resistance and could look for break of this level or short play from this.
• I keep thinking this will pullback soon as longer term CCIs suggest that but it keeps powering up.
• Verdict could look for a very tight short
So who's short GBPCHF, EURCHF or USDCHF??? They have to pullback no???
hahahhaha
I know some of you are...
Dan
Well the good news is that the market has held in despite a nervy open.I am no technical wiz kid however I would suggest the last 3 days priceaction is positive short term (stocks). Bottom line everyone is bearedup and positioned accordingly including classic Texas hedge trades.These are painful trades and if stocks continue to trade well I fearthis trade will become more excruciating for some. On top of this I amhearing clients are underweight EM so be prepared for some capitulationbuying which will push spreads tighter still. I have not seen any valuein Russia and Turkey these past few weeks and at these spreads I seeeven less value however that doesn't mean we can't go tighter still. AsI am writing the market has got a very solid feel to it and I am seeingclients who have been very quiet of late looking to buy. Once theseguys have bought I suspect the rally will peter out but we are not thereyet. I will continue to look to sell illiquid bonds into this rally asbid side liquidity will only be temporary. Kazakh bonds continue therecovery with buyers returning to all Kazakh banks except Atf, feelslike they have further to go. My view on the big wide world has obviously not changed, but if you askme, a rally for a while is good for our sanity and it can allow us toreminisce about the old days!
Mr P.......
Good morning all
I am back after losing my touch on Tue, Wed and Thurs...
It has been a great day today and lots of pips on offer.
We zoned in on USDJPY, GBPJPY & GBPUSD today. Many making well over 100 pips today which is great to see.
My confidence is coming back after a hard week and we are def going to zone in on just 2 to 3 trades per session.
Boy i am happy...Bring on the weekend.
D
The London Open Notes - Friday 13th March
Good morning all
I personally feel it’s been a tough week and again it reminds me not to trade when I don’t feel comfortable in the setup. Some have higher risk profiles than others, so do not feel obliged to trade if the risks are too high on a trade.
Zak and I are going to bring our best 1, 2 or 3 setups each am and concentrate on those rather than look for endless possibilities on the various currencies. I feel this will be the best way forward for everyone.
It’s Friday and I am hungry for pips… Make sure you remind yourself not need to trade if the setups aren’t there.
CABLE
• Signs of support in GBPUSD this am with price above the 60min 20ma.
• 4hr 20ma has been broken on upside
• Boxed between the 4hr 20ma (1.3865) and 4hr 50ma (1.3980)
• Look for support off the 60min 20ma and DP for the moment.
• Remember to look at GBPJPY for assistance with GBPUSD.
• Watch double top anywhere near the resistance at 1.3865 and if GBPJPY breaks the 60min 20ma on the downside, CABLE will likely follow.
EURUSD
• EUR has had a great run and is now testing the Daily 50ma at 1.2950 level.
• The 60min chart suggests no trade as risk of pullback is too high ahead of 1.3000.
• 15min chart shows resistance at 1.2935 but you would be buying on break into a Daily 50ma and psychological 1.3000 level? Difficult.
EURGBP
• 60min chart suggests the EUR is getting a little tired but I am personally tired of saying this as its not pulling back as yet.
• Hard to go long and tired of looking for its pullback so I will stay out until GBPUSD can look to break the 4hr 50ma and we have some life in GBP.
• The high is 0.9315 so it’s not exactly a huge risk but lets see how GBP performs this am.
• Watch any break below the DP and 60min 50ma.
Verdict
CABLE & GBPJPY boxed. Play box off support and resistance or simply wait for break.
Hi all
Danny Boy has a smile on his face!!!
Well done to those who traded Gold.
I am done for the week. After struggling big time on Tue, Wed & Thurs. I have made back any losses with more than enough pips to buy those shoes for the misses.
Trading can bash u round like a squash ball but it will never beat me!!!
Apologies for being grumpy mid week but at least we all finish happy for the weekend.
Well done team and see u on monday.
D
CABLE EURUSD EURGBP - Friday 13th March
Good afternoon
What a morning and what a day! Well traded to you all
GBP is supported above this 4hr 20ma so we should look to keep buying on any dips until it breaks back down.
CABLE
The 4hr 20ma has broken and GBP looks supported above it.
Need to be patient and wait to see if we get another push up this afternoon.
A break back above the 1.4050 level should see 1.4090 met as a profit target.
Watch GBPJPY for break up as well for GBP strength.
Patience needed.
EURUSD
The Daily 50ma is holding as resistance.
Yes the EUR is supported at the moment but wondering what my upside would be.
A break back above 1.2915 or break of 15min 50ma would signal further EUR strength.
Not one for me at the moment.
EURGBP
The break is on and EUR has weakened.
Need to see CABLE break back above the 1.4050 level for EURGBP to move lower.
Look for pullback towards the 60min 20ma and then a further short might be possible.
Watch CABLE for direction and at the moment GBP is weakening.