The London Open - page 152
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Taken a little bit out (25%) of GBPJPY and CABLE and will hopefully be able to add to them again tom am, or overnight on breaks.
Lets see how Asia performs....Dont want to be too exposed as GBPUSD hasnt broken the resistance.
A break of 1.4500 and 143.00 will be key.
D
Good morning all
I am now long of CABLE and GBPJPY again from yesterday. It is worth keeping an eye on my thread below.
T2W Day Trading & Forex Forums
CABLE
• I entered CABLE yesterday on bounce of the 4hr 20ma at 1.4350.
• The good news is we have broken the 4hr 50ma.
• Look for the Golden Cross next for confirmed support and will look to add again in the buy zone with stop behind immediate support.
EURUSD
• Slightly behind CABLE with strength against the USD and this is confirmed with EURGBP weakening.
• Look for next up trigger on 60min chart and support off the 4hr 20ma.
• Any stop needs to be below the 1.3200.
• Personally would like to see a good break higher with a 123 back onto the 4hr 20ma. This will prove to me there is strength in the EUR.
EURGBP
• Sitting clearly on support at 0.9150.
• Yes we can use the 60min 20ma as resistance but personally I would like to use the sell zone around the major resistance just above the 0.9200 level.
• Use the 4hr 20ma as a stronger resistance with a stop behind here.
• Still short and is a long term play.
JPY
I entered GBPJPY again yesterday at 141.50 on bounce of the 4hr 20ma.
I am looking for USDJPY to hold up strong and make a challenge for 99.70.
This will keep JPY weak across the board but its not going to be an easy level to break.
Verdict
Watch USDJPY break 98.90 and use 60min 20ma as support
Watch EURJPY break the WP at 131.30 with 60min 20ma as support
Otherwise wait for pullbacks to the buy zones in CABLE and GBPJPY and look to add to your positions.
Good morning all
What a day for you all...In the last 24 hours i have seen many of you make over 250 pips in CABLE and over 300 pips in GBPJPY. The new format is great and loving teaching like this. We swing trade and still trade short term breakouts like today in USDJPY, EURUSD and EURJPY.
That makes you all happy and above all we make pips overnight...
We studied the 5min and 15min chart in detail for the breakout today in USDJPY (50pips+)and EURJPY (50pips+) and glad to see most of you taking those 2 trades. They just add to the pips we all made in GBP.
Anyway i am a happy boy. Some of you already broken the 1000 pips this week. Well done and what a start to the 2nd quater.
See ya tomorrow.
Dan
Good morning all
Yes what a week and our top student trader made 1,700 pips...
I have offically been a pl*nker today. I dont usually get this stubborn in a trade but after banking 144 pips 1st thing this am on 50% of the trades, i decided to be clever and hold the balance. Good to see many of you close out the other 50% but no not me...Prize PLUM!!!I was convinced (being friday) that we would get a little pullback. How wrong can i get???
Please hit me over the head with a mallett!!! Or drown me in a bowl of coco pops!!!! I got stubborn and deserve the hit. You can never get complacent in this game...I am still up over 1500 pips for the week and still long GBPJPY and CABLE and short EURGBP (in long term book) but my short term book just took a whack of 200 pips. Argggghhhhh!!!!
Well done to those who banked..It was a great morning with many of you making good solid pips down to the DP´s in GBPJPY, CABLE and USDJPY but not for me...
I wont be stubborn again and learnt a valuable lesson again not to get greedy!!! I have been kicked where it hurts!!!
Overall very happy though. Great week, great trades but never get complacent and always follow your rules.
I will have to make them back this avo.
See u then.
D
After stupidity this am i have just made back 95 pips in GBPJPY, 35 pips in USDJPY and 54 pips in CABLE.
Thats 184 pips in the last hour so nearly flat...Wont go home till i am up!!!
Greed can cost you and u have seen it 1st hand by me today!!!
I am still a PLUM but a good lesson learnt.
D
Revenge trading hey...
CABLE and GBPJPY have to pullback more today.
Dan
I have been taken over by the devil!!!
I am becoming more stubborn the older i get.
D
Dont forget our longer term targets in GBPJPY are 160.00, CABLE 1.5800 and EURGBP 0.8500
This is good...
All week been saying if USDJPY breaks highs, GBPJPY will remain bid and CABLE will rally.
If targets get hit in CABLE, GBPJPY and EURGBP we will be looking at over 4000 pips.
Interesting few weeks ahead.
D
Ahhhh my little retracements could be on...It is friday!!!