The London Open - page 160
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In CABLE again at 71 on the pop back up...
Graham beat me by 1 pip and he got in at 72.
Lets see..This is the 5th time shorting today.
Our luck must run out soon.
Stop above figure.
D
OCO order in CABLE
Banked 50% at 40 in CABLE to lock in 31pips.
Short on 50% still with OCO on breaks.
Have USDJPY stop at 53 for -23 if it gets hit....
Well i have been all over CABLE today...
Sold it 5 times at resistance and banked down at support. Still holding part...Simple strategy and good to see many of u doing the same.
USDJPY working out well and as explained in the room this could be a beauty. Lets see how this is tom.
Have a good night. Off swimming with my little girl.
D
The short story is that the market has got a little tired and complacentand in my opinion this is the case in stocks, oil and EM corporates. Wehave basically been in a range for the past 10 days and with that asense of misplaced security which has allowed dealers to build up someinventory. Whilst I think EM corporates possess some value here I thinkthe upside is capped by potential new issuance so I am happy to flogwhat I have and put my feet up. Liquidity at the moment is still okhowever if clients that bought bonds 6 weeks ago or longer start to takea profit and hit dealers I fear liquidity could disappear prettyquickly. As for US stocks they need to break out of their current rangeand at the moment I guess they are awaiting the banks stress tests. Istill can't see how the US government is going to release these stresstests with anything but good spin. As an example are they really goingto say Goldman's, Bank of America passed with flying colours butCitibank only marginally scraped though? Answer is clearly no, so I amnot looking at these stress tests as a trigger however it just feels tome like the markets have got a little tired here a bit like myself. Itsour favourite day tomorrow, will be interesting to see if it recoversits mojo or the stealth sell off continues.
Mr P....
Hi
Just got home...CABLE has rallied with weak USD.
My remaining 50% position got stopped out as i was driving home at breakeven at 71.
Shame not to have made pips on that as it went down to 1.4500. Should have put a TP in there but rushed off home...Nevermind.
Glad USDJPY is working out well and short from 98.30. Looking for further weak USD tomorrow.
Only position holding is USDJPY short as from earlier on today. You know my thoughts on this one.
Have a good evening.
D
Good morning all
Weak USD seems to be setting in
Only position on is short USDJPY from yesterday at 98.30 and 98.00. 1st target has been hit at 97.10 and looking for next target at MS1
CABLE
• With weak USD, GBP has rallied and now boxed between the major 4hr MAs
• I am not overly convinced with strong GBP but if USD continues to weaken then GBP will have to rise
• Heavy resistance at 1.4750 and support at 1.4632
• Neckline of 1st resistance is 1.4685 so plan of attack is to wait for 85 to break with a 123 north on the 15min chart and test the 1.4750 level
• If GBP cannot break 85 we will attack on a 123 south below the 4hr 20ma. Eg looking to sell below the 1.4600 with a stop above the 60min 20ma and DP at 1.4635
EURUSD
• The EUR has surprised me and I felt the EUR was weaken over the next few days. How wrong can I be!!
• The price is using the 60min 20ma as support so any trade needs a stop behind
EURGBP
• 0.9000 will offer heavy resistance for now and we should wait for a break
• Infact if GBP continues to strengthen we could look for a very tight short play at 85/90 with stop at 10
• Technically if we see a fall below the 4hr 20ma at 0.8900 then we should look for a 123 south using the 60min 20ma as resistance
JPYs
• With USDJPY weakening GBPJPY and EURJPY will be hard to trade with EURUSD and GBPUSD holding up
Good morning all
No trades taken in the room today. Couldn´t trade GBPJPY and EURJPY short (even though they looked good) due to CABLE and EURUSD. So only thing i did today was lock in another 10% of USDJPY at 96.74 from 98.15
I am now only short 40% and will be watching this closely this afternoon.
Overall a great week and very happy with some of the performances in the room. Well done team and have a great day.
D
A section of an email i just received...
Yesterday I nailed everything - cable first thing with you, usdjpy as per your idea re. reversal play (which i liked a lot), eurusd all day twice over on trend trading, usdchf all afternoon on silver cross play, audusd all afternoon on silver cross play.... I nailed the lot. And well chuffed about it too. Well over 200 pips in the day and 100 through the evening. banking and holding and running. This morning still running usdchf, audusd, usdjpy for a futher 80 pips.
Sweet, joyous, lovely jubbley!
Do you think they are happy???
I love receiving emails like that...Thats why i teach... Bring on the weekend.
D