The London Open - page 172
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Morning
Made 25 pips on way down in EURUSD and then cut balance at breakeven.
Lost on Dax 1st thing but short again now at figure with tight stop.
Not an easy market and to be honest been frustrated
I find in weeks that the setups are hard i don't overly trade. Be patient and be happy to have no position. I am better off having a quiet 3 weeks and not trade, than lose shed loads of pips in tough markets. The good weeks are just round the corner and last summer (if i remember correctly) there were thousands of pips to be made.
D
Watch Triple tops in Indices and EURUSD short.
D
Good morning
Congratulations to Barcelona...If we can take any good news from Man United losing is that Graham will remain quiet today.
Wall St as expected has tripled topped around the 8,500 level with DAX & FTSE both falling from their respective highs. Consequently the USD has strengthened and EUR and GBP have both weakened. Wall St still has to pass through its major support around the 8,190 level and this break will determine whether it has further downside potential. Wall St Future could retrace back a little this am so we need to be careful with the USD related currencies. I personally see a small retracement and then using the 60min trigger a larger move lower. James will keep you posted...
CABLE
• How much higher could CABLE go without a retracement!!!
• GBP is now back down and sitting comfortably on the 4hr 20ma.
• I would like to see a small move back up towards the 60min 50ma before a selling opportunity in GBP.
• Use the 60min trigger.
EURUSD
• EUR is certainly weaker than GBP at present but GBP is overdue a large retracement.
• Again i would like to see a move back up to the DP before a selling opportunity in EUR.
• Use the 60min trigger.
I have to go to hospital today with the wife so i will catch up with you this afternoon.
Take care
Dan
Hi
Been in hospital most of the day... I hear there were a few losing trades this am but as i entered the room at 2pm it was great to see many making them back in USDCAD and EURUSD with the USD weakness in the market b4 the DOW opened.
I still fancy DOW lower, dragging CABLE with it and will remain that way untill it breaks back above the DP. I have a cheeky short on just below the DP with a tight stop above... I have only come back and couldn't resist so lets see if the DOW tests the lows at 8190 bringing some USD strength into the market.
You know my thoughts as of today and lets see if this DP can hold as resistance in CABLE. It will cost me under 30 pips if i get it wrong...
Cheers all...Still a tricky market if i say so myself!
Cheers
D
If this CABLE does break up there could be a few cheeky pips on the break from 90...
You could always reverse your trade..
D
I still like CABLE lower...
Probably nuts!
D
Going to be stubborn.
Hi
The famous monkey has said watch DOW at this level...
We have seen huge buying from 8250 to 8370 but its looks to be topping out. If it breaks 8400 then we will see a move back towards the previous highs but 8350 to 8375 is huge resistance for now. Looking for this to fall back to 8250.
I am still short CABLE and want dow to fall. COME ON GBP FALL!!!
Out for a thai now...
D
Good morning all
I couldn't sleep as i was wondering about CABLE too much.
Its formed a triangle but the good news is the 60min trigger is about to come down. The bad news is the DP and 4hr 20ma is below. I am small up and have 75% of the trade on. I will hold the balance for now with a stop above the resistance. I am being stubborn and technically should close it out at 20 pips up but will wait until it breaks res.
The old saying of go away in May couldn't be more true... May has been a crazy month and when i look back i see that i have hardly traded and apart from a couple of big winners i have had quite a few small stop outs for 30 pips here and there. Frustrating to say the least but thats the market and i must respect that.
To be honest with you i feel i have taken my eye off the ball in May and made it harder for myself. The strategy is key and i musnt get influenced from what others say. I make thousands of pips from my 60min chart using the 15min 20 crossing upwards through the 60min 20ma (silver cross) which is then above the 4hr 20ma (opposite for a sell). If i stick to this i make huge and when i don't i end up fighting the market on his own territory.
Simplicity is key in this game and i have over complicated it for myself in May. It hasnt helped that the Daily CCI has been in danger zone for a month in CABLE so i have been holding off for that dramtic reversal and last night is another example of me trying to find the high.
I will show you in the room this morning what we are going to be looking for each day and stick to a rigid plan of attack. I will talk u through the setups each am so you can see exactly what we are looking for.
See u in the room in 2 hours.
D
....... CABLE • How much higher could CABLE go without a retracement!! • GBP is now back down and sitting comfortably on the 4hr 20ma • I would like to see a small move back up towards the 60min 50ma before aselling opportunity in GBP. • Use the 60min trigger................. Take care Dan
............I still fancy DOW lower, dragging CABLE with it and will remain that way untill it breaks back above the DP. I have a cheeky short on just below the DP with a tight stop above... I have only come back and couldn't resist so lets see if the DOW tests the lows at 8190 bringing some USD strength into the market. You know my thoughts as of today and lets see if this DP can hold as resistance in CABLE. It will cost me under 30 pips if i get it wrong... Cheers all...Still a tricky market if i say so myself! Cheers D
I still like CABLE lower... Probably nuts! D Going to be stubborn.
Hi Dan,
I know that I haven’t contributed to your thread here in a long time. But, since I re-subscribed to the live room there have been heavy losses far outweighing the wins. Thankfully, I chose not to take them. My reason was quite simple. You have been breaking your own rules trading against the trend
Take a look at this cable chart. 1,300 pips up in 4 weeks. Your post above this one sums it all up. You have made a great month a very difficult one…………………by not trading with the
I hope this helps.
Hi Bill
I do agree that you should always try and trade with the trend but when your CCIs are overbought you have to respect the market. You criticise that i am trying to find the top but the last 3 posts that you have posted from me are only 24 hours old and there is a high probability with month end, friday etc etc that profit taking could take place. Yes i am probably crazy and yes i havent traded CABLE well this month but i havent lost pips on it and thats why i have only called 3 trades in CABLE in about 2 weeks in the room.
I told the room that i am respecting it and to back away and thats why there have been vvvv limited announcements. We all lost 30 pips in CABLE about 2 weeks ago from me, made a few on the 2nd announcement and we are still short on this one after banking a few pips earlier with a tight stop.
Yes its easy to look back and say Dan why didnt buy it and make us all a 1000+ pips but at the time i wasn't convinced and i didnt want to chase it.
The room has overall been buyers from 1.4000... It is a shame that you have just joined and seen me trying to find a high in CABLE as i have been a bull all the way up.
As you know i want to see a flush out and i am not going to buy here... I respect you for buying when the CCIs are high and i think u have done a great job but i personally wanted a pullback to the 4hr 50ma which we obviously havent seen.
I am more frustrated than anyone that i havent bought CABLE since 1.5500 and i respect all that did. Sometimes it doesnt go your way and i misread the market in CABLE. I do admit that...
Its a new month from monday and we will make a lot of pips in June..As mentioend last summer was a record 3 months.
Have a good weekend.
D