The London Open - page 179
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Afternoon all
Had to take misses to the dentist after the live room but what a trade in USDCHF hey.
We talked about the 123 in USDCHF in detail before i left. Trust u made some nice piparoonies in that... My order got kicked in so happy days and still short as we speak. Always good to tuck in a 100pip trade. I know quite a few of you have been in EURGBP long as well, so hats off to you.
Lovely jubbly. See u all tomorrow.
Dan
Friday July 3rd
Good morning all
Trust you had an enjoyable afternoon yesterday.
The States are off today with 4th July tomorrow so could be very quiet. Lets see as CABLE and EURUSD are setup quite well.
CABLE
• The USD looks set to strengthen with OIL and Wall ST falling
• The 4h trend and 60min trend is down so technically we should be looking for short plays
• Everything suggests further weakness with heavy resistance at 1.6388, 1.6426 & 1.644
• GBP has tested the MP (or just below) three times now at 1.6321.
• We are looking for this to break either today or early next week
• A break through that last major support should see a solid move towards the 1.6184 level
• Looking for break of 1.6360 for a move to test previous low
• If for what ever reason USD weakens and MP holds I will only look for a long play on the break back above the WP at 1.643
EURUSD
• With USD strength in the market EUR is set to fall as well
• 4hr and 1 hr trend is down so again technically looking for a short play
• Looking for a break of previous 1 hour candle at 1.3975 for a short play and to play with the trend
• Again if for what ever reason the USD weakens this am I will only look for a long play back through the MP at 1.4052
Have a great day.
Dan
Ok so emails have been sent to you.
You know what we are in and you know what levels we want to see broken.
Have a great weekend.
D
Good morning all
Well GBP has behaved in Asia and we wake up to a great start… As you know we are short as a team from Friday in CABLE & GBPJPY.
CABLE
• Short from 1.6320 on the break we have banked 50% at 1.6270
• The 4hr trend is down and the 60min trend is down
• Key support levels now are 1.6255 & 1.6183
• I presume for those that were here on Friday are still short
• Lets be patient and hold balance until we either get a Golden Cross of the 60min MA´s or a break back above the 4hr 20ma which is key resistance
GBPJPY
• This trade again was taken on Friday on the break of 156.4
• 50% was banked at 155.42 and we will hold balance
• 4hr trend and 60min trend are down and again be patient with banking the rest.. Wait for either the Golden Cross of the 60min MA´s or the cross back above the 4hr 20ma
EURUSD
• Potential Double Top on EUR
• Looking for 1.3950 to break on the downside
USDJPY
• Daily Triangle and looking for this to break on the downside
• Weekly trend and Daily trend are down and looking for this to test and break 95.0
Good morning all
CABLE, GBPJPY and EURUSD are working out well...We are up over 500 pips so not a bad start to the week.
From the emails i have received most have made over 200 pips so overall a great start.
The little tweak to the system is working well and I am looking forward to smashing all records in July and August. As i said before, last year we had a record summer and we will do it again this year.
Have fun
D
More email alerts coming your way...
Well days like this make trading all the more enjoyable...
CABLE, GBPJPY, EURUSD, GBPCHF, WALL ST, the list goes on...
More pips today than in June as a whole... Made a few adjustments to the charts and i am back to how i felt a few months ago. Boy was June slow and good to be back...
The 1000 pip mark isnt far away!!! Lets all get there together...
The room seemed electric today... We were all working as a team and helping each other out.
Well done to you guys.
D
Good morning all
I hear on the grapevine that Mexico and Brazil were buying USD last night. WS future looks well supported above the 8250 level and DP at 8229 level. Let’s be cautious with the USD this am, as technically I would like to see this back below its DP for clear USD strength
CABLE
Technically trading above the DP and 84CCI and 21 CCI are green suggesting a little strength in GBP this am.
However the beast (the 4hr 20ma) is sitting strong at 1.6300 and it takes a brave man to take him on.
For me no long play unless we break back above the 4hr 20ma with a solid 123 bouncing off it.
There is however a clear trend reversal at 1.6235 and a break through here would suggest further weakness in GBP today.
Key levels of support are 1.6205, 1.6184 and DS1 at 1.6142.
The Daily chart suggests a little strength could come back into this market as the 21 CCI is a little oversold. Lets be patient, play the breaks and on the upside wait for the 123 through the 4hr 20ma.
EURUSD
Similar setup to CABLE this am with USD a potential banana skin.
1.3947 is 1st level of support and we should look to play the break through here down to the DS1 at 1.3911.
For me if the USD is going to weaken today with OIL and Indices strengthening then I will only look for a long play in EUR with a 123 through the 4hr 20ma.
EURGBP
Boxed between the 4hr 20ma and 60min 20ma.
However a break to the upside through 0.8600 could be good with a tight stop behind the 60min 20ma.
Ok need to be a little patient this am. Can see both ways at present
Will keep u posted.
D
Good morning all
Another great start to the day and July is blossoming well...
Traded short CABLE, GBPJPY, EURUSD & EURJPY. Perfect breaks with lots of pips in the pip bank.
Always good to start the month well... As mentioned June was slow as babies were on my mind. Charts are crisp and clear now and raring to break monthly records.
See u tomorrow.
D
The market essentially hasn't got a clue what it wants to do. Itcontinues to follow S&P futures and stoned green shooters still talkabout a jobless recovery. I still cant believe what I am hearing, cansome smart economist explain a dumb Essex man how a jobless recoveryworks when you have no equity in your house and you and your friends arelosing your jobs? Yes the financial industry is doing well but at whatstage is the ever increasing delinquency rates on mortgages, creditcards, home loans, car loans etc going to outweigh the profits banks aremaking on a few new issues and nice wide bid offer spreads. All thatsaid there is now a debate going on whether we can hit the March lows instocks or have we seen the worst. Personally I think we do test thoselows again as you don't fix a 20 year spending spree in 3months. I dohave good news however for technical reasons I would be very surprisedto see EM corps trade at levels they did last year or early part of thisyear. Bonds are in safer hands plus free floats are smaller as issuershave bought back their own debt at discounts. The focus for the nextcouple of weeks is definitely on corporate earnings. I am no chartistbut stocks need to find support here otherwise it could be another notso sunny Summer for the markets. Not all is lost however as the Ashesstart tomorrow and the Open begins next week, plenty of green shootsthere!
Mr P......
Charts are crisp and clear now... D
Hi Dan, hi all
I've been in the room pretty much full time now for almost a month and my learning curve is phenomenal, just being able to benefit from full sessions every day is amazing. I mean I could see trades before I left the rat race, but not all of them and mainly just with the trend jobbies. Nothing wrong with that I know, but there are so many more opportunities.
Anyway, just doing some homework on divergence as James and Zak talk about it alot and saw this example of hidden divergence on a day I would have previously just looked at and seen a mess then a move of 150 pips. When you look closely at the chart and know what you are looking for all the clues are there.
Two 15m charts, one with candles and the other with heiken ashi (I like both), with SW42 added to show the 30m pullback. The hidden divergence shows a lower low on the chart but a higher low on the SW21 indicating a possible continuation of the up trend. A break of resistance and away she goes for 150 piperoonies, or you could wait a few extra pips to break through the 4hr 20ma, last one to tackle (obviously wasn't Jason Robinson - I loved him). I stuck the Fibonacci Expansion on just for good measure and it reaches T1 perfectly.
I would never have seen this sort of trade before, or even looked for it but being in the room has opened my eyes to so many more trading opportunities. Thanks Dan.
Learning fast RS
PS Just got told off for asking when the Ashes "kicked off", hee hee, you don't kick off in cricket apparently. Well when does it tee off then? You men are so easy to wind up.
PPS I know the chart is from April it's just where I got to on my studying.