The London Open - page 105
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Morning all
US holiday today so market could be quiet..Lets see!!!
Brent is boxed in just above the pivot. The candles are tiny so any break could see a play.
CABLE is resting below pivot but feel it is a little lost at mom. I still like it lower after breaking out of its triangle but support is slowly coming in so we need to be aware. I am still short longer term but i will be watching this one.
As we know we like GOLD, EUR and CABLE to travel together (like yest afternoon)..
If GOLD breaks 60min 50ma look for a move lower. The 5min 20ma has crossed the 15min 20ma so it would only have to be a tight play.
ok speak later.
D
Been out eating and drinking in Londinium today - had the day off! Spending pips and chilling. Nice work Dan on the pips yesterday afternoon. Nicely done sir. Keep up the work in Radio Monkey. Great teaching and well presented. You keep mentioning patience - to me it is THE KEY TO SUCCESS. If you cannot be patient I do not think you will make it as a home trader. Personal view but if I can be patient I make pips; if I am precipitous I loose pips.
Happy Trading
Mitching Rockie
Morning all
I promise to answer any private messages later today.
Well what a day yesterday. Made quite a few pips on GOLD, CABLE and NZD. I have banked part of my longer term CABLE and NZDUSD trade and confident to hold these both for the near future.
We all read CABLE and EUR perfectly this week and many have been short CABLE since last thursday or friday.
CABLE needs to test the low of 1.5263 and as we speak its about to break out of the 5min triangle. When it breaks i will be short again! The 40s in CABLE are not far away and they will get hit this week or early next week.
GOLD is following EURUSD and CABLE and when these 3 move together it is a dream to trade. Watch the break in EURUSD through the weekly s1 as this could make a move to the low 1.20s.
USDJPY is perfectly boxed in between teh pivot and the 60min 20ma. It should follow CABLE so play the break lower when it is offered.
Have fun and speak later.
Dan
Patience is key here in GBPUSD. Wont go short until i get the 123 play on the downside.
If it breaks, it breaks...There is a big gap above the pivot so a 123 might be on there.
Lets see..Either way we make pips.
Enjoy.
PS This will show the direction for the rest of the market in USD
What a day...
Speak tom.
D
Morning all
Well overall a great day. I couldnt trade any short term as had to run back and look after my daughter. She has started diving but unfortunately diving off the sofa head first onto marble isnt the best option. Think shes ready to climb everest at 11months!!!
Well CABLE is in that tricky position of will it continue or should it retrace. My feeling is it has to retrace after such a large fall but i will be very hesitant to buy as its against a very strong down trend.
The USDJPY and EURJPY look the best option for a retracement. If they can find support off the pivot and 60min 20ma look for short plays up, otherwise be patient, let the retracements happen and wait for the next moves down.
Remember to watch the DOW as this is the general and guiding the ship.
OIL is in free fall and the 40s are very close as predicted.
Ok speak soon.
D
Evening all
Been in London for the weekend...
Back in office tom so will post morning report then.
D
Morning all
Had a great long weekend back in London.
So what do we have facing us today...
Gold on the 4 hour chart is a little messy and yes it is still in a downtrend but has def lost a little direction. As we speak on the shorter time frames, GOLD seems to be popping above the 60min 20ma at around the 740.0 level. A 123 move here should suggest a move higher depending what EURUSD and CABLE do.
OIL is in freefall as we know...Yes there are talks of supply cuts and tankers getting hijacked so be careful of any bear squeeezes. The 5min is very overold this am and needs a pullback at least to the 15min 20ma.
EURUSD is in that 500 pip range and is trying to move lower but is taking a pit stop. The short term charts suggest a move lower with the 252 cci stil in red. The 5min 20ma crossed the 60min 20ma a while ago so its tech not great...Might be patient here and see how it moves in a hour or so.
CABLE understandably has had a small pullback. The 4 hour suggests it is getting tired up at these levels and teh last 4 candles have created lower highs. For any move lower it needs to break below the 4hr 20ma otherwise it will remain bid. The next hour or 2 are critical and if this holds look for a 123 up, if not then wait for a 123 south. Dont get caught here but overall i still like it lower. Have banked twice around the 1.52 and 1.4600 levels.
Ok enjoy and speak later.
D
Messy day!!!
Evening all
Spoken with a few good contacts this evening and many are saying CABLE will target 1.4200 in this next move down.
Added to my short again on break of the 15min 20ma at 1.4985 and will add again on break of daily pivot just below the 1.4900 level.
I really do like this lower.
D