The London Open - page 127
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Cable
Afternoon all
Well its been a great end to the week.
The likely retracements came into play this afternoon.
Watched CABLE break the resistance at 1.2820 and EURUSD break 1.3640 for the upside. We also looked at USDCAD on the break from 1.2565.
Well done team 500. Great trading, great results and great team work.
Enjoy the weekend.
Dan
Good morning all
Thanks for all your positive emails...It really gives me a lift reading all your testimonials and your kind words...
However I did want to clarify on one thing. I still feel that too many of u are putting added pressure on yourselves by comparing how many pips you made to others. Does it matter that the legend Rockdrive makes 200 pips in one day? Does it matter that Nicola makes hundreds as well? Does it matter that the FXPimp eats pips for breakfast? The answer to the question is NO!!! This is not a competition with others...
This is the most individual business u will ever have. Its you against the market and no one else. I dont compare my pips to the FXPimp or to James or to anyone...I quite simply dont care. As long as i hit my targets i am happy and thats what is important. I didnt trade on friday afternoon not because i couldnt, i could see the breaks and retracements happening but i was happy and content with my pip count.
All you need to do is listen to us, watch your charts, decide on an entry and make pips. Do not worry if others are in b4 u or got out b4 u. Its your book, its your business plan, its your decision and dont waist any energy worrying what others have made or lost.
You all have different plans and i cant tell u how great i feel when i get an email saying they are elated that they made their 1st ever 100 pip week. Now that makes me happy!!! For them that is great and thats what its all about. You are all individuals and work to your own plans and do not worry about anyone else and what they are doing.
Yes its great to see people making lots of pips but I am more concerned about the guys who arent and when the school is up i will be working closely with them and give them the confidence they need to hit the trigger at the right time. This will be my main priority and and to get everybody up to speed...
Anyway enough of that...I hope that makes sense.
Off to Ikea this am...Huff!!! Then picking the misses up and my beautiful girl from the airport so looking forward to that.
Have a great weekend.
D
Afternoon Dan, everyone
To me, these are the best and most encouraging words you have ever posted, and the most valuable lesson you could teach us all.
I started out as Dan's student at the same time as the legendary Rockdrive and I know he won't mind me saying that it took him many months to perfect the strategy and find his trading feet. He is a legend now, but even the great Rockie has his dumb trade days and some of his best posts are describing where he went wrong. (His worst post is bragging about Wales beating England at rugby - yeuuuch
).
As you say Dan, it's not about the amount of pips other individuals make, it's about personal satisfaction and achievement and allowing yourself the time to learn the strategy at your own pace.
When I found Dan I knew nothing, I mean really nothing (Dan will readily testify to that!) and the more I learnt from him and FXPimp the more I realised I knew absolutely nothing. It took me a long, long time, a lot of dumb questions and a lot of dumb trades to get to grips with every aspect of trading and I would have given up in despair many times if it weren't for Dan, Zak and other friends I have made along the way.
So I would like to add the most valuable lesson that I have learnt for myself over the time I have been with Dan, and this is the importance of really learning and understanding the strategy for YOURSELF, don't blindly follow other successful traders in the hope that their success will rub off onto you.
It is only when you learn to read the charts and are confident with what you are seeing for yourself, and make disciplined and intelligent trading choices within your own comfort zone that you really become a successful and personally satisfied trader.
Find your own benchmark at your own pace, work hard, listen to Dan and success will surely follow.
Enjoy your weekend, enjoy your trading.
RS
Dan,
Perfect post - you against the market is the only truth in the trading game. Wales beating England is the only truth in the Six Nations - yes RS its true! The banter in the live room adds to the community, but trust me, at the end of the week, the only only thing thats matters is how many pips YOU have in your pip tin!! I used to get so pissed at all the other pipsters telling me how many they had made (pips that is). I began to realise - so what. They don't influence my trades or my book, or indeed the market. So just chill and let yourself hang loose. Dan loves hanging loose and is no we understand in to a Swedish sauna style hanging loose! Each to there own.
I should have made a 1000 pips last week. I ended up with less than 100. Why in such a brilliant market? I tried calling the bottom, against the trend for cable and gbpjpy. Dangerous! Yep, and pretty much wiped out my pip tin too. When I look at the charts it was a good call. Only problem was I was in too early and lacked patience. I actually recovered big pips on Friday afternoon but after my performance on Thursday and Friday morning, all it did was take me in to small positives. Lesson - don't be a KH trader and try not to be clever. Never works.
Off to watch some sport on the TV. Now starting to get some decent fitness about me and have shed over 6 Kgs since the beginning of the year. Completed a 40 mile loop on my bike yesterday and did anothe 20 today. At this rate I shall be back at my fighting weight pretty soon - only another 6Kgs to go!! Still only had 2 drinks (small glasses of wine) since beginning of the month and not missing the booze at all. Vive le fitness.
Great post Dan - and hope Ikea was not more of you pursuing your love of all things Swedish........and a genunie need for furniture!!
Can't wait for tomorrow.
All the best,
Velo Rockie
Good morning all
EURGBP – The EUR is holding up well against GBP. Previous high at 0.9800 and we are only 300 points away. As you know it’s its all about the entry on a trade. No clear entry this morning but best to buy on dips when triggers are in pla
GOLD – Daily chart shows break of the resistance level. This is a solid move for GOLD but we need to see a pullback before a further move higher. The 4hr Trigger is overbought and we should see a pullback. The 15min chart still looks supported with the price resting above the DP. However 15min trigger is overbought and potential of double top at $900.00/$904.00 could be on. I will be looking for next long entry when 60min trigger comes back into play. Now its broken the major daily resistance is this the time we see a big push towards the old high at $1,000.0
AUDUSD – The AUD has been trading a little messy recently but a lower high on the 60min chart has formed. A break below the DP at 0.6495 should see a move lower down to the DS1 at 0.6415 level
EURUSD – Support at 1.2861 and resistance at 1.2955. The 60min chart is again messy down here but a break of support and the 1.2850 level should see a move to last weeks low at MS1 1.2760. I still feel weakness in the EUR and wont be looking at long plays unless we break the 4hr 20ma at 1.2960 level. A break here should see a move to the WP at 1.302
CABLE – Support 1.3500. The main push down in CABLE has happened and the market could be a little jumpy down here or at least until we break old lows. I am still looking for further losses in GBP. The 15min chart suggests support at 1.3540. Be careful as last weeks low was 1.3500 so not a huge gap to play with. A break above the 1.3675 would see a move to the 60min 50ma. As mentioned I am not overly keen on a long GBP play and would like to see proof that support is coming back into the market. Eg Support off the 4hr 20ma
Enjoy and let’s make some pips
Dan
Good morning all
Well GBP has taken off today and sellers closing positions after not managing to break through the 1.3540 level.
I took a short in EURUSD on the break of the DP at 1.2898 and banked part at 1.2875 ahead of the 1.2860 support. This time the low didnt break and the support came back into the market. I closed the balance out for 1.2923.
AUDUSD order got hit just below the DP support at 0.6498. I should have cancelled the order as the trigger was well down and not setup for a short as mentioned in the room. A blunder on my part and 50 pips lost. With USD weakness all round AUD took off and i was in trouble. That happens with orders and always best to trade with triggers as u know...
We looked at USDCAD and i decided against it as i zoned in on EURUSD, EURJPY & AUDUSD. The USDCAD ended up being the play of the day to be honest and one that got away.
Hands up not a good day for me... I knew the 60min charts were showing signs of support and shoudl have stayed away and looked for 123 longs. Thats trading, thats life and i move on.
Will regroup and move on...
Oh yes i did make 20 pips in GOLD but thats it b4 breakfast. Trying to be clever and should have waited for turn around for the upside.
See you later.
D
Not convinced with this EURUSD on the upside...
Will be watching for any weakness again.
D
Hi
Seems many made OIL this am...
Perfect setup, perfect trade.
Well done Simon. 140 pips in the bank...
D
Hi all
Quiet afternoon with markets overbought or oversold.
We ended up with a cheeky short in EURUSD on a 5min chart for 35 pips. (Naughty but nice!!!)
Not a bad finish to the day.
See u tom.
D