The London Open - page 21
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Hi Sarah
T1, T2 and T3 are just our personal targets for the trade - target 1... etc, certain levels we aim to reach to take profit or move stops.
With regard to the Dan template (Dan007's template) - we need to check with Dan007 and/or FXPimp first before we post it as it is their system.
Moving averages are SIMPLE or EXPONENTIAL, Dan007 explains in his posts.
If you read through the thread on Forex Factory, which is more comprehensive than this, everything you need to know is in Dan007's post. Just do a search for "The London Open" and it should take you there.
Fran
morning all. hi rockdrive, i see what you see but just put of by the fact that 84 cci has been above 0 for a while now (on the 15 min chart), plus it could just be that it has moved back to the 200sma (as you expect) before moving back down. i think i'll sit that one out till i see it bounces off the 200 and pushes higher I took the same approach of waiting for an ma bounce on gbpjpy yesterday and hae just loocked in 105pips so will continue to play it safe i reckon.
Hey Rocwell - Well played and you were right! I played out on 15 200 SMA and thought early on we had GBP strength. Thats pretty much it..Did not work out lost pips, move on. Theres always plenty going on, its just timing. Cathc ya later
Sorry to hear some guys dropped some pips this morning.
Being a stubborn old sod I held on to EURUSD and Gold, which are both in profit now.
I did mention the break of the 1.9575 for cable, which was never broken, so stayed out of that one.
It's just unfortunate and we all know what happens the second we cut oue trades, so I held them. With Crude leading the way Gold could now push a little higher.
I'll happily add another 50 to my 92 from the two Yen trades then leave it on a messy day.
Whilst I'm here. Worth mentioning that by going long on GBPUSD EURUSD & Gold at the same time is spreading risk if you are right, but if you are wrong it's treble the risk because of the correlation thing.
Well worth bearing in mind. Great idea if you have a sufficient bank but if not then selectiveness is important. Which one fits YOUR criteria best !
Happy hunting
Morning all
Patience is key on days like this...
Look at Crude breaking 20ma to the 50ma.
Dan007
Hi all
That cable pulback we all talked about has happened... Shame it didnt happen this am...One of those things...Move on and lets get more this avo and tom.
Glad i stopped people jumping in short ahead of that 4hr support at 1.9500...
Cheers
Dan007
Pimp or Dan007, when your about. Tough morning!!! Could you enlighten. How do you identify a retracement. When is a retracement, a retracement, and not a move. thanks Tony
Tony a move is when the price is pushing away from the 20 moving average (for example) and is the retracement is when it's coming back towards it.
Crappy day for me, probably should have stayed on the side of caution. But there you go, another lesson learnt and not too burnt!! I walked away from the computer for a few hours to stop me chasing trades.
I've been watching Crude too but lacking the nerve today. Currently (13:15 UK) it is moving towards the 50Ma. Is that a 1,2,3? In theory, should I wait for the break of the 50Ma and previous high (13460) before considering long?
P.S. Not going to execute the trade due to Oil Inventories but trying to understand the strategy.
Hi
Yes 123 play was on but 123 plays only come off when there is momentum in the market...As you can see from today there is no momentum, so no point jumping in.
Rubbish day... I have saved myself thousands of points by learning when to stay out... It has to be the golden rule...
I dont mind missing trades but i wait for the more obvious ones to come into play...
You only need 6 or 8 good ones over all the markets to have a good week.
Cheers
Dan007
Hi
USDJPY was cheeky... Slowly dribbled down all day with a 123 off the 20ma... No momentum but pulling EURJPY with it, a little.
To be honest its so slow out there...Going for an early swim i think...
Cheers
Dan007
Hi
Well look at that Gold...Cheeky pullback!!!
Right i am def off for a swim.
See you tom
Dan007