The London Open

[SimonRK]

Morning Dan & all,

Nice pleasant morning trading.

Like a few of you I traded the GBP/USD short at 1.9576 down to my trendline I had drawn in on my hourly chart at 1.9500 to which I set a limit order in for 76 pips. I was surprised to see it pass through at first. But after reading the news results (BOE Inflation Attitudes), I can only see the GBP falling further.

'The BoE is currently in a bind over its policy, with slumping economic growth calling out for interest rate cuts which the bank cannot deliver because of the inflation surge'. Who wants to own the pound?

Took the USD/CHF long too as it rallied through the 50 M/A with the CCI's confirming. After it rallied I raised my stop to my entry level (therefore I have a free trade). I will come out when my 21 cci on my 15 min breaks through the '0' line.

Really enjoing working with you all.

Simon.

[nqtraderman]

Originally Posted by SimonRK

Took the USD/CHF long too as it rallied through the 50 M/A with the CCI's confirming. After it rallied I raised my stop to my entry level (therefore I have a free trade). I will come out when my 21 cci on my 15 min breaks through the '0' line.
Simon.

Hi Simon, do you often exit when the 21cci crosses the 0 line ? I've been thinking about that for a while but don't normally hold em that long.

Do you find it works most days ?
thanks

[Dan007]

Hi all

Look at the trade on Crude... Perfect resistance line at 136.00 for a break back below the 20ma to 132.50... 84 CCI heading down and the 21 CCI shows me the entry on the way down.

Resistance and support lines are very important to our trading jigsaw...

Gold has perfromed well today and continued its path... As u all know i have liked Gold lower for a while now with USD strength coming back into play...

EURUSD still looks good for the downside... As u know i am short above 1.9650 and hedged myself up on the short term squeeze when Mr Trichet was talking about a rate hike...

Keep up the good work... U are positioned well and trends are coming back into play...

USDJPY still looks for the upside but needs to break 200ma.

Dan007

[FX Pimp]

"My overall impression, without looking at my shorter-term charts (long story), is that Dollar strength is creeping back in and both Gold & crude looking quite heavy.

That leaves us some potential to the downside for EURUSD and GBPUSD and a little room to the upside for USDCHF & USDJPY, and the former two looking slightly more appealilng.

EURJPY GBPJPY GBPCHF are looking a bit scruffy for me today."

Hi Guys,

Forgive my absense. I've had a quiet day in the markets and been getting on with some other bits and bobs, ready for the morning.

Took the EURUSD trade only, which was a bit tame for me, but after a big day of almost 500 pips yesterday, I've had to 'calm' down a bit.

I hope a lot of you read the morning summary I post each day at 6 AM.
Today I talked Gold down (fell 200) Crude down (fell 300) EURUSD down (fell 100) and GBPUSD down (fell 100), so lot's of potential pips and a couple of bad ones to keep you out of too.

Very tired, so having the night off. Thought it was Wednesday !

See you in the morning.

[MarketMole]

200 MA Magnetism = MACD:200:100:10.

When MACDSignal is < 0 yet its is slope up we have Long magnetism. When MACDSignal is > 0 yet its slope is down we have Short magnetism. Essentially price attempting to revert to the 200 MA. Slope is measured as rise over run (or fall over run).

And I don't use the zero cross of the CCI.
I use the pivot of EMA:10(SMA:20(CCI:56)).
When this EMA curve pivots (reverses direction) I check/wait for the MA magnetism to pivot also (or make sure its slope is pointed correctly) . I check to see that the EMA CCI is outside of the CCI threshold (100/-100) and then enter.

I've codified all of this as such so as to automate it.

Simple? Well, now that it's coded and trading on its own... yes it is simple.
MM

[FX Pimp]

Market Mole.

Please, let's not try to diversify too much from the methods of our madness on this thread.
We keep it simple, we make a lot of pips and that's the way we like it.
Please don't take offence. Although I don't understand where your correlation between a 20ema and CCI56 comes in to play, I respect that your methods work for you and that is what's important.

Here we like to talk correlation, CCI84 on a 15m chart, toxic home-brewed alcohol and also stretchy underwear.

Your input on these subjects is greatly appreciated.

[rollingstone]

Hi Dan007 and Le Pimp

Just happily reflecting on another satisfying day. I took 42 pips from EURUSD today and am chuffed to bits. I read Le Pimp's morning analysis, looked at my charts and could see what he was talking about - no mention of stretchy underwear though, disappointingly.

With your guidance and using your strategy I entered the trade when I was sure it was good and exited before my 50 pip target because I was happy with what I had got. I have let 30 pip trades slip by to nothing in the past (that beast GBPJPY!) because I hadn't reached my target. So, hopefully another mental barrier smashed.

Not only am I learning to trade, I am learning to trade intelligently. Today's personal best lesson learnt was to give up trying to catch the last pip - and the first. These, as I have found to my detriment in the past, are the two most expensive pips in the world!

I can now also see how important Gold is to USD trades, something I could never have known in the past. I have trawled through many many threads, with very meagre pickings, trying to piece together a system which works. I have learnt more in the short time that your thread has been going than in the last three years!

I can also see how it is possible to make consistent pips - not just by looking at lines crossing on a chart but by weighing up the whole picture.

Looking forward to many more pip-full days.

Thank you again guys, you are the best
Fran

[rollingstone]

Originally Posted by MarketMole

200 MA Magnetism = MACD:200:100:10.

When MACDSignal is < 0 yet its is slope up we have Long magnetism. When MACDSignal is > 0 yet its slope is down we have Short magnetism. Essentially price attempting to revert to the 200 MA. Slope is measured as rise over run (or fall over run).

And I don't use the zero cross of the CCI.
I use the pivot of EMA:10(SMA:20(CCI:56)).
When this EMA curve pivots (reverses direction) I check/wait for the MA magnetism to pivot also (or make sure its slope is pointed correctly) . I check to see that the EMA CCI is outside of the CCI threshold (100/-100) and then enter.

I've codified all of this as such so as to automate it.

Simple? Well, now that it's coded and trading on its own... yes it is simple.
MM

Hi MarketMole

Forgive me if I am having a blonde moment here, but with respect I am unable to follow a word you have said! I presume you are talking about the price moving back to the moving averages - Dan's elastic band analogy? But I may be completely wrong!

Of course it is interesting to read about other traders' analysis, systems and thoughts, but as FX Pimp has replied above, this thread is about Dan007's excellent strategy and FX Pimp's input and analysis and it is proving highly successful exactly how it is to all who follow it.

Trading was complicated enough before finding this thread, the fog is lifting. KISS - keep it simple stupid - that's how us blonde's like it!

Fran

[MarketMole]

You're right.
I've muddied the water.
Please disregard.
MM

[FX Pimp]

Originally Posted by MarketMole

You're right.
I've muddied the water.
Please disregard.
MM

MM,

Please don't mis-understand. We are all traders, here to share ideas and to make money. Pleaae don't think we are trying to push either you or your methods away.
All I/We are saying is that we do things a little different here.

As Fran says, we like to keep it simple. So simple that a 6 yr old could operate it.
Sadly the hierachy at FF didn't appreciate that, or did they? Seems the plot thickens, Frances !

Anyway Mole. your input is always always always more than welcome, but lets try to keep it to the basis of the basics of this thread if we can.

La Isla Bonita