The London Open

[rockdrive]

Originally Posted by Dan007

Hi all

John you have summed up the market...Ask yourself why u r in the trade if it isnt going anywhere???

I have spoken to friends in the market and they are blown away with what is happening. The credit crunch is here unfortunately and here quicker than expected.

Heads remain high and we get in and out where we can, but we have to change for market conditions... 25 points on one trade is probably a good target now...

Lets hope for volatility over night now and see what tomorrow brings..

Positivity remains high still..

Dan007

Hi Dan,
You have been so right on the market conditions and feedback on trades. I think it is very important for us to maintain a very upbeat attitude. I was lucky yesterday as I got in early traded g/j, not ideal but cheeky for 62 pips. I then allowed myself to get carried away, and thank you Le Pimp for pointing out the fallacy of the usd/chf false break....I got hit for -30 pips. Some important lessons for me yesterday. 1. Trade only what is there to trade 2. Only trade those trades which meet the cci and MA criteria 3. Make usre you only trade clear breaks and if you do decide to enter a little later (making usre the other criteria are meet) then get in and get out. and finally 4. Trade with a smile on your face. Irony had a delicious twist for me, I traded Gold was up 16 pips and then went for a coffee, got distracted and come back and guess what, my daily pipometer was in the red as Gold had sunk. Blimey o'riley....my final lesson and I think 5. Never walk away from your pc if you are in a trade and assume your pips will be safe....Great fun though. Back at it today, see if I can grab some cheeky ones. Gold looked interesting, crude could fall, but we've said that before, and the rest well at 5am GMT+1 it was a mess.....I have some walls to paint if anybody wants to see more paint drying here!!

Here's to a fun day in the office and seeing the pipometer in green.....

Le Rock

[FX Pimp]

Morning All,

Looks like a similar picture to yesterday morning doesn't it?

Crude looking every-so slightly offerred and Gold looking ever-so slightly bid, which is always a pain. Is it going to be another do nothing day? I've no idea, but it doesn't look that tantalising.
Gold still firmly wedged between the 4hr 20/50 & 200 on the 60m chart I would love to see it break up above.
Crude 4hr 20 has now crosed the 50 on the 60m chart, which is very similar to the 15m chart with both the 60m 20&50 having crossed the 200.
(60m m.a's on 15m chart & 4hr m.a's on 60m chart for new readers)

Without and clear direction from either of these two, where does that leave us on the FX Markets ? Well, with gold shackled, Dollar is neither weak nor strong. With no Dollar strength or weakness there is no direction on the EURUSD GBPUSD USDJPY USDCHF, which as we know, are the driving force behind most of the other pairs we cover each morning.

Let's have a look at the indices. Seems to bee a helluva lot of resistance overhead on the DAX and the FTSE and with the DOW falling 200 points yesterday, it'd be no surprise to see these open a bit lower.
It will be interesting to see whether the DAX can hold onto the 4hr 20ema.

Possibly going to start looking at some other commodities in the near future. With the FX markets being pretty poor in the A.M session, I'd like to spread my wings and try some lean hoggs and soybeans maybe, something like that. Not very classy though for the Pimp.
Trader- "I'm a Gold trader, what do you do?"
FX Pimp- "That's nothing, man. I'm into Feeder Cattle"
Yeah, maybe not.

Happy Pimpin'

[rollingstone]

Originally Posted by rockdrive

Hi Dan,
You have been so right on the market conditions and feedback on trades. I think it is very important for us to maintain a very upbeat attitude. I was lucky yesterday as I got in early traded g/j, not ideal but cheeky for 62 pips. I then allowed myself to get carried away, and thank you Le Pimp for pointing out the fallacy of the usd/chf false break....I got hit for -30 pips. Some important lessons for me yesterday. 1. Trade only what is there to trade 2. Only trade those trades which meet the cci and MA criteria 3. Make usre you only trade clear breaks and if you do decide to enter a little later (making usre the other criteria are meet) then get in and get out. and finally 4. Trade with a smile on your face. Irony had a delicious twist for me, I traded Gold was up 16 pips and then went for a coffee, got distracted and come back and guess what, my daily pipometer was in the red as Gold had sunk. Blimey o'riley....my final lesson and I think 5. Never walk away from your pc if you are in a trade and assume your pips will be safe....Great fun though. Back at it today, see if I can grab some cheeky ones. Gold looked interesting, crude could fall, but we've said that before, and the rest well at 5am GMT+1 it was a mess.....I have some walls to paint if anybody wants to see more paint drying here!!

Here's to a fun day in the office and seeing the pipometer in green.....

Le Rock

Hey Le Rock

Great post, are you jostling for a place up there on the pedestal with Master Dan and Master Le Pimp?

Nothing like a non-trending, whip-sawing, false break-outs market to bring out those words of wisdom.

Regards,
F

[rockdrive]

Originally Posted by rollingstone

Hey Le Rock

Great post, are you jostling for a place up there on the pedestal with Master Dan and Master Le Pimp?

Nothing like a non-trending, whip-sawing, false break-outs market to bring out those words of wisdom.

Regards,
F

Hi F,
No I most certainly am not, I grovel before the feet of the masters, knowing my place among the lower ranks......words of wisdom...lets see how they measure up. Lets have a good one. Bon Chance.
Rock

[FerruFx]

Since few days, this thread grow so quick

Thanks for all new (well known) members for their great posts/analysis.

FerruFx

[PipMe]

Hi everybody,

I went long on EURUSD, EURJPY & EUR/CHF when it broke H1 50ma.
I also went long on Crude & Gold when it broke H1 20ma. Just locked some profit on them.
Let me know what you guys think about that, i think i followed the strategie well enough on these trades...

PipMe-

PS: I would like to thank Dan for everything he does for us and also ZE PIMP for his great analysis.

[FX Pimp]

PimpMe,

Well done. Very inpressed. In these really tough, stagnant conditions you have done very well.
Not sure if any of our guys actually took a trade.
Bit disappointing we didn't take the EURJPY but just too busy talking croissants !

My hat off to you

[PipMe]

well yesterday i spent my night watching (yes my night, I'm in California and spend my night in front of my comp and my days sleeping... but i like it ) and i didn't feel like taking any position but today's market seemed better (to me). Have i followed the strategy or did i take risks i shouldn't? Still need to figure out more about correlations though...
I almost went long on EUR/GBP when it broke one of my trend lines... Thank God I didn't .
I closed gold as soon as it hit H4 200ma for 40pips, EURUSD when it hit H1 200ma for 50pips, EURJPY when it started heading down for 55pips and same for crude for 24pip. At least no loss so far. WHAT A STONG SETUP!!!!! MY HAT IS OFF TO YOU!!! I haven't done anything but applying your rules...

Waiting for today's analysis with excitement .

Ze Pimp, my nickname is PipME not pimpme, i wouldn't use anything with 'Pimp' in it, it's yours . By the way, i just e-mailed you...

PipMe-

[FX Pimp]

The box strategy in-play here.

What's the potential of a little play here I wonder ?

[Bloom]

Just watching that Pimp. Thankfully didn't do it but the price action typifies the market.