The London Open

[Kennard]

Well, Idont know whether my brain is not working but when I opened order for 100 units (1pip is worth $1) on demo account I started with -40 pips loss and that was -$40.

Here is the reply from Oanda's chat :

"OANDA: if you bought 100 units of gold you would pay 40 pip spread which = $40"

[FX Pimp]

Kennard,

Open another one with just 10 units. She's gonna go. It's just a matter of waiting !

[Dan007]

Hi all

With Crude breaking up, the GOLD rallied which means no down move on EURUSD...

Shows to be patient and follow these commodities for direction.

They are the ball players for the USD. Watch out for Crude figs...

Dan007

[SimonRK]

Hi all & Dan,
Difficult market conditions today again.
Trying to find a direction in the dollar is proving difficult. We need Gold to break out long over the 50 daily M/A or short through the daily 200 M/A to give us direction with all the major currencies against the dollar I think.
Maybe next week.

There was a trade on gold today which I missed as it found support & went long through the daily 20 M/A up to the 50 M/A.

Waited for a retracement on the DJI to take it short but never happened as it carried on falling - great trade if anyone took this - but I prefer the 123 strategy before taking a short.

As I write this I have taken the USD/JPY short as it was finding resistance, then broke through my trend line. Placed a limit order in on the hourly 200 M/A.

See you tomorrow,

Simon.

[FX Pimp]

Bit late this morning, sorry.

Well another monster day for the Black Stuff, Falling $3 then rallying $4.
A bit sad actually as it was crude falling through the floor after the inventories number that caused me to close my Gold position, which then went-on to rally $7. Oh well, we live and learn.

Today looks quite interesting. With Gold only having one obstacle remaining (daily 50) there is a strong possibility that this break could happen today.
We might find ourselves rangebound between $888 and $898 but as I said in the room on Monday, I preferred it up at $906. With crude finding support again this is now a definite realitly in the short-term.
Back upto $1000 ?? Well, lets talk about that if & when we get to $900.

Where does that leave us today then ?
With both Gold and Crude looking bid I can only assume we're going to see some Dollar weakness. However, my pimpometer is already very high on the EURUSD and very low on USDCHF & USDJPY.
Gold has a fair to middling reading on my trusted overbought detector on the otherhand.

Nothing on the Yen pairs standing out, unless of course cable struggles to get accross the 4hr 200ma at 1.9623. That could see a little ping back giving rise to GBPJPY to fall a little bit. Speculative but it's set-up for a fall with the 60m 20 being perfectly set below the 50.
Just needing to keep a close eye on USDJPY too to give an indication of possibility. With EURJPY still looking quite strong up there it's not really one for me at the moment. As you know I like to see Yen Strength/Weakness accross the board before I get excited.

Anyway, I'm going back to bed.

Happy Pimpin

[rocwell]

thanks pimp, your analysis much appreciatd!

[Kennard]

Originally Posted by ChrisFx

Thats 4 pips. Gold is different. your spread is 0.40 of a $/ounce, so if you placed an order for £10.00 , you would start at -£4.00. If you see what I mean. Check it out with Onanda to be sure.

New day=new brain .

I get it now,thanks.

[FX Pimp]

Well,

A sneaky 63 pips out of cable was my only play of today.
Missed the EURJPY which was a bit unfortunate. No change it rates in Switzerland wasn't taken very well which gave some much needed oompf to USDCHF, which in turn saw EURUSD fall which - with USDJPY still looking offerred - gave a nice little 60 or so pip move south for the EURJPY.

I am a bit mad with the whole correlation thing. I know it keeps me out of a lot of trades but it keeps me out of far more bad ones.

If anyone is thinking 'over-analysis-paralysis', please let me know and I'll keep it to myself in future

Have a great day.

[Dan007]

Good morning all

As you are all aware the market conditions are very challenging at the moment and the lack of direction is causing us to be very hesitant. Every trade is high risk and unclear on direction.
All MA’s are flat and the one day we see USD strength and then the next USD weakness.

I am still waiting for GOLD to break on daily chart… This will show me true direction for the USD and then i can get back into the market. Very important not to react to one candle..Too many were saying its up and then down each 5 minutes. Best to look at the bigger picture and quite clearly it hasnt broken support or resistance… Don’t get dragged into playing if you dont want to…

We had a rumour this am that GBP Retail sales was better than expected and this turned out to be true and a few made 50-60 pips in cable which is great to see… Its high risk palcing before news but sometimes it is viable to place with tight stops…Its how you approach risk and reward that makes you a success.

The CHF got hammered today and EURUSD fell off..Where now i ask??? Stuck in a range to be honest for the EUR…You all know i like it lower and USD strength to come back into play but maybe not this quater…Patience is key…
Many of the Indices traders made money on the retracements in the FTSE… The DAx was played on the downside for 30 pips… Well doen to those.. I still like the Indices a lot lower… I am a bear and a big one!!!Its all about timing…

Ok keep it tight… Watch Crude and Gold for direction…
Dan007

[rockdrive]

Originally Posted by FX Pimp

Well,

A sneaky 63 pips out of cable was my only play of today.
Missed the EURJPY which was a bit unfortunate. No change it rates in Switzerland wasn't taken very well which gave some much needed oompf to USDCHF, which in turn saw EURUSD fall which - with USDJPY still looking offerred - gave a nice little 60 or so pip move south for the EURJPY.

I am a bit mad with the whole correlation thing. I know it keeps me out of a lot of trades but it keeps me out of far more bad ones.

If anyone is thinking 'over-analysis-paralysis', please let me know and I'll keep it to myself in future

Have a great day.

Dear Le Pimp,
Far from it chap on the analysis. It is only from some of your lessons that I have begun to understand the damn correlations. And therefore, far from scratching my wotsits trying to work out why I lost pips, I am actually beginning to see the whole picture, instead of some close pixels.

Please keep the posts coming. Apart from anything, they keep you out of trouble!!

I too saw the e/j. Early in the week jumped on the g/j short but for some reason this morning it just looked like it was not going anywhere. Glad you pipped on u/g. I had the rumour on retail sales passed to me, but decided to stay with the strategy that I have been adopting of not trading news. I know having looked at the opportunities to trade that if I keep it tight and trade the strategy I can make it stick.

Look forward to the next offering from the Pimp s'il vos plait.....