The London Open

[FX Pimp]

Great words, Scorpion.

I take it the Pimp-Term-Book is going to be your main priority !! NOT.
Very sound advise and something I adhere to.
Suddenly, having entered a position on a 15m chart it begins to look very appealling on a 4hr chart.
What I usually do is take half my profit on the 15m then move the stop-loss to breakeven +5, then just move it with the 60m 20 m.a.
Not always great in non-trending markets, but I'm always giving myself every opportunity to maximize profits.
Furthermore, there's absolutely zero pressure knowing you've already had your money out of the trade, the remaining portion is in a no-lose situation so you can kick-back with a cigar and a brandy and let it do it's thing.

My Pimp-Fund is more of a punting bank really. Completely seperate to my trading bank and more like a demo account but with just a few quid in it, used for road-testing other strategies and for playing with unfamiliar instruments, like the 100 top wines index.

Another Pimp-Trick I learned, which has served me well, and therefore worth sharing, is to focus on my breathing for 15 minutes as soon as I wake up each day.
I just sit-up in bed, cross my legs all monk-like, and just concentrate on breathing through my nose for a while. I really find that this has sharpened my reflexes, aids concentration and more importantly, had made me more disciplined and patient in my trading as well as all other aspects of my life.
This is really important for novice traders, who expect a trade to go instantly into profit. This is not really in-touch with reality, and timing is not always perfect. The amount of trades I cut in my early days with a 20 pip loss was staggering. Do that 5 times a day and you can see why only 2% of traders actually make it.
By practising the above method, you will be surprised how much less you panic when in a position.

Right, off to see a dog about a man.

See you in the morning

[FX Pimp]

Originally Posted by rocwell

Hows it going Pimp?


What template is that? do tell..................

Hi Rocwell,

The template I was talking about is just something for messing about with on a Friday afternoon only, not something to use all the time.
Since it's more risky than the standard strategy, it's something Dan and I must work on together for some time prior to introducing it, with some serious back-testing required.

You know me and my gung-ho, rush rush attitude ! Well, this is not the way forward in trading, and to ensure we don't end up giving Monday-Thursday's pips back we need to get this right, so please ignore my post talking about us getting it going in time for next week. This isn't going to happen.

With lots of new guys coming into the room each week it could become awfully confusing switching from one strategy to another.

Let's build the skills and confidence of the group first and rest-assured, Dan & I will be working on this in the background. You'll know about it as soon as it's ready.

Thanks for your patience.

Just a quick add-on. There's a daily Gold chart attached which doesn't really give us a clue as to the next direction of the FX markets.
The CCI has popped up over the 0.0 but the 20ema is still below the 50sma and last week just saw a bounce off the previous week's highs of around $905. We really need to see a break before we get carried away with any longer-term plays.

Enjoy your evening

[FX Pimp]

Morning Campers.

Hopefully another good week in store for us. Let's see what we can do with both commodities looking pretty good to the upside today.
There was the oil summit yesterday, I beleive, in Jeddah, wherever that is.
On the back of that we're already trading $1.50 up at $136.50.
Gold looking l;ike it's getting pulled about a bit by that too, up $4.00 to $906, and not far from testing the highs of last week and of the 6th of the month, so the majors, bar GBPUSD - which looks very bearish on the 15m chart - look set to continue with their trends of Friday IF the whole Dollar weakness thing prevails with Gold and Crude rising.
Naturally, if the resistance at these levels for Gold is too great then of course we will see the opposite happening on the Majors and some reversals coming in.

Slightly stronger than expected Japanese figures earlier have given a little impetus to the Yen, which is fortunate for me. I fell aslseep early on Friday evening and my GBPJPY position from the Pimp-Show is still open.
With Gold looking quite good at the moment, giving way to a weaker Dollar, and better numbers out from Japan then USDJPY could pave the way pay for further falls in GBPJPY with cable looking so un-attractive to upside.

In fact, Sterling isn't looking attractive against anything right now. It's given-back 75% of its gain from last week against the CHF and the JPY and has now as we speak brokon a little support line at 1.9735. A tight stop at .55 might see it fall to 1.9675. Not really one for me on a Monday, but a little potential.

Anyway, I smell burning. Breakfast must be almost ready !

Have a great day.

Of couse, all this can change oh so quickly, so stay on your toes

[Jeremy_W]

Hi Traders

I just picked up another 21 pips on a GY short to add to my 30 from the Cable short earlier.

Great start to the week.

Thanks Guys

Jeremy

[rockdrive]

Originally Posted by Jeremy_W

Hi Traders

I just picked up another 21 pips on a GY short to add to my 30 from the Cable short earlier.

Great start to the week.

Thanks Guys

Jeremy

Hi Jeremy,
Nice trading....only managed some sneaky pips (22) trading short e/u, but closed positions for the school run....it all went crazy after that. Had possible enteries for g/u and g/j, but if your not there you can't trade (well you can - but I don't like automation)....Have a good one.

J

p.s. stiff all over after a father vs sons cricket game....definitely not 21 anymore, but we won and I was not out for a duck.

[FX Pimp]

Some cheeky pips out there for the taking this morning, which was great to see.
Gold did find that resistance level just a bit tough to break and without it being able to advance there were plenty of opportunities on the reversals.
Cable, which I liked short of 1.9735 is currently some 120 pips lower.
GBPJPY fell almost 100 too with USDJPY not able to advance past 107.85
The little 1-2-3 mentioned late-on in that 'place' eventually materialised to give a few pips to the patient few, but everybody else making some good money on USDCHF or EURUSD.

Great work today everybody. A very good start to the week.

Rockdrive on the cricket-pitch sporting a hanky on his head, with a can of warm Tetleys in his hand. Now there's a picture !

[Dan007]

Hi all

Some great pippage for you all out there this morning...Is the London Open back to its best..It brought a smile to my face this morning, watching the way it moved...Reminds me of how i use to own the dance floor when i was 21!!!

the IFO number was def leaked this am and EURUSD fell off accordingly from 1.5600 down to 1.5500..Many taking 50% of that move... Great money management with very limited risk.

USDCHF followed suit on the upside from 1.0350 to 1.0450... Think many found EURUSD more appealing with the gap between the daily 50 and 60min 200ma.

GBPUSD showed many the opening for an entry on a 123 move from 1.9740 to 1.9600 and USD strength was confirmed with USDJPY moving from 107.40 upto 107.90 with only a handful taking 15 pips or so from this trade...

EURJPY was alerted on a potential break down from the 60min 50ma to the 60min 200ma for 40 pips... Well spotted and great trade..

The Pimp talked the Crude up but there were not many takers due to it being the 1st trade of the week...It can be very jumpy as we know...Its always about building for the week and u all have your own targets... Write them down and make sure you work towards them...

Overall that is what i mean by the London Open and this is how you trade it... Low risk, high probability trades... Its been misbehaving recently and the afternoon sessions have been better but the good news is you are all learning so much and making great pips..

Well done to you all... You deserve the rewards!!

Dan007

[Dan007]

Hi all

We discussed the break of the support line this morning...

Orders should have been placed either side of the support and resistance lines and wait for clear break...

902 and now trading at 882...Thats 200 points in 15mins down to the 60min 200ma...

Dan007

[jono]

Originally Posted by Dan007

Hi all

We discussed the break of the support line this morning...

Orders should have been placed either side of the support and resistance lines and wait for clear break...

902 and now trading at 882...Thats 200 points in 15mins down to the 60min 200ma...

Dan007

Nice one for those who got in - I went out without any orders placed and was not a happy bunny to have missed that fall. I had to take a quick buy for a few points on the snap back just to regain my sense of humour!

Did anyone notice that the Dow did another pull back to a "hundred level" - this time 11,900 - again with a pivot line and the 15m 100 ema if you like those.....I took another Sell and would like to see it break Fridays lows - if it cant, then I'll just have to put up with 50 ticks on a tight trailing stop....

[rockdrive]

Originally Posted by jono

Nice one for those who got in - I went out without any orders placed and was not a happy bunny to have missed that fall. I had to take a quick buy for a few points on the snap back just to regain my sense of humour!

Did anyone notice that the Dow did another pull back to a "hundred level" - this time 11,900 - again with a pivot line and the 15m 100 ema if you like those.....I took another Sell and would like to see it break Fridays lows - if it cant, then I'll just have to put up with 50 ticks on a tight trailing stop....

Hey Jono,
You were not alone....I even had Le Pimp (DC) suggest it again. I'd just exited from another gold trade for 20 pips and was feeling pleased with myself and then a small retracement and bam, 200 pips in seconds. Didn't I feel stupid. Nevermind, market starting to break out of it torper and so should be many more such moves in the days and weeks ahead. Did you notice Crude had the same fall as well............Looking back it had the potential to be a 1k pips day, with the trades discussed........Magnifico

Always tomorrow....

Rock