The London Open

[Dan007]

Hey everyone

That crude was an excellent 123...Use the 15min and the shorter 5 min time frame to get you...

Tough conditions to be honest... Dont feel a need to trade if you are unsure and have questions on setups.

Dan007

[Dan007]

Hi

Well done to those that took the 123 on EURJPY... 15min then 5 min entry...

Well done

Dan007

[Dan007]

Hi

FTSE has an interesting setup for a move... CCI's moving... Wait for 123

Watch DOW this avo with crude inventories as this might pull it all about!!!

Dan007

[FX Pimp]

Morning all.

"Oil back at $145.00"; who said that?
Sorry guys to have let you down, I missed the target by 50cents, and it's now trading at $144.50.
So a pretty good day in all, and really looking forward to running the room this morning with Monkey-Boy, in Dan's absense.

Starting with the 60m/4hr Crude & Gold as I like to do, both telling me "do not short me, under any circumstances"
Shorter-term 5m/15m says "cleared for take-off"
Crude could use a little rest this morning to let the 60m 20 catch-up and the 4hr is preety stretched, so won't be jumpingg into any long positions.
Gold is not so much ovebought on the 4charts I study, but the Daily CCI is almost +200, telling me that a possible pullback could be just round the corner, so tread with caution.
Not looking likely if Cude keeps motoring.

So, onto the currencies.

Cable showed a little sign of potential weakness yesterday, falling 100+ pips but recovered pretty well and is now on the fence.
I slightly favour the downside on this pair.
EURUSD is overbought all round and needs a pullback.
EURJPY still looking pretty bullish overall, whilst USDJPY is not looking very strong at all, giving back all its gains from yesterday morning.

So as far as short-term plays I am looking at Potential shorts on Cable, and USDJPY look short-term long possible.
Not to jump straight into mind you. Cable need to remain under the short term m.a's and do a 1-2-3 and USDJPY needs to break the 4hr 20 and do the same.
Those of you in 'that place' know the entry / exit rules.

Bon Apetit

[Dan007]

Morning all

Off for a long weekend... Keep up the good work and be careful on Friday. If there is no momentum do not trade..

Enjoy

Dan007

[FX Pimp]

Enjoy your weekend Dan.

I think we've made it quite clear in 'that place' that we won't be looking for any positions this morning. What looked like an attractive long just 6 candles ago looks now like a short and vice versa.
With NFP today there are a lot of institutions squaring-up positions and a huge amount of indecision in the markets.

Maybe after the dust settles this afternoon we'll look for something.

UPDATE : USDJPY & GBPUSD eventually did as mentioned in this morning's post, netting 100pips to followers of the thread. Well done to those that who were patient.
Pimp-Show P.M I've been told so best get ready for some action.

Have a great morning. Be careful out there.

[spitfire_412]

Mr Pimp & others,

Please see my two screenshots - I'd like to clarify my understanding of when to enter...

On the USDJPY, the first CCI84 to turn positive was quite small. Do you enter during that candle as soon as it turns positive, or immediately following that one so on the open of the candle afterwards?

Same for GBPUSD really - would/did you enter during the candle that eventually closed with a negative CCI84, or on the open of the one thereafter?

Thanks for your input!

SF412

[FX Pimp]

Originally Posted by spitfire_412

Mr Pimp & others,

Please see my two screenshots - I'd like to clarify my understanding of when to enter...

On the USDJPY, the first CCI84 to turn positive was quite small. Do you enter during that candle as soon as it turns positive, or immediately following that one so on the open of the candle afterwards?

Same for GBPUSD really - would/did you enter during the candle that eventually closed with a negative CCI84, or on the open of the one thereafter?

Thanks for your input!

SF412

Spitfire,

Thanks for the questions.
It's interesting to see you are following the thread with enthusiasm.

Since we use Heiken Ashi and not regular candles we tend to wait for the red on shorts or green for longs, after retracements, naturally.
As the Heiken Ashi is an averaging candle (heiken=average, ashi=candle), it's usually not necessary to wait for a full candle to close.

The CCI is used as confirmation more than anything. You main focal point would be the price in relation to the moving averages and/or the break-out of support or resistance levels.

I hope you had your fair share of the potential 200 pips on offer. Very well traded if you did.

[spitfire_412]

Mr Pimp,

Thanks for replying. I must have read only half the story then ... completely missed the fact that you use the Heiken Ashi candle for entry. I could have sworn the charts you guys have been posting have had the 'normal' candles since they normally appear quite close to what I see at the time. Which indicator are you using for the Heiken Ashi candles? The standard one that ships with MT4?

Thanks again,

Spitfire

(No, I'm still a pip voyeur I'm afraid ... only watching!)

Edit: as an aside, do you guys trade live only with spread betting companies? I'd appreciate any recommendations in this regard... PM if necessary

[FX Pimp]

Originally Posted by spitfire_412

Mr Pimp,

Thanks for replying. I must have read only half the story then ... completely missed the fact that you use the Heiken Ashi candle for entry. I could have sworn the charts you guys have been posting have had the 'normal' candles since they normally appear quite close to what I see at the time. Which indicator are you using for the Heiken Ashi candles? The standard one that ships with MT4?

Thanks again,

Spitfire

(No, I'm still a pip voyeur I'm afraid ... only watching!)

We use Heiken Ashi CW (attached). It has a thinner body than the norm.
It's very nice. Try it.