The London Open

[ChrisFx]

Great Trading Rockdrive. You are setting the benchmark for all of us to aspire to - well done.
Brilliant idea Le Pimp, just what we all needed, don`t how you manage all those pips and manage to help us, but I know we all appreciate it, Thanks.

[farmerbob]

Hi everyone from the london open, just getting the hang of fxfisherman. I will be posting occasionally and I wilL read all posts, well done to the guys this week on harvesting all those pips and thanks to le pimp, el dano,monkey boy and the rest of the mbc team for your efforts.

Well fxpimp you asked about losing trades and I will be telling you about mine,

it is from the new trading stratergy I developed in a split second last tuesday afternoon, its called the " knob head trade" and I have exclusive rights over it.

You see, I didn't want to trade that afternoon because I had made my pips in the morning, my intention was to bake a bithday cake for my daughter for the following day but the devil on my shoulder said go on bob have a look at the dow chart you know you want to.

The dow decided to have a masive up day following a sea of red down days
there was a nice pull back mid afternoon my trading account was open I doubled my normal stake I waited for the retracement to reach the bottom onto two moving averages and after 8 red 5min candles and both the
63 and 84 ccis against me I hit the sell button were in the money! the dow turned on a dime
my account imediately went into the red and with a 98 pip stop and a take profit target of 3 shekels and a groat I sat it out.
I could have got out for a 12 pip loss a couple of times but had convinced myself that the price would only go down, so, my hit was 98 pips but I have nearlly recovered them all since, ironically had I held for a day with no stop the trade would have been profitable.

What a great signal that was to go long for a quick 50 pips.

Beware I have registered my new trading method with um someone.
If anyone decides to use it they do so at great cost to themselves and rest assured I will be hunting you down and reveling in your misery.

foot note,

the first cake did not rise the second one did.

Look forward to monday morning guys.

[William1000]

Hi All,

I just wanted to post something of interest regarding Gold's position this week. It has just met a long term investment strategy I have been following. While not a strategy used by the guys here, I think it confirms Gold's next route as noted by FX Pimp.

This strategy would have gotten you into all of the recent Commodity explosions including Gold (which then retraced and now meets the criteria again)

See page 1 and 19 of the attached file (it's a pdf file so, I couldn't extract the info.). The green O's would have gotten you in late Aug.07 and again in Dec.07. A new green O has just popped up this week. So, I'll be watching FX Pimp like a hawk!!!

I hope this helps and Happy Pips.
William.

[FX Pimp]

Thanks for the info William. It looks like we could be in for a big ride.

Probably worth waiting for a bounce off the 60m 20 or the 4hr 20 and just getting in and holding for a bit.

Farmyard Bob. That's got to be the funniest post I've ever read. Pure genius.
I must admit I have used your strategy many times in the past and still do it from time to time when looking for a 'punt' in a quiet market.

Keep up the good work guys. We're getting there.

[Hemal]

Just wanted to say a big well done to Rockdrive for a fantastic week.
Keep up the great work!!!

Hemal

[FX Pimp]

Hi Guys,

A special round of applause for Mr Rockdrive. Me thinks it's time you were knighted. Arise Sir Rock.........
Fantastic work my friend. 414 pips for the week. Very nice indeed.
It just goes to show 2 things.
1. That the strategy we adhere to works, In ALL conditions, if the correct discipline is applied.
2. That those who want to trade ONLY forex will surely not do as well as those who choose to broaden their horizons.

I am taking a guess that during the course of the week over half of those pips came from instruments other than FX, am I right Rockdrive?

My tally for the week was looking rather good until I threw away a silly 34 shorting gold against the trend yesterday

FOREX +137
Crude + 328
Indices + 166
Gold +127 (less 34)

Total for the week : 724 after losses.
I think most of my losses came from cutting non-moving fx trades with -10, so will try to focus more on indices next week.

[FX Pimp]

Please accept my humble apologies Guys n Gals.

In some quarters the proposed Skype chart has been construed as Marketing or promoting of a service.

Even though I am not profiting from the Chat I am not prepared to jeordize my place here on this thread.

Therefore the P.M Pimp chat-room can not be actioned.
Sad really. I was looking forward to that but I don't want to get into trouble.

Sorry for the disappointment.

I don't know what happened above but the previous message has reprinted itself. How bizzarre

[FX Pimp]

Good Morning all.

I hope you all had a fantastic weekend and have been spending your pips wisely.
Mine was actually really quite sad. Bumped into a game called 'tycoon' and have been busy turning $10,000,000 into $500,000,000.
Great way to kill 48hrs if you've nothing better to do.

Anyway, back to the drawing board....

Gold and Crude looking dangerously bid. Crude making new highs on Friday so double-top theory is out.
How much of a rest or pullback will they need?
Neither are heavily overbought but I would be very surprised to see them go straight into hyper-space this morning. Maybe a little rest first.

That gives us a potentially quiet on for the currencies, or with Crude and Gold maybe pulling back a little bit there maybe some temporary USD strength coming in to the market.
On the shorter timeframes neither actually look like stopping and I will be buying Gold off the 60m 20 and the 4hr 20 on the dips.

Cable is nearing the weekly 50sma in about 50pips time. If the Pound can hold firmly above that region it will be the 1st time since December last year.
2.00 is probably going to be a good shorting area for the moment until the 4hr and daily m.a's get up into that region to act as a springboard. They're all around 1.97 at the moment so a fair distance from the weekly 50.
Euro is back at 1.60 already. Is this week going to be the week where we smash the old highs? Yes is my answer to that. Maybe not today, but I can't see a double top in the making, not with what Gold & Crude are doing.
That doesn't leave anything to the upside for USDCHF or USDJPY. The latter is about to run into a brick wall named 'heavily downward sloping weekly 50sma' which is not promising, although it has found some support off the weekly 20 and daily 50, which are crossing.
Going to leave EURJPY on the subs bench for a bit and concentrate just on the Majors, Crude and Gold.

That's the slightly bigger picture. Let us now look for some Pimp plays on our 5/15 set-up.

hmmmmm, tricky.
At first sight it looks like little retracements could be the plays of the morning's session.
EURUSD & Cable coming off a little and USDCHF USDJPY finding a little support.
How long might this last?
Well Gold will do one of two things at $961. She will either bounce off the 60m 20ema or fall through. I am opting for the former, but I am not even sure she will fall 40pips. As I said before maybe a rest period this morning is more likely.
If she does go I'd be interested in some EURUSD below 1.5875 and some Swissie above 1.0210.
No real opinion on cable or JPY just yet.

Will be back at 11:30 with any updates.

Once again, there will be NO Skype chat and NO further mention of it.
I will get everything I can on here instead.

Have a good morning session

[Hemal]

GOLD- For the longer term trader, this gold is definitely in a bid market. Anyone smell $1000 being hit anytime soon? Yes this has rallied a little n the past few days so a safer play would be buying after a small retracement. However, on the shorter term charts gold still looks bid. The triangle on the 15 min chart, with the break of 968, is what I am looking for but I am fully aware that this is overbought on the biger time frames.

Cable is very similar to above, apart from being in a strong bid market, we understand the correlation between these three pairs. Triangle upside 1.9880, and support around 1.9825


EURUSD, with it's head & shoulders formation, is set to fall to the downside, but with both cabe and gold looking bid, will this keep the EURUSD strong??
I am looking for a long on GOLD and CABLE, (but aware that it is not an ideal entry point for a longer term position)

[rockdrive]

Morning All,
Refreshed from a weekend in Wales......wind burnt and rusty, another week's trading beckons. I really appreciate the comments and support. Enough of last week...and in to the now. Most of my pips were made last week on anything but forex. The majority came from crude (+242). The remainder gold and indicies. In fact looking at the results I achieved, less than 50 were achieved on the currencies, with e/j being the main contributor with +37, and scrambled trades for the rest on e/u.

I am going to continue to work off the 5m chart for Crude. It was a majot tool last week. Let's see if the same holds true this week.

One thing is for sure 'the knob head trade' is just around the corner. So constant vigilance and beware of the scary person in the corner shouting 'the trend is not your friend'......cos he's telling lies!

All the best pips this week.

Burnt and Crispy Rockie

I have set myself the 500 target for this week.