The London Open

[farmerbob]

Aternoon everyone,
Well the pips finally came home to roost today while I was out during the morning, + 34 in total but generally it was like having to extract teeth
from a rabid dog on speed.

My losing trade, - £ chf open for two and a half hours finally went into profit but trading platform closed for - 1 pip. The setup was great for me and could have picked up 50- 60 pips. have come to the conclusion £ chf is similar to the black stuff though, horrible .

Will be posting another true story from the Knob Head school of trading at the weekend, it's a belter . Just need to gather the facts.

Does anyone paper trade out there even if your actively trading,
I am working on this and seeing some amazing results for trading what you see rather than what you want the market to do, more time needed to collate results and may be of interest to the London open guys at a later date, it trains your eye and brain to make a decision in a short time,since at any moment on any chart there is a trading position to be taken.

Hey Monkey Boy hope you are well.

[farmerbob]

Extreamly simple exercise to do and only takes a couple of minutes.

[FX Pimp]

With better numbers out in the States a little 1-2-3 on the short side of EURUSD mught be on the cards.

The Gold didn't break the main resistance although it had a good go, so no trade taken there.
However, if you remember the last thing I said in the room..........."if gold moves up i'll look for a little long on euro and if gold breaks down i'd look for a little long on swiss"
I hope a few of you filled your boots with a quick 30 pips on both scenarios.
I closed Euro and was long Swissie within the next candle.

Good clean family fun.

Anyway keep your eyes peeled on the Gold & Crude for direction of Euro, but that's the best I see right now.

Will be back later with a cunning little plan for all the novices out there who have just one screen and can keep an eye on only a limited number of pairs.
I think you might like it.

[adder]

afternoon gents
as a newbie just like to say enjoying your witty comments on here!
drew a support line under my eurusd chart earlier and it bounced off it perfectly an hour ago! just need to decide whether to take the trade or not....
cheers

[FX Pimp]

Morning Adder. Good to see you made it. Great to have a few more faces here.


The Dollar is Dead. The Dollar is back. The Dollar is deas The Dollar is back......................

Somebody ming telling me what is going on here?

Yesterdau crude looked at one point like it was going to stage one of it's magnificos. It did manage to get up over the $136 we spoke about, but there was a maximum of 70 pips in it for the takers of the trade prior to dumping.

Gold swiftly followed suit scuppering any plans for those looking for a long Euro play.

This is going to be a very violent market for a while. If crude continues there could ve times when your perfect set-ups suddendly go sour for no reason.
Look to see what Crude is doing. Look to see how it pulls gold about, then look to see how Gold is the master of this circus we call forex.

Both looking reather bearish now on the 60/240, although I don't see any longer-term set-up.

On the longer term currencies both Cable and Euro are looking bearish and quite well set up. Cable on a 60m chart looks like a red heiken ashi could see this fall to 1.9900 possibly IF Gold drops off a bit.
Yen and Swissie aren't really telling me anything.
Swissie looks more appealling that Yen but theres a fair bit of traffic up ahead.

Looking at the shorter term a short Cable is tickling my fancy. Just waiting for the 63 then a 1-2-3. Its looking like its found a little bit of support so patience is the key.

Not a lot looking great at the minute, although Swissie does look appealling to the downsude IF
Gold holds.

An importante note well worth following. Always worth saying with the trade until the 63 (5m) / 21 (15m) CCI crosses back below/above the 100.
I went lonk on DJI USDJPY USDCHF last night and had to go for dinner so I closes what could have been close to 400 pips for just 50.

Not sure about the Pimpshow today. Will let you know later.

Have a good session.

[Hemal]

good morning everyone,

I hope that some of you took the gold trade mentioned yesterday?

Gold Daily chart shows a retracement within an uptrend.. nice and easy to read. Our main support is around the 948-950 mark. But is this enough of a retracement? Well the 1 hour chart shows that we are boxed in between our 200 and 80 ma. Our 15 min looks week, so on the 5 min chart looking for a short entry, and I note that this looks bid. Very mixed between the time frames. For me, I am not overly keen on the downside. I'd like to see a break of 965, find support which would be the first signal of the buyers moving back in.

With gold in rest mode.. eurusd is is a nice triangle on the 1hr chart, boxed in between our 80 and 200 ma, also with our daily 20 and 50 ma just bellow. This certainly looks better to the upside to me. As for an entry point, I'd be looking for two things. 1 for gold to find support 2 for EURSD to break out of the triangle and 123 of it around the 1.5870 level.

Cable daily shows the first sign of a retracement with the first red heiken. The 15 min chart has resistance above in the form of 80 & 200 above. I think the 5 min chart is boxed so, I am looking for the break there.

[farmerbob]

Please Call Me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Bob

[FX Pimp]

IF Crude can break $132 with some end of week profit-taking possible AND Gold can break $964, there is definately some room to the upside.
You know the entry rules guys. Break on the 15m then look for 1-2-3 on the 5m stealth.
84CCI's on both 15m charts look to be breaking up but watch out for the pivot.
I'm waiting for a break of those levels 1st.
If it doesn't come then so be it, but I'll be using Crude as my guiding star. If Gold breaks and Crude starts dumping then don't expect Gold to rally.

If the Crude break fails to materialize and it starts to drop off again I will be waiting for Gold to follow suit and going long on JPY.

It is very unfortunate that we are to be saying farewell to the room.
However, nothing lasts forever and we will still be Team London on here, so don't worry, the Pimpology will continue 'til death do us part.
I'm sure whoever is coming in to replace Dan will do a sterling job and I wish them all the best of luck dealing with the Rocks and the Farmers and the Horses of the community.
More importantly I wish you guys all the best with your new fearless leaders and would like to thank you all for the great fun and atmosphere we created together.

I'll be back a bit later with my little guide for newbies with limited screens as promised yesterday.

[rockdrive]

Morning Team London,
This will be my last post of a little while.......I'm afraid I shall be taking a well earned holiday and spending the next 5/6 weeks surfing, kayaking, drinking and eating. Be interesting to see after recent excess whether I can still squeeze my fat arse in to my wet-suit. Come to think of it I wonder if my spray deck will go around my increased girth. If you can picture a very tight elastic suit on Mr Blobby then you have the picture.

To the trading - well I have continued to be successful taking Crude on the 5 minute 10cci cross. This yielded +52 pips this morning 131.02 to 131.54. Crude did go up another 50 pips, but I have learnt to never be greedy with the black one!

I took some other trades as well on FX. e/u 15854 to 15872 for +18. I was a bit miffed as I was holding after a second retracement and knew I should have got out at the 85 level - nevermind. I also took e/j for -20 pips cut as I did not like the set-up 168.32 to 168.52 s/s 168.60. I also went short on g/j 212.17 to 211.89 s/l 212.50 for +28 pips.

Then it goes horribly wrong - I have traded recently some successful bounces off the MA's on the FTSE and Dax. Thought, here we go, I have some of this and went short on both......hmmmmm....well they didn't bounce and so I got hit for -13 on Dax and -25 on FTSE. The trend is your friend, lah, dah, dah......well it was a risk and it didn't work this time. So I stopped trading this morning after 2 unsuccessful trades.

Overall though not a bad morning with +40 pips bringing my grand total for the week to 369. I am thrilled with the pippage.......beating my 200, beating my 300 but not quite as good as last week!

OK friends - time to close it down. Good luck MonkeyBoy whereever you are. I am going to miss swinging in the trees with you over the next 6 weeks. No throwing coconuts at the natives.......and remember to put an umbrella in your cocktail today, cos in the UK it rains and you don't want to dilute your alcohol content. Have a great time today guys, sorry I can't be with you. Then again, I do like my liver!!!!

I still count myself as a newbie, even though I am starting to make some nice pips. Keep working the charts and get to grips with the CCI's and MA's. If you look back on your charts, as I have been doing, and studying the positive trades and the negative trades you will notice the pattern. I feel a however though, cos sometimes well stuff just happens and you know what the trade still goes against you. Chin up and No surrender. Keep to the rules and trade the trend........I'm looking forward to a complete break (down) and will hope to keep alcohol content high (up) and surf in the Channel (CCI)...God thats awful, I do need a holiday.

Thanks to Deputy Dan, Monkey Boy and Le Pimp du Pipster for all their help and input. Happy and positive trading Team London.

Bon Chance

Surfing Rockie.........

p.s. to the tune of Hawaii Five O - yes you know it.........don't be shy I want to hear you....yes,,,,,,catch that wave,,,,paddle, paddle and hup....

[farmerbob]

have a good break rockdrive,seems like your having a nice long one,
well deserved, forget the pips for a while and come back fresh in body, spirit and mind.

farmerbob.