The London Open

[Jeremy_W]

Hi

I just need another 100 pips to match the Pimps great trade.

Excellent trade Pimp Man

Jeremy

[FX Pimp]

Originally Posted by Jeremy_W

Hi Traders

Forgive me for it has been several weeks since my last post.

A quick 20 pips on the UJ.
After finally getting some direction, I waited for retracement to the pivot where the UJ found support. 63CCI up and 10CCI giving conformation as it crossed back up through zero. Target was R1... 20 pips.

Jeremy

Nice little trade mate, well done. Easy money is starting to live up to it's good name !!

[FX Pimp]

Hey Simon,

where you been hiding?

Yes, sad to say it but we've been saying our farewells too.
You've missed it all but I hope you are well anyway.

Still, we'll be about, getting jiggy with the black stuff here on the thread.

Would be good to catch-up. Feel free to email me. thefxpimp@hotmail.com

Take care mate.

Speak soon.

[FX Pimp]

Good morning everyone. I hope you are all very well.

It looks like the Dollar is meaning business now doesn't it.
Crude bouncing off the 4hr 20 ema as suggested it may yesterday after a little 150 pips run, then subsequently dropping 600 pips.
Gold bouncing off the suggested target area of $976 and then collapsing collapsing 300 pips after a noce little 100 pip play in the morning.

Where does that leave us this morning?
Well, one naturally assumes a slight recover would be warranted, which gives us opportunity to play against the trend.
This is always dangerous as you never know when the trend is going to continue and the longer term 60m charts on Gold and Crude both look pretty grim.
Crude has fallen 2000 pips now in about a week. $120 would sit it back at it's weekly 20ema, some 500 pips lower.
It is oversold in the short term. 84 CCI on the 60m chart currently at -250.
Gold too. In the immediate term it does need to retrace, but I will be looking for short positions when the time is right.
Sadly my crude chart is not working for some reason but I'm having to be a little vague.
With Gold having found some support of the daily 20, it'd be no surprise to se a small recovery this London/European session.

So on the currencies we could be looking for retracement plays.
Euro has found support on the Daily 20ema and Swissie had round resistance on the daily 50sma.
Yen has broken the 107 strangle-hold, whils Sterling is in the halfway house, boxed-in between the 4hr 50sma and the daily 20.

Always remember in these situations, you never want to be going long/short when your 84cci from your 60m chart/336 from your 15m chart (same thing) are hugely overbought or oversold.
Yes I do think IF Crude and Gold continue down that the majors will continue in their current direction but I don't think it will happen this morning.

Onto the 5m charts we can already see the opposing directions setting in, but how long will it last. Well I am not sure about that the YEN & CHF might fall to their pivots and Euro & Sterling may rally to their pivots but it doesn't excite me at the moment.
I suppose the best looking potential set-up at the moment is the 60m GBPUSD for a short.
The 5m isn't set yet. We'd need to see a bounce off the pivot, it cleacing the m.a's below, then we can look for a 1-2-3 to the south side.
The MPC minutes are out later but I don't think anyone is expecting a decision other than to keep rates on hold for the moment.

Have a good session. I'll be back at 11 ish.

[Jeremy_W]

Hi

I think CL has expired and I am now using QM. QM is mini crude. They are both Nymex contracts. Interesting though the way CL has just stopped.

Jeremy

[FX Pimp]

Well well well.

After some big moves yesterday, the Dollar has maintained it's strength this morning, with Crude falling (well, brent as crude was not working) and dragging Gold with it.
With the vote from the MPC coming out at 7-1-1 the GBPUSD trade never materialized, and to be brutally honest I sat on the sidelines thinking everything else to be either overbought or oversold.
Gold actually wasn't below -150 at its point of departure on the 4hr CCI and I got it wrong.
I put my hands up and say I mis-read it and took no trades as a result.

I'm know a lot of you did, which is great to see.

Attached is the pick of the bunch.

[FX Pimp]

Here's a possible.

With crude finding support a little 1-2-3 might be in order here.
Yes it's against the main 4hr and 60m trend but it has fallen a long long way.

This is what I was expecting this morning and it might happen now.

Keep an eye on the 7CCI for retracement, price bouncing off the 5m 20 ehich will shortly be crossing the 15m 20 and of course the Chairman to sustain a little upward momentum.

[cako]

Hi traders,

Very good day for trading!!!
I've been chatting on Skype whole morning with some of you people and it was fun and profitable

So, i started a Skype chat-room called THE BOILER ROOM and everybody is welcome to join!! I will be trading this strategy there every day - and Mr. Pimp will join us too!!!

So, what do you think about this?

See you there - here is the link:
The Boiler Room

[WilteredFire]

Just wanted to say thanks to you Zak and Dan for the wonderful info you've been sharing here, hey Pimp...im also from the UK too, have to say, its great using an SB to place my orders with, why give away 40% of your hard earned pips to the government for haha!

I've got some knowledge of CCI having used it in the past, but this setup, is just nice and simple, but great! not complicated, and rakes in the pips, so i just wanted to say thanks to you guys. I'm reading all the pages of the thread currently to learn as much about this setup as I can.

Cheers!

[FX Pimp]

Yes, I'll have a little bit of that Cako.

That should be fun. A little Skype chat room. What times are you thinking of ?

The Gold traded panned out nicely for anyone who took it.