The London Open

[FX Pimp]

Morning all,

First thigs first
The black beast, the Chairman is having none of it below that $124 weekly 20 moving average at the moment. However, he has also not managed to get above the 4hrly 20 at $125.50 since its falling off began either.
On the 60m chart both 21&84CCI are above 0.0 so this morning could see a little recovery or has the time come with the downward pressure of that 4hr20 to begin a chapter in downward spiralling?
We'll zoom in for a closer look shortly.
My Golden-Lady is also not enjoying this life at the bottom of the barrel, and really not wanting to push much lower than the daily 50. A true breakout of either $941 upside or or $910 downside would show us the the next direction.
Both are above the daily pivot though so both eating the pasture on the same side of the fence paving a way for a weaker Dollar session.

The currencies are telling the same story on the Pivot side.
GBPUSD & EURUSD both above with CCI's above 0.0 on the 60m, and both USDCHF & USDJPY below oivot with negative CCI.
Something uniform for a change, this could be interesting.
Not really a lot to say on the Longer term currencies at the moment other than the roads are rocky, very rocky for great falls in Yen & Swiss and gains in Euro & Pound. (Obstacles everywhere for those of you who don't know me)

Shorter term lets have a closer look
Gold looks like it has found support off the 4hr 20 which could be encouraging.
Crude 60m 20&50 have crossed in a bullish manner which is also an indication of some gains but I won't be getting too excited until mt black beauty crosses the 34hr 20 at £125.50, some 50-60 pips away..

Euro has some daylight bove 1.5755 bu be careful, the weekly pivot is there at .62. I'm not looking for shorts.
Cable is good above 1.9955 area.
Too much support below to look at shorting Swissie & Yen this morning.

IF Crude and Gold don't find the support then Swissiw and Yen above the pivots and we can start looking.
Just keep it tight and execise patience letting Crude take the lead.



Have a good session.

[rockdriveonholiday]

Yeah - the power of the petition. Thanks for putting the babe back up.

Tony ye u r so rgt. I brd myslf so wil kep it shrt.

Keep the posts coming Le Pimp. My sanity depends on it.

How's the boiler room doing?

Is the dji stuck or retracing quietly? Gimme a fix somebody!

Keeping it short rockie

[rollingstone]

Hi Shorthand Rockie

f u cn rd ths u cn rd shrthnd

Little Rollingstone market update for you. Nothing handsome enough to tempt me today so far but a few of the peeps down in the depths of the steamy Boiler Room have snaffled a few pips on Crude. A few are in The Orange-Lady too, but for me the markets are being a bit indecisive. A few took GBPUSD too but it's being fiesty!

FTSE and Dax have retraced well on 15m but Dow still slumbering after its big fall yesterday, so will watch carefully. Might do this, might do that kinda day. Not much else, eurusd and gbpusd both boxed in on 15m.

I'd rather be on the beach!

Happy Welshcakes

F

[rockdriveonholiday]

Oh F,
Of crse I cn rd fng shtnd. Bt my splng nt 2 gd!

Thanks for the update. Sounds like da boiler room hotting up, and making dem pips!

Weather check - windy, rain showers, and tootieless!!

Need a fix rockie

P.s bars open, auzzie red, margaret river. Yum

[rollingstone]

Ooooooh, frustration Rockie

You do need a fix...

F

[rockdriveonholiday]

Wow - thanks for that. Just got hold of the FT. Read cover to cover and now licking the print off my hands. Great with red wine. Yum!

Oh to be deep in the depths of the room, mining for pips. Dreaming.....

If I keep drinking and eating I shall be a candidate for hog bellies....anybody trading them?

Ciao

Pork bellie rockie

[FX Pimp]

So the big question. The Dollar IS back but fow long ?

Gold and Crude took a serious pasting again and now Euro & Pound & Swissie & Yen are all looking weak against the Greenback.
Remember the head and shoulders pattern I spoke about on Monday on Gold?
OK, it's very Quasimodo, but we're almost there, once again sitting on the daily 50sma.
Crude is now well & truly below the weekly 20ema with nothing below, but this level was a major support on the 4th of June so worth keeping an eye on.

The story looks like it could continue but as I found out yesterday to my expense, it's always best for the move to become established and not to jump in too early like I did on GBPUSD.
I'll be a little bit more cautious today.

Currencies are all correct side of the pivot for continued Sollar strength and I'll be keeping my eyes on the Yen today. My little Japanese girlfriend was rather tough yesterday, only moving around 80 pips opposed to Euro's 200.
There seems to be a lot of resistance up here and with the weeking 50sma (daily 200) looming up there too it's no suprise to see the shy girl stuttering a bit, bless ! Will look for a possible entry above 108.10
Everything looks oversold or overbought but I always get this wrong and stay out of a continuation thinking it overbought/oversold. That's why I usually leave a little bit running and switch to higher timeframes just to capitalise.
You know the rules on these 5m charts by now. If the Gold and Crude continue to fall, then wait for the 63CCI's to cross on the majors and then a little 1-2-3 on the price and 7CCI to get you in.
Just keep in the back of your mind where the 4hr 21CCI is (336 on 15m/84 on 15m).

Sorry I'm being a bit vague but I have never seen crude fall 2500 pips before and so it's a new experience for me too, trying to find the bottom, or wondering when enough is going to be enough.

In appreciation for the thread and all my efforts great and small I recieved a big box of cakes yesterday which was lovely.
Should anyone else feel the urge to shower me in gifts or chocolate , please drop me a line.

I have discoverer Frances CAC40 on my Metatrader so I will pop back at 8am to discuss the indices a little.

Until then, Au Revoir

[rockdriveonholiday]

Hi Mr Le Pimp,
I only eat 'Rockcakes', so don't save me one! Enjoy the fuss - u deserve it!

Cooking Rockie

[FX Pimp]

Originally Posted by rockdriveonholiday

Hi Mr Le Pimp,
I only eat 'Rockcakes', so don't save me one! Enjoy the fuss - u deserve it!

Cooking Rockie

Hey, Rockstar

How's the holiday panning out.

Have been a bit out of touch with all your little messages. You sounding like you want to come home.

[FX Pimp]

Good morning all,

The beast is back !! The Dollar is dead !!

How many times has the Dollar been dead n buried just to come kick us in the face when we're not looking?
So what's going on now? Was Crude's dramatic 600 pip move the end of the downward spiral?
We'll have to see about that, but he's above the 4hr 20ema which has been key at holding down the dragon for the last few weeks.
Gold has yes to find such steam, and as I said before, a break to thr upside of $941 before I start getting hot under the collar.

So let us look at the shorter-term to see what we can expect this morning, prior to moving to the currencies.

Well, despite the Gold being stuck beneath the 4hr 20 still there does seem to be 100 pips of potential to the upside, to about $917-$920.
To the downside, is it worth talking about with crude looking so strong?
No I don't think so, not this morning anyway, so with both bosses above the pivot we're looking for potential Dollar weakness for ther session .

Onto the currencies, there's really not a lot of change from a longer term perspective. Euro and Pound still firmly beneath the 0.0 on the 4hr chart CCI and Yen & Swissie still well above indicating that these are just little retracements in the longer trend and not a change of sentiment.
I have alway said that the FOREX markets react more to Gold prices than they do to Crude markets so this would explain the lack of change so far.

I have said that I would not play against the 4hr CCI (336 on a 15m chart) but continue to do so without any great success, but what are we to do?
Let's not forget the bigger picture here, the daily trend for crude is still firmly down intil we get above $132.
So do we wait and see what happens or persevere with a counter trend more?

Let have a go at least, but wait for Gold to show us the way.

I think it could be a quiet session with Gold looking like it has very limited room, but if she does go then there might be some small opportunities for a long on EURUSD GBPUSD and a short USDJPY USDCHF.
Nothing terribly exciting.

Most of my pips this week have come from little 10-20 pip plays on the indices. I have made hardly anything on the forex.

Have a good session