The London Open

[Dan007]

Originally Posted by rockdrive

Morning Dan,
Thank you for the chart tips.............enjoy for day.

What do you think crude back to sub $100.........................???????

Any comments on the indicies. What does The Monk think about direction or is he swinging in no particular direction?

Have a great weekend..........Closed out top week ever thanks to the strategy...drum roll, action 587. Took no trades yesterday pm, and will not be trading today.....keeping my pip tin locked.

Cheers Guys,

Pip Rush Rockie


p.s. my eldest lad in hospital to have his nose reset after breaking playing rugby........I pray for his safety. Amen

Hi Rockdrive...

Sorry not looking at Indices till avo with currencies moving like this. The Monkey and i will be trading together vvv soon. Oh what fun!!!

USDCHF just holding support due to EURUSD finding res at 4hr 20ma. EUR needs to break to allow CHF to fall...

D

[Dan007]

Hi

Crude looks small bid at mom.. Needs to break 101.60 for a sharp move higher. towards pivot.

Bring me a break baby!!!

D

[Dan007]

Hit S1 on USDCHF so banked 30...Banked 45 in EURUSD and 40 in Cable...

Still in GOLD and CRUDE..

Wish me luck.

D

[Dan007]

Taken profit on Crude at 102..10... Another 50.

Gold needs to break 60min 50ma... Thinking of closing and having a croissant and coffee... ah the old days!!!

Good to be back.. Not every day can be like this but a good start.

D

PS This USD move will prob continue and Gold and Crude to move as welll but happy to have hit targets and banked.

[Dan007]

Looking back i always feel with Crude u should get in and get out each am quite quickly...50 pips is a good trade and look how the pivot was hit and now held. Just takes the risk out of it..Yes should move higher with the 60min looking strong but the london Open is short term plays.

Its a dangerous one to play all the time but can be vvv profitable if contolled well.

Gold looking good for upside still...Breaking 60min 50ma as we speak

D

[SimonRK]

Hi Dan & all,
Went long on the GBP/CHF on Wednesday for a longer term play.
Been watching this for a while. Noticed on Monday it had moved through the 4 hr 20 M/A (brown M/A). Waited for the retrace & took the trade long as it crossed through the hourly 21 M/A & both the 15 min & hourly 21 cci's turned up (at the red cross over).
It's now gone through the daily 20 M/A & retraced. Looking for a move further long & hold my position.
171 pips so far

Here's hoping - hahaha!!!!
See you soon.
Simon

[Dan007]

Hi Simon

Excellent trading. I do like these longer term plays.

You have mastered a great skill.

Happy with my breakfast trading so not going to jump into much this avo.

See u monday.

D

[SimonRK]

Hi Dan & all,
Bit disappointed this afternoon as i was going to keep my trades on long term but due to the market jitters i wasn't sure which way my trades were going to go, so decided to bail out.
Looking now at my trades i could have doubled up on all of them & still in for next week but fed up of seeing trades disappear to nothing lately on my long term book.
Having said that i would be greedy to complain - hahaha!!!!
Trades today:
usd/jpy - 63 pips
gbp/chf - 201 pips
gbp/jpy - 105 pips
Total - 369 pips.

All traded with what you have taught me dan
Have a good weekend
Simon

[Dan007]

Hi Simon

Excellent week... Fully understand that quite a few guys have left this thread as i have been away for the summer. Please fel free to ask questions about the strategy etc and get involved with the thread..Any levels welcome and will help as much as possible when i am here...

I will be concentrating on EURUSD, CABLE, USDJPY, USDCHF, GOLD AND CRUDE. These will offer many opportunities in what i call my London open and i plan (if the market allows) to capitalise on my usual 50 -100 pips each day.

I will be posting each morning from 6.45am - 7am and throughout when i am trading...

I speak to many individuals about trading and many who can make a lot of pips but the secret is money management as we all know it. I have spoken to a few guys about this this week and its the same issue.

This is a consistency game and has been ever since i worked in banking.

Just think at £2 pp at this rate you can make nearly £4k pm... But why do so many people try and trade at £x amount... Take trading slowly and build the account until u can afford to take these trades.

Its all about protecting that bank account!!!

I can afford to lose 5/10/15 etc trades on a row because i dont break the rules..It is a small % of my account each trade...

Ok hae a great w'e..Sorry about the lecture but i am keen for u all to learn and make profitable pips.

D

[FrattonPark]

Hi Dan


Great to see you back and posting again.


I'm new to this game (trading since June) and would like to know how you read Friday's market the way you did.


At 6.30am I saw long-established Daily and 4hr $ strength trends ( vs £,CHF, €) with a little flicker of retracement. My mindset was focussed on waiting for the very clear $-strength trend to resume. This was not productive!


You posted early-on to highlight worthwhile $ weakness and hoovered pips left, right and centre. I want to do the thinking myself rather than just follow your steers so although I saw good entries (esp 1-2-3's) all day I was so gripped by the notion that they were longs and hence counter-trend I sat there just watching them. I'm delighted with my discipline but not with my game-plan.


I guess my question may be about “market feel” and perhaps not easy to answer but if there are any specifics that flagged Friday as Retracement Day and not just a fleeting counter-trend wiggle, I'd be very interested to hear.


Incidentally, in support of your earlier post regarding money management, I'm a newbie with a well-honed mean streak. I play for minimum stakes and can readily laugh at yesterday's debacle without grinding my teeth to stumps.


Thanks