The London Open

[Dan007]

Crude so wants to play the pullback as well..

Look at how much it has fallen. The CCI is painted red!!!

Look for the cross here as u might make a few cheeky pips.

Yes it is against the trend so be careful. Tight stops will be in place.

Be patient...

D

[Barry]

Hi Dan, Just to let you know you are not talking to yourself !

[Dan007]

After a solid 75 pips up i banked 50% but held the rest.

Just closed out my other 50% for a loss, so all flat.

That had so much promise for the upside and didnt behave.

These are def not normal market conditions and again i need to watch that 252 cci. What did i say earlier. Follow the trend and the 252 cci.

Annoying

D

[Dan007]

Originally Posted by Barry

Hi Dan, Just to let you know you are not talking to yourself !

Thanks Barry...vvv annoying re crude. It had the perfect setup for a long play. Should have closed all for 75 pips but got greedy!!! Broke my rules and wanted more.

Arhhhhhhh!!!

D

[Dan007]

Very messy out there on the currencies...EUR and CABLE all over the place...

I am staying out for now...

[Dan007]

Watch that black stuff go now...

Oh well thats trading!!!

Next time.

D

[FrattonPark]

Following your core London Open strat I was sitting on a fast 30 points as €$ broke a previous resistance line, gave a 1-2-3 and ran up to the pivot. As I'm still on minimum stakes I couldn't cut half and let it run so I stayed with the position back down to +10. Not too unhappy coz the entry was crystal clear and I would have 50%'d if I could.

IMO the familar correlations are being distorted by funds:

A flowing towards growth, hence recent $ strength
and
B away from high risk/high yield currencies and hence towards Yen, CHF and $

So whilst $ strength will usually cause the currency to appreciate across a broad front it is now possible for, say, the yen to be stronger still as high risk carry trades unwind. Gold and crude moves are not the primary concerns at the moment.

Happy Trading Dan and All

[Dan007]

Originally Posted by FrattonPark

Following your core London Open strat I was sitting on a fast 30 points as €$ broke a previous resistance line, gave a 1-2-3 and ran up to the pivot. As I'm still on minimum stakes I couldn't cut half and let it run so I stayed with the position back down to +10. Not too unhappy coz the entry was crystal clear and I would have 50%'d if I could.

IMO the familar correlations are being distorted by funds:

A flowing towards growth, hence recent $ strength
and
B away from high risk/high yield currencies and hence towards Yen, CHF and $

So whilst $ strength will usually cause the currency to appreciate across a broad front it is now possible for, say, the yen to be stronger still as high risk carry trades unwind. Gold and crude moves are not the primary concerns at the moment.

Happy Trading Dan and All

The important note is that the entry was crystal clear...The rest will fall into place.

Its a messy morning but still really like the 4hr USDCHF chart as posted earlier.

Off for a meeting now so will be back online later.

Looking back i should have banked all at 75 pips profit in crude. The weakness of a human is greed and i went for glory and paid the price. No disaster as they cancelled each out but annoying.

Interesting morning and getting use to how the market is moving again. Always takes a week to really get back into the swing of things.

Speak later

D

[Dan007]

Hi

I got asked a question earlier re trading rules and thought i would start with the mind set as this is prob teh most important to get right. Will write more tom re my rules...

I have many rules to be honest but the main key is consistency. I do not sit and watch charts all day. I know so many guys and girls who sit there for 20 hrs a day and by the end of the month they r still flat on pips. Its not the time spent but the quality of time.

For me i am more focused for 3 hours at a time. Manily once per day and sometimes twice, depending on the market and what i did that am.

You must be focused at all time on short term trading and as i metioned 1,000 pips a month feeds the family and pays the bills. Thats 50 pips on average per day. Only 2, 25 point trades or one 50 pt trade in Crude a day...(Arggg i was up 75 and got greedy, stupid!!!)

This is not an easy game and especially trying to beat the brokers and banks but hey thats our job as a home trader and my London Open generally makes me a winner a lot of the time.

My last point is to remain utterly confident and never let your head go down. Its very easy to beat yourself up about trading..If only this happened...If only that happened... None of that matters. Get in, get out and make the pips. That is the way to get 1000 pips per month...Its not about sitting at your desk for ever...

I will write more tom re my trading rules but the mindset is equally as important.

Speak tom and i will write more on my trading rules.

D

[rollingstone]

Hi Dan

Hee hee, are you in training for a second job as a typist? You have certainly been giving your keyboard a bit of a bashing lately, you may need to work on your make-up a bit though, and don't forget to wax.

Aaaah, the words of wisdom flowing again - and what wise words they are too. Thank you for the above post which I can completely relate to unfortunately. Still, with reading this thread I am sure that I will mend my ways, and for me the only way is up!

It's great to have you back posting Dan, thanks.

RS