The London Open

[cako]

Originally Posted by 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 ?

Well, why don't we trade little bit at 7-11h UK time, and then again maybe 13-16H UK - just to catch Europe and USA? What do you think?

[erakehi]

Originally Posted by 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 ?

[FX Pimp]

Good morning all,

I can only input so many of my ideas. I i do need feedback, both negative and positive in order to strive to make this forum better.
Besides, it not me on one side and you guys on the other. It's all about US. We're all in this jungle together, let's make the most of it !!
Please help me help you.

OK, so onto business.

Yesterday saw both Crude and Gold fall even further into deep water. I can't quote the prices for the dark stuff as I have Brent displayed, but it was somewhere in the region of 500 points to take the tally to almost 2500.
Gold also fell $20, unsurprisingly.
Yoday could be a very big day indeed. We have our WEEKLY 20 moving average coming up.
Those of you with the template will need to look at the 4hr chart for that, but thats where the price is and would think that a pullback might be in order.
Sure it could go straight through it and it's certainly not set-up for a massive recovery mission so we'll have to wait and see. Well worth keeping your eye on that level which I'm sure is about the $124 level.
I'll be waiting for that to make a move before making any decsions but I'll be watching it like a hawk.
Our Golden lady is losing her shine and that little run to the north-side was very short-lived yesterday afternoon. A possible 70-80 pips available and I know Bob got it, so Well done to you, Sir.

These Currencies are beginning to wind me up a bit, and I must admit I am struggling to see anything but an overbought USDJPY & USDCHF and an oversold EURUSD.
OK So my 4hr CCI's are not overbought/oversold but look at the distance between the 60m 20 & 50, look at the huge gaps between the 4hr 20 and 50.
I will not be taking continuation trades under no circumstances on those 3

The runt of the pack, cable was outstandingly resilient yesterday and I quite like himback up to 2.0050 on the back of some Dollar WEAKNESS.
Yes, that's what I am gunning for this A.M session.

Will be looking to short USDCHF and/or USDJPY IF Gold begins to move north with Crude AND the fall below their pivot points.
I will be look for a long position on EURUSD if the Gold and Crude move up and it moves above it's pivot point.

Against the trend but that's what I will be looking out for. No crossing of the Pivots, NO Trades. No Crude and Gold recovery, No Trades.


Enjoy your morning.

[benstratton]

Pimp

With your 5m set up I notice your using a 7CCI instead of of a 10CCI? Whys this ?

[rocwell]

hi benstrtton,having asked this question myself i can tell you why.esentially it is slightly faster than the 10 cci and it extends and retraces more often. Fxpimp pointed out in a post either here or forex-tsd that sometimes the 10 cci will only retrace to the 0 before continuation, whereas the 7 usually retraces beyond the 0 much more.Hope this helps

[FX Pimp]

I may have been a little optimistic this time yesterday with the retracement calls.
Only a few hours ewarly mind you. USDJPY did eventually drop as did USDCHF, and after a little scare EURUSD did manage to recover a little bit late on.
The dark horse, GBPUSD was up to his old tricks, demomstrating that the correlation thing is seldom perfect and sometimes not very good at all.
There was a time when I would have take that trade, but not now.
I have lost too much playing the odd one out just to realise -30 pips later that he wasn't that odd in the first place, just a little delayed.

Anyway on to today, it's Friday, the institutions may possibly be taking some profit off the table with some retracements being the plays.
It certainly looks that way with our two fearless leaders looking like some upside will prevail for the short-term.
Both have crossed the pivot, so that's a start. The 84CCI's from the 15m chart (21cci on the 60m chart) are pointing up so it looks quite promising.

As mentioned before the move on the Yen has begun already, but the Euro would be well worth a go long if it pulls back to the 15m 20 at 156.80, which has now crossed the 60m 20.
The Swissie also. She has quite a bit of red on the 15m chart but a pullback to 1.0360,with a couple of green Heikens might pave the way for further shorting opportunities.

Don't forget we need the fat controller and el presidente to continue moving up to justify these plays.

Have a great morning.

[FX Pimp]

Some have asked why the FX markets have been poor the last couple of days, and if we are to believe in my philosophy of Crude, the chairman, the black dragon, the dark lord, the beast, the Guv'nor, being our guiding star then maybe this 4hr chart might shed some light.

He is currently sat at a critical level at $124.00, which is the weekly 20ema.
There is a lot of support here but a lot of sellers still too, so things are not as clear cut as they were.
When the price is following the trend the speed is much faster. During a consolidation period generally the price action is much slower.
Therefore with no real direction in Crude, there is no real action on Gold and therefore no real action for me in the currency pairs.

[cako]

Hope you guys took some pips today on those retracements

[FX Pimp]

Originally Posted by FX Pimp

The Euro would be well worth a go long if it pulls back to the 15m 20 at 156.80, which has now crossed the 60m 20.
The Swissie also. She has quite a bit of red on the 15m chart but a pullback to 1.0360,with a couple of green Heikens might pave the way for further shorting opportunities.

The two trades there for the offering did produce 120 pips in total, but I am a little bit sad that cable once again slipped through my fingers.
I wonder what the U.S session will bring?

[rollingstone]

I managed to jump into 3 nice trades today using 15m and 60m charts.

First thing this morning (6.45am) I traded eurusd, my spread company's prices were stuck and they were quoting 1.5672 with the market at 1.5706. I thought my luck was in straight away as my trade was accepted but unfortunately they didn't honour it. However, they gave me the market price at the time I tried to open it and I squeaked 23 pips on the first move up, following advice of late to keep things tight.

I jumped in again after the retracement back down to the 60m 20ma as it was trending well and closed with a further 26 pips.

Yesterday Cable was a strong set-up for me on the 60m chart but I didn't take the trade. It showed me the same picture this morning but in the opposite direction and I opened at the break of the overnight resistance at 1.9873. I held the trade as it was a sea of green heiken ashi on the 15m and jumped out at the 60m 200ma (4hr 50ma) for 101 pips.

So a great morning's trading for me, my biggest day ever at 150 pips. Nothing compared to some on this thread but good for a novice. Might sit out this afternoon and be pleased with my day.

Have a good weekend all.