The London Open

I was asked about my room on private email, so i thought i would reply on the blog to save repeating myself...

Yes we have only been going for a week and a successful week as well...

The room is guided by the MBC who are my trading team...We evaluate each market and make decisions as they appear on the London Open.

My ethos is not about tipping but making sure everyone understands why they are taking a trade... For instance half the room went short of the DAX (90) etc on friday and the other half didn't..Most went long of gold (45) and crude (105) and some didnt.. We evaluate it together so u understand the risks and then you decide if you want that risk in your book, but we at least make you very aware of the high probability trades out there...

We will be posting the charts and trades that we take but as i said it doesnt mean that the whole room has taken the trade. Most novices made over 100 pips last week which is ok and many of my MBC made over 600 which is a little better. Still a lot of room for improvement but a good start nevertheless...

This room is building and the confidence on friday was outstanding from the whole group...I am hoping to build on this for next week and looking forward to it. Remember we are not into scalping and i honestly say that i couldnt be bothered about the odd 10 pips here and there.. One sniper came in and didnt like it as he wanted to be in and out of trades in minutes... I dont class that as trading personally and know vvvvvvv few who could actualy say they are good at this and make money from this.. I am looking for constructive trades that are going to make me decent pips and my success for my students speak for themselves.

You should all have an aim of 500 - 1000 pips a week. I drive myself for this each and every week and so do my MBC trading team...It goes without question we wont reach it every week (due to market conditions) but this game is about positivity, confidence and reality. Drive and determination make me succeed.

Good luck and happy to help.

Dan007

Hi Dan,

i really appreciate that we can have a member like this.

pls include me in the loop.

[email protected]

thanks...mohan

Morning Mohan

I hope you can pick up a few points from this thread..

Dan007

PS Dont u just love long weekends!!! Off for a swim now.

Hi Dan,

Great thread, could you give some ideas about how you manage your trades once open, where you see profit taking opportunities, or do you target your moving averages.

Thanks for the great charts.

Yes moving average's are key as well as the CCI's...Don't forget the 50 point levels in FX. They r very important.. eg 1.9500, 1.9550..

A lot of my trades on intraday charts are the middle section eg 25 or 30 points and if i like the trade, i will work off my CCI to keep me in a trade for its full journey..

I will write a longer strategy on this at a later stage. FX Pimp uses my strategy very well and uses the CCI 21 and 10 as a key player.

Dan007

007,

This room sounds very interesting. If it's not full yet, I'd love to here more about it.

[email protected]

Thanks for all your help.

racetrack

Hi Racetrack

Love the name by the way...

I will get one of my guys to email you.

Speak soon.

Hi Guys.

A bit quiet out there today. I hate lazy bankers, don't you ??
I'm just wondering whether these Sterling pairs are going push any lower today ?

My initial reaction was that they might, but with Gold falling off a bit and USD/JPY finding a little support, then that should halt any sharp falls of GBPJPY which would also hinder GBP/CHF if I'm not mistaken.

May be better to see what Gold does at $922.00. If that baby breaks it could go $910-$915. My daily 20 is right down at $900. Wouldn't that be nice.

If that's the case then Maybe this is a perfect opportunity to ride the wave and go down to the pub !!!

Maybe I can give you a little bit of insight Scorpion whilst Dan suns himself. Entry is usually on the CCI21 cossover from + to - and thats always a useful guide from a 60m chart. If you missed that initial cross you could always have a second chance with the CCI10. During a retracement in an up trend for example, the CCI21 should remain above the 0.0 but the CCI10 will cut back below before crossing back into the positive again with a green Heiken Ashi confirming the move.
In this example, I post the GBP/CHF, which then advanced 1000 pips.
You can then see the opposite of the right of the chart. The 10 popped above in a down-trend (21 below 0.0) then crossed back for a fall of 3000 pips !!
As far as exits go, that's really up to the individual, but I find the 10 cross is a good exit as a starting point. It depends on other factors too which I'm sure Dan can enlighten us all on.

I hope this helps shed some light.

Looking to go short GBP/USD for with a 1.9700 target ( 200ma on 4H)

Hi pf,

I'm just curious as why, with this strategy from this thread you would be going short, playing the 4hr with the CCI21 still positive??

I'd be interested to know.

Le Pimp

Thanks for the examples fxpimp, I'm fairly clear on the entries, as with most strategies it's managng the trade after entry and gaining maximum out of any move that is the hardest part.

I tend to use a T3 moving average on the 30 minute chart to help with closings which normally works well, but am interested to hear other peoples ideas.

The best 2 threads on the forum at present in my opinion is this one and the DIBS method which is also based off of the 60m chart and also posted by an experienced trader.

Worth a read by everyone and some good ideas for trade management are included.

thanks again.

Hi FX Pimp,

Here's what I see.

Spinning top on daily chart fri. Plus lower swing highs, lower swing lows since topping out on 14th March.
Failure at 1.9850 on 4H twice last week. (Interestingly the monthly pivot comes in at 1.9841)
Throw in the state of the housing market and political uncertainty with the PM.
I figure more downward pressure than up. Just waiting for the MA/CCI to confirm.
Then again I could be completely wrong.

Anthony.

Have a good week boys...Speak to you all later.

Lets get off to a good start.

Dan007

I have been following posts for quite some time, but I still have a lot to learn from your system. Heard about trading room and would like to join. Here is my e-mail address: [email protected]. Please let me know how to join the room. Thanks.

Hi aleksandr

I will get one of our guys to email you with a few details... Sorry o dont get involved on this side..

I am vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv annoyed with myself today on GBPCHF..I got led into its little game and it took me out. The little devil!!! Got to be careful with this one..Gets expensive!!!

Its tough out there and a lot of mixed views in the market place for clear direction…

It is very important to react to market conditions and when the markets arent trending we need to adapt and move to shorter time frames eg the 15min chart. It will be a good idea to put your 84 CCI on your 15min chart. This is your 60min 21 CCI which is our entry point on trades… We are looking for strong moves above or below the 0.00. I will also explain the exit strategy using this strategy in the Live Room tomorrow…

Gold was the trade of the day so far with a great call short below the 60min 50ma from 925.50 and is now trading at 919.00…

Cable - A few guys in the room took the short on Cable and varied between 10 pips and 110 pips profit.. That purely comes down to money management and confidence in trading. The resistance was at 1.9850 and even when it looked massively bid, a few went short with tight stops above the 1.9860. Otherwise many went short on the break of the bottom channel at 1.9745 for 10-30 pips profit.

GBPCHF caught many of us out today but a lesson learnt for all.. It is a beast but when it isnt trending well we must learn to stay away from this one, otherwise it gets expensive…

As mentioned the Gold was the play and a great high probability trade with quite a few of you short. Great work!!!

Gloom but not down and out!!! This week will be profitable... I feel it in my bones..Bring on the Gold.

Dan007

Hi

That Gold move has bought a few pips..What a cheeky little move.

Dan007

Hi all

Take a look at the Crude.. The volatility at 2.30pm with the Dow open is huge and Crude took a big fall to the 200ma from 132.50 to 129.50...

Its cheeky but nice!!!

Dan007

Tribe o' the CCI,

Dan, Pimp, many thanks for the sharing of this strategy and its machinations. I too feel that the enormity of the FX market overrides any concept of the reduction of profit by the increase of market efficiency - share and share a like, I always say.

When it comes to TA trading I tend to think automation. Have any of you automated any of your strategies? If so has their profitability maintained itself, increased or fallen flat?

And exits. I've read the thread through but found little to know when you exit a trade. I see that due to your hourly and 15 min time frames that trades will seldom last for more than 2x - 3x these periodicities. However, as I strive for automation, I like to codify both entries and exits. I mostly use the parabolic SAR or Trailing Stop w/ATR multiplier. Scaling in and scaling out also help with covering costs and reducing risk. But I was hoping to hear about some general (or specific) exits strategies you guys use on these CCI or other strategy trades .

Trade well,
MarketMole

I see alot of users that have added gold, s&p 500, oil to the MT4 platform, how did you do it??

Please please help, thanks.


Mike

Hi Dan,
Entered the Gold trade too at 923.6 as the cci's fell below the '0' line. Moving averages confirmed the trade. Although I got out before, my feelings were a drop to the daily 50 M/A (907.1) - a potential 165 pips at least.
I don't know where I'd stand without these cci's under these very dificult market conditions. They are so benificial for my confidence in trading.

Cheers,
Simon.