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The London Open

  • #181
  • Jun 3, 2008 9:11am Jun 3, 2008 9:11am
Hi Pimp

Yeah same here..... Never trade EUR and Cable opposite unless there are short breakouts play like today in Cable.

EURUSD and Gold were def the plays with the lower highs.

Well done PIMP

Dan007
  • #182
  • Jun 3, 2008 9:12am Jun 3, 2008 9:12am
Hi FXPimp,

Good trades for you today although I am still struggling with the relationship between all the moving averages, and the relationship between the pairs and gold/oil.

For example, Dan says he was waiting for the Euro to fall as Gold had a series of lower highs all morning, I probably wouldn't have seen that link.

One question if I may, what stop losses are you comfortable with, do you use a set figure or do you place them at a technical level, swing high, swing low etc.
  • #183
  • Jun 3, 2008 9:15am Jun 3, 2008 9:15am
Hi Scorpion

With Gold falling, the USD strengthens and the EUR falls...

I also dont like the way the EUR is placed and like it lower overall.

Dan007
  • #184
  • Jun 3, 2008 9:18am Jun 3, 2008 9:18am
Hi Scorpion

Re stop losses..We cover all of this in the room and set targets for u etc etc..If there is anything u do not understand email Pimp...

Send an email to [email protected] and he will get u in a 30min lesson.


Cheers

Dan007
  • #185
  • Edited 10:35am Jun 3, 2008 10:21am | Edited 10:35am
Leave it to the Pimp, guys.

Finished counting my pips for the day.

All invites will go out at 4 p.m each day

Wish I was on the Euro. Only 217 for the day.
That Aston Martin will be rusty by the time I can afford it !

P.S. How did you get on today, Rocwell; Did you enjoy yourself in there ?
  • #186
  • Jun 3, 2008 11:05am Jun 3, 2008 11:05am
Hi Dan and all,
Great working in the room today. We discussed all types of strategies and I believe everyone was really getting to grips with our trading plan by the response we had.

I made 20 pips on the GBP/USD long this morning - going against the daily trend but the CCI's looked perfect - small trade but didn't get greedy.

This afternoon, disappointed as I bailed out of Gold because Crude shot up which affected my trade. I wish I hadn't looked at Crude as I expected a retracement but the Crude move was that severe I decided to cut my losses - 15 pips - If I'd stopped in - 100+ pips - that's trading, hahaha!!!!!

My trade of the day
Noticed the stongest currency was GBP/JPY or GBP/CHF. I went long on GBP/JPY long for 153 pips - One of those perfect trades.

Cheers Dan & all,

Simon.
  • #187
  • Jun 3, 2008 7:46pm Jun 3, 2008 7:46pm
Hey pimp. sorry for the very late response, been quite busy. No trades taken by myself this morning as had work comitments (yawn) that meant i couldnt watch the market till the evening. took a long position on gbpjpy early evening and netted 55 pips on a sly retracement trade

1st day in the live room for me yesterday and though it didnt result in any trades
still found it usefull. kept me out of some potential losers on a couple and for me thats as good as making a profit!

Hoping this mornings market brings back the pip shower of late!!
  • #188
  • Jun 4, 2008 12:10am Jun 4, 2008 12:10am
Morning Chaps & Chapesses,

I have a little puzzle for us today.

At first sight Gold looks ready for further falls with all majors tending to be set-up in unison on this for the 1st time this month. EURUSD & GBPUSD looking bearish and USDJPY & USDCHF looking bullish.
This could represent some beautiful opportunity for a 'pipshower' this morning Rocwell.

However, what interests me is that Gold is sitting on a support-line on the 4hr chart which goes back to the lows of this time last month.
Yes, I'd like to see it smash through as for the 1st time in ages all my moving averages appear to be telling me the same thing and they're all in the correct order.
So I'm fully revved-up for a mammoth morning, but am also aware of the potential reversal on Gold, which will scupper my plans.

Another interesting observation if I may. The Yen Pairs and the CHF pairs should be following USDCHF & USDJPY but look at the 4hr GBPCHF & GBPJPY.
Looks like they have bounced off the daily 50sma, broken back up through the daily 20ema, but are now possibly finding reisistance from the 4hr 20&50.
CCI on these two indicating that yesterdays little moves to the upside were just little retracemnts in the downward trend.

Any takers ?
  • #189
  • Jun 4, 2008 12:20am Jun 4, 2008 12:20am
Quoting FX Pimp
Morning Chaps & Chapesses,

I have a little puzzle for us today.

At first sight Gold looks ready for further falls with all majors tending to be set-up in unison on this for the 1st time this month. EURUSD & GBPUSD looking bearish and USDJPY & USDCHF looking bullish.
This could represent some beautiful opportunity for a 'pipshower' this morning Rocwell.

However, what interests me is that Gold is sitting on a support-line on the 4hr chart which goes back to the lows of this time last month.
Yes, I'd like to see it smash through as for the 1st time in ages all my moving averages appear to be telling me the same thing and they're all in the correct order.
So I'm fully revved-up for a mammoth morning, but am also aware of the potential reversal on Gold, which will scupper my plans.

Another interesting observation if I may. The Yen Pairs and the CHF pairs should be following USDCHF & USDJPY but look at the 4hr GBPCHF & GBPJPY.
Looks like they have bounced off the daily 50sma, broken back up through the daily 20ema, but are now possibly finding reisistance from the 4hr 20&50.
CCI on these two indicating that yesterdays little moves to the upside were just little retracemnts in the downward trend.

Any takers ?
I took an early look and thoguht Gold oversold vs 1 hour and 4 hour. Looked at 15 CCI and considered a long for early pips. Same with Oil. Be interesting to hear the group view later. I am long on e/j and g/u. Lets see what the pip god brings
  • #190
  • Jun 4, 2008 1:23am Jun 4, 2008 1:23am
Quoting rockdrive22
I took an early look and thoguht Gold oversold vs 1 hour and 4 hour. Looked at 15 CCI and considered a long for early pips. Same with Oil. Be interesting to hear the group view later. I am long on e/j and g/u. Lets see what the pip god brings
Ouch.........That hurt!
  • #191
  • Jun 4, 2008 2:41am Jun 4, 2008 2:41am
Good Morning All !!!

Here is a post I just did in another thread a few minutes ago. Copy and Paste of It...

http://www.forexfactory.com/images/icons/icon14.gif An Informative Link And Here Is Uncle Sinclair !!!
http://news.goldseek.com/GoldSeeker/1212552000.php

Go To WWW.JSMINESET.COM to read the rest there for today and yesterday.

Here is one of the more interesting items.

Snippet:

Jim,
On a dollar log chart with a downtrend line marked by the August 07 high of 82 and change and the other point being the Feb 08 high of 77, that major DT line comes in right about 73.65 or so and the dollar will walk towards that touch point in 2 or 3 trading days.
The dollar has been trying to put together a rally for almost 3 months now and seems to be running out of gas. I say the DT line holds. Ben shot a bullet today in terms of tough talk about not lowering. In my mind that was his last shot.
The talking head folks are all trying to pan weak dollar trades (basically pro commodity trades) and get out the strong dollar vibe. That tells me that it is a weak attempt to turn things around. You mentioned recently, correct me if I am wrong, that long term gold is all in the dollar, but shorter term recently Gold is now more Euro correlated.
If so, on a Euro log chart the UT line with corresponding mirror image dates to the dollar chart, marking the Aug low at 134.63 and the next point being Feb 08 low of 144.44 - this uptrend line comes into play at 152.50 for the euro in a few trading days time.
SO the dollar should be capped and the Euro should find support and Gold then should be free to roam.
Am I right about keeping it simple?
CIGA Ken
Dear Ken,
You are right on.
Regards,
Jim


Jim,
"The Fed announced another $75 billion of so called auction give away money for the Begging Bowl loan facility. As problems worsen and assuming that these Fed donations need to be made weekly, we are speaking of a yearly rate of $3,900 billion."
Let's give a face to why the Begging Bowl Loan Facility was expanded. Net Borrowed Reserves as % of Total Reserves fell to -77% last month, exceeding the lows of the last Depression. Monty suggested that the US government will have to intervene to prevent CPA’s from requiring QSPE’s or any other form of dark matter from appearing on the balance sheets. Absolutely. Any attempt to clarify these liabilities would only further weaken an already illiquid banking system.
Sincerely,
CIGA Eric
Click chart to enlarge in PDF format

http://www.forexfactory.com/images/misc/progress.gif

{Promotion Removed}
  • #192
  • Jun 4, 2008 4:20am Jun 4, 2008 4:20am
Good morning all,

Well GBPUSD looked very heavy this morning and perfect break with the 84CCI down and the 21CCI breaking the 0.00 for the entry point...Most went short at 1.9620 on the cross with others on the break of support. 4Hr looks interesting in cable as well..

GBPJPY and GBPCHf have been put on the bench so the novices can get up to speed (will introduce back again on monday)but many still took the break of the 84CCI on both and traded them down with GBP weakness. Great to see the team being so proactive and making so many points...GBPJPY fell 150 pips..GBPCHf fell 100... Not bad even if u took 50%.

With GBPCHF falling this hindered USDCHF on the upside which in effect halted EURUSD from falling this am. We decided as agroup to look at EURJPY and USDJPY..EURJPY breaking support from 162.30 to 161.75... Cheeky 50 pips...USDJPY falling from 105.00 to 55 for another cheeky few pips...

Tom and a few others picked up on the crude break as well from 123.00 for 60 to 65 pips...Great money management and well banked because the 4hr 200ma showed support.

Apologies with the tech problem but glad you all managed your book excellently well... Great morning and bring on this afternoon.

FXPimp will be posting at 6am each am...I will be posting before midday for the wrap each day and the team will be posting throughout the afternoon and show you the trades.

I hope you are all well...

Cheers
Dan007
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpjpy.gif Size: 45 KB
Click to Enlarge Name: gbpchf.gif Size: 45 KB
Click to Enlarge Name: eurjpy.gif Size: 47 KB
Click to Enlarge Name: crude.gif Size: 45 KB
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  • #193
  • Jun 4, 2008 4:24am Jun 4, 2008 4:24am
Hi Rockdrive

Lets talk later today and get you fixed on this stratgey..

I know u can do it..

Positive thinking my friend

Dan007
  • #194
  • Jun 4, 2008 4:26am Jun 4, 2008 4:26am
Very good morning in the room and on the markets in general.

Initially my thought was that this was going to be a dollar morning with gold continuing from yesterday, but soon changed my outlook with sterling weakness across the board.
With that weakness, USDJPY & USDCHF were getting pulled down with GBPJPY & GBPCHF, hindering any falls in Euro.

Not too sure what anyone else thinks now the dust has settled, but is that a double bottom on Gold 15m chart with CCI84 divergence or is this just a resting period before Gold continues down ??

Sorry to hear about your mis-fortune Rockdrive. I can see what's happened. Very tricky trading going long around the descending hourly 50sma. Don't worry. You'll get it back before the week's out !
  • #195
  • Jun 4, 2008 4:33am Jun 4, 2008 4:33am
Quoting Dan007
Hi Rockdrive

Lets talk later today and get you fixed on this stratgey..

I know u can do it..

Positive thinking my friend

Dan007
Hi Dan,
Basically I mis read the cci - got my self in a nanny knot and well you know pips just wnet away. Licking wounds and will get ready for next session. Look forward to speaking later.
Cheers,
J
  • #196
  • Jun 4, 2008 4:52am Jun 4, 2008 4:52am
Hi All! looking forward to reading more of your analysis Fxpimp. seems you posed all the right questions for today, more pips to ya!
managed to take a healthy slice out of the gbpjpy cake on the london open today. 85 pips to be exact. Am really loving the analysis in the room and tech problems today not withstanding, its a great atmosphere. Just wish i could shake this day job off my back and have more time pipraking!!
To anyone lurking in the background and following this thread, study the strategy, join the live room if you can. If not follow, this thread. It can only improve your technique. makes the whole business less risky in my opinion.
  • #197
  • Jun 4, 2008 5:38am Jun 4, 2008 5:38am
Hi Dan,
Nice relaxed morning in the room today. Managed to speak to one of the guys very early this morning and we both identified a possible short on cable if it broke 1.9600. It did and the confirmation was the break of the 21cci and everything below our moving averages.
I did like the trade taken in the room on the EURJPY and I must say I would have missed it if the room had not alerted me to it.

Using our strategy I was in on the break of the cci's. Everything was below the moving averages. I had an extra support line to break as confimation. Traded it to the daily 50 moving avaerage . In at 162.25 out at 161.90,a nice 35 points See my attached chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 47 KB
  • #198
  • Jun 4, 2008 5:53am Jun 4, 2008 5:53am
how do i join the room?
  • #199
  • Jun 4, 2008 6:09am Jun 4, 2008 6:09am
With the EURUSD, USDCHF and USDJPY all sitting rigidly on support lines for the past 2-3 hours are we possible heading for a solid move on the eventual break.

The hourly charts on all 3 look to be in good positions.

Do we need the GBPJPY and GBPCHF to tip down to provide strength and direction.
  • #200
  • Jun 4, 2008 6:16am Jun 4, 2008 6:16am
10:00:32 {rocwell} that was one of the easiest 85 pip gain in a while for me
10:10:57 {Monkey_Boy} 242 on two trades brilliant

13:53 {bob} have realised how to use 15min chart today after a comment from you today dan suddenly clicked in

10:16:37 {Geoff} made 124 pips so far this week BUT missed out on 167 because I bottled it, came out early and did’t exit using cci. Will use cci all the time in future.

10:17:15 {Lisa} 113 pips yesterday and still my first week

10:25:30 {Bloom} Lets hope for 12250. Still in from Monday, up 211 pips. Good call Monkey Boy.

10:25:37 {John} made 100 on dow yesterday monkey

10:31:20 {hemal} banked 80 gbpchf closed half

10:32:05 {rocwell} just the 85

<EN>} missed the boat today only 23pips going to leave it today to get my head right

10:42:58 {stuey} 18 pips another bad day

10:43:09 {FXcutter} 20 pips

10:43:09 {Geoff} +33 today on ej but came out early when trichet started to speak.+ 125 for week so far

10:43:16 {stuey} +18

10:43:23 {bob} missed todays fx trades but still short dow and dax

10:43:23 {Peter_W} No trades today. Missed the cable trade.

10:43:29 {Durti_Ca$h} 251 AND STILL ROLLING !

10:43:23 {Bloom} 0 pips today, I was like a rabbit in the headlights.

10:43:28 {nickmead<EN>} 35 pips EuroJpy

10:43:30 {Bill_K} +63 Short £/$

10:43:30 {Simon} 48 PIPS ON GBP/USD & STILL IN!

10:43:30 {Nicholas} +63 today but I was away alot

10:43:41 {gary555<EN>} +24 u/chf + 12 u/cad

10:43:43 {vikki} +30

10:43:45 {david_day<CY>} only 11 today

10:43:46 {barry} + 40 + 40 e/y £/y still on dow

10:43:47 {Tonyxx} I have got 80points today and still have some positions open

10:43:49 {Johnh<EN>} 46 0n g/y

10:43:54 {hemal} +90

10:44:01 {perry} +1!!! jumped in to late and had to wait on GBP/USD

10:44:23 {Justin_Jay<EN>} +42 on GBPUSD +76 on GBPJPY, but I trade half of my position on this pair, so +38. Unfortunatelly, lost 39 pips on two stupid trades (that shouldn’t happen) on USDCHF. So overall +41 pips. But still have an open GBPCHF position with around 60 pips right now

10:44:29 {gareth} 79 PTS TODAY 294 ROLLING FOR WEEK NO LOSSES

10:44:34 {Stefan<EN>} +18 missed the boat a bit- still in the money on the dow - very happy

10:44:46 {erakehi<SV>} 27p on gbp/chf trouble to come in the room

10:44:46 {barry} the day I stopped being greedy was the day I started making money

10:44:48 {andy} no trades today but had 45 pips on gold yes

terday afternoon plus another 90 on DOW

10:45:00 {FXcutter} 20 pips for me

10:45:59 {Tonyxx} I got 500 pips on the long term one, thanks

10:46:13 {Gazza} +182 pips, all out.

10:46:23 {Errol} L8tr guys took 10pips all good

10:46:25 {Monkey_Boy} 500 pips tony great work what were you trading!!

10:47:09 {chris} 58 pips today

10:47:12 {Gazza} +182, on £$, euryen, gbpjpy and Xau

10:47:35 {Durti_Ca$h} GREAT RECOVER FROM YEST !!! BRILLIANT

10:47:35 {Simon} WELL DONE!

10:47:56 {Gazza} See you guys tomorro, and thanks !!

10:49:21 {Durti_Ca$h} BEST MORNING FOR ME
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