The London Open

Greetings from the Island, Being following this tread, must say had to read a few times and run my setups but the clouds are clearing. I used to be all over from partly london to full usa to partly asia but now realise London is where the DOW is. My time zone is close to usa so it was easy but even thought the London is 6 hrs ahead of me I will now become a nocturnal creature with a Big bank account. This strategy rocks. Hope to join the room soon. Thanks again, keep up the good work and keep it coming- hey Dan, the other 007 made a movie on my island

Morning all,

Going to do this little feature each morning Dan, trying to help some of the newer guys make head and tail of this prior to tackling the room.

This morning, I'm looking at some Dollar strength, which, as we know can change in an instant but that's what I am looking at right now.

Both Gold & Crude look bearish, along with cable & Euro, USDJPY & USDCHF look good to the upside.

So, what maketh us of this ?

Well, we might see a bit of continued CHF weakness across the board and a bit of JPY weakness too.

I'll be keeping a close eye GBPJPY & EURJPY, but I am fully aware of my 4hr M.A's staring me in the face.
Nothing really exciting me with the CCI's having been up/down for so long
I'm not overly excited about shorting EUR or GBP a great deal more against the USD either in the imediate future. Yes, they are very bearsh, but I also understand the dangers about jumping in so far away from my longer term moving averages.

Might just be one of those 'do nothing' mornings, with most pairs looking like they could go either way.

Have a great morning guys & girls,

See you in the room.

F$X$P

FXPimp: Nice summary and very helpful. The jumping in early is the risk reward consideration. I'm looking forward to sharing this morning. Cheers for the insight - Tequila on me.....

Hi
Just looking at the USDCAD. It could be setting up for another run north.
The 84 CCI had been up for a while but has come back close to zero. Bounced of a trend line on the 1hr. If it can break the short term down trend line it may some some pips in it.
It has run up a lot in the last few days though.
Any thoughts?

Jeremy,

your analysis on this pair is spot-on, but my only concern is the distance it has already travelled.

Tread with caution

Morning all

Overall a good session but shame about GBPCHF...I made it very clear on the risks and many jumped out with a 10 point stop...It def looked like a play but with USDCHF and GBPUSD holding, we had our concerns..You must be very proactive on this currency pair and glad to see you all jumping out early...

EURJPY was the play of the day and many took 25 - 100 pips here which is great to see. 20ma crossing 50ma on break of daily 20ma...Perfect entry was at 6.15 at 55 level with stop below 50ma... Bank 50% at 200ma and then the other half at 163.50 which FX Pimp and Chris did very well...

Crude started its wave at 8.30 ish and started to power in..Risk for many was having a 100 point stop loss below 121.50 but many decided to ignore this and go for the power play with the 84CCI. Ben and a fe wothers banked 45-75 pips here and got out which was great to see and perfect money management for the morning...Well done.

USDJPY showed strength later on with GOLD falling and we have finally seen the break of the 105.85 resistance... Like USD strength a lot higher here and with non farm out tom, we need a good figure...

FX Pimp and i will be on here from midday discussing ideas..Every afternoon from now on, so come and join us and discuss...

Remember its all down to money management and thats why some do better than others...

Cheers
Dan007

Nice moves again Dan, took the USDJPY trade but "missed" the EURJPY, saw the set-up perfectly only reason why I didn't take it was because we were expecting some USD strength so wasn't sure when the EURUSD started moving with the EURJPY.

Turned out to be a JPY move in the end.

Quick question if I may, when do you feel it is a good idea to take individual moves on a single pair as opposed to what we are doing at the moment which is making sure related pairs are doing the same thing.

We look across the pairs to see if any move is a USD move, JPY move, GBP move, EUR move or CHF move.

Hi Dan and Pimp,
Great session today - although not too many high probability trades it was really helpful in terms of continued understanding. I am starting to get a clear idea of what's actually being talked about, which helps!, and I am beginning to see why trades I have made, why they were successful or not. The whole money management aspect must come from confidence and experience. It and bogus entries are my focus this week. If I repeat my mistake from yesterday again, either I will have been drinking too heavily the night before, or I will have turned off my charts. Please keep it coming, its the best show in town. I have no doubt over the coming weeks its going to get better and better.
Rock

Hi

Looks like YM is heading south to retest lows.

Didn't take the USDCAD before. Missed the entry and prefer to trade USDCAD duing NY if at all.

Great short trade on AUDUSD. it had broken lows and looks like falling further.

The EU set up for a nice short but 10 mins brefore news. Thought about taking a pre news but thought better of it. No harm done there will be trades just around the corner.

Hopefully more pips coming my way.


Jeremy

Wonder if £/US is going to retrace to 50ma

Hi all

Cable hard to read at mom... No change as expected...

Watch 84CCI.. Been down for a while.

Dan007

PS Off to lunch

Hi Dan & Pimp

Great education again for me in the room today and I've now watched the CCI 21&84 Video, which is excellent.

I'm pretty sure that it's all coming together now and I'll be back trading live v soon.

The EJ would have been better if it had been half an hour later for the "trading live" folks. Pimp - have a word, would you or put one of your sell orders in to hold it up a while

The £Swissy was just one of those although if we are really strict (if I understand it) was higher risk as the 84 was still green on entry.

All this is easy with hindsight of course.

Just a quick point on gold (15M) - I know we were looking at a v cheeky buy but looking now - wasn't that just the 21 retracing and the 84 still in the red? Could we have looked for a short after the bounce off the 1H 20MA around 9.30? (I know this was a big candle...) Just thinking about what I've learned on the CCI Vid & also trading with the current trend.

Thanks again guys and I would higher recommend the room to ALL.

Cheers

Simon

Hi all

Becareful with Crude especially with the Gold falling...

Cheeky play.

Dan007

Hi

Look how crude formed a new low, 4 candles back, looking for a break lower and then reverses...key is that the 84CCI has been down for a very long time showing me a pullback needed to happen.

As mentioned before Crude is difficult and catches many out at this time of day...

I havent traded it but good example here to watch.

Cheers
Dan007

Just got quick 70 pips on Gb/chf on box trade. Just caught it right. Made my day that , especially after losing 10 pips this morning. Anyone else catch it ?

yes i'm short GBPCHF. Noticed the CHF weakness and cable not going up. Going to ride this and use the 21 CCI crossing back through 100 as an exit. Going to close 50% now and let the remainder ride.

Jeremy

nice plan jeremy, got to go out now, so had to close.

Hi all

Well done CSFX and Jeremy..Perfect cross on 84CCI...Target Daily 50ma

Great effort...I'm on the phone too much!!! Missed that, but great trade.

Huff!!! Too many pips out there...

Dan007

Hi Jeremy

Yes great idea with using the CCI.. Maybe bank 50% on safety at Daily 50ma and other when CCI crosses.

Great play boys...

Dan007

Anyone get kicked into the cable trade..

Look at cross of 84CCI as mentioned earlier in thread..

50 pips isnt bad and hit target at 50ma.

Dan007