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danarm
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Morning all
Well i am very surprised how much Gold has fallen off overnight but with Crude in free fall i guess i shouldnt be too surprised.
The usual correlation is losing its power between USD, Crude and Gold and i need to find what is pulling everything around. The market is very confused and by no means a normal market to trade in so be careful.
Where now we ask??? Crude has fallen a long way but who wants to buy when its like this. Trading with the trend is key. It def needs a pullback at some stage so be aware of any cross over of MA's on the short term charts.
Goldhas found support on the 4hr 20ma and is now boxed in. I am going to hold and will cut if falls through my MA. Its not too much of a disaster but it shows that i shouldnt be too clever overnight in a market when i need my beauty sleep. I must stick to the rules!!! So now short term book look for shorts through the 4hr 20ma but wait for the 63 CCI to show you the momentum. Preferably look for longs above the 60min 20ma...
EURUSD will tend to follow suit with the Gold but who knows in this market!!! EUR needs to break the daily pivot on the upside and then look for a move but watch GOLD as this could hinder it.
CABLE has fallen a long way and is its own beast. Its in a small triangle on the 60min and u can see it has found support off its 4hr 20ma. The only resistance above is the daily 20ma around the 1.8100 level.
EUR and CABLE are trying to find support on the 5min so lets watch this space.
Enjoy
D
Well i am very surprised how much Gold has fallen off overnight but with Crude in free fall i guess i shouldnt be too surprised.
The usual correlation is losing its power between USD, Crude and Gold and i need to find what is pulling everything around. The market is very confused and by no means a normal market to trade in so be careful.
Where now we ask??? Crude has fallen a long way but who wants to buy when its like this. Trading with the trend is key. It def needs a pullback at some stage so be aware of any cross over of MA's on the short term charts.
Goldhas found support on the 4hr 20ma and is now boxed in. I am going to hold and will cut if falls through my MA. Its not too much of a disaster but it shows that i shouldnt be too clever overnight in a market when i need my beauty sleep. I must stick to the rules!!! So now short term book look for shorts through the 4hr 20ma but wait for the 63 CCI to show you the momentum. Preferably look for longs above the 60min 20ma...
EURUSD will tend to follow suit with the Gold but who knows in this market!!! EUR needs to break the daily pivot on the upside and then look for a move but watch GOLD as this could hinder it.
CABLE has fallen a long way and is its own beast. Its in a small triangle on the 60min and u can see it has found support off its 4hr 20ma. The only resistance above is the daily 20ma around the 1.8100 level.
EUR and CABLE are trying to find support on the 5min so lets watch this space.
Enjoy
D
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danarm
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danarm
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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
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
danarm
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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
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
JTrader
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Glenborrell
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Thanks D
Not had a good look at the charts yet as been busy but am sure they will help.
You mention in post #42 about sticking to your rules. What trading rules do you follow?
G
danarm
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Good question...
I have many 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
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Thanks Danarm
Hi Danarm
Great thread, thanks for all your posts. It's very insightful following a pro trader trading very difficult market conditions "live". I have studied your charts and comments and as a novice trader am finding everything really helpful.
Thanks too for your sharing your trading rules. Unfortunately I am guilty of being one of those who will sit for hours in front of the pc. Not healthy and not productive, but somehow the charts are addictive, guess I must kick the habit.
Looking forward to hearing more about your rules and any other tips you feel a novice would benefit from.
RS
Hi Danarm
Great thread, thanks for all your posts. It's very insightful following a pro trader trading very difficult market conditions "live". I have studied your charts and comments and as a novice trader am finding everything really helpful.
Thanks too for your sharing your trading rules. Unfortunately I am guilty of being one of those who will sit for hours in front of the pc. Not healthy and not productive, but somehow the charts are addictive, guess I must kick the habit.
Looking forward to hearing more about your rules and any other tips you feel a novice would benefit from.
RS
danarm
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Good morning all
Thanks Rollingstone and Pardy for responding. Haven't had too much response yet but if it helps one person then thats what counts.
Yesterday was messy and as i said this market is not normal so do not expect normal trading ranges and momentum. I had a big city friend call me up the other day and actually said he was embarrassed of working for his bank. Oh how the world changes!!! These city slickers with the fat porsches looking like prime idiots!!! I knew there was a reason why i left and got on with my normal life...
Anyway enough ranting...
Well Crude finally broke up after messing around yesterday like a naughty school kid.. 8 out of 10 times i would have banked 150/200 points on that trade but thats life and i move on.. It is now forgotten and a new day. Positive thinking always!!!
GOLD remains messy. I like it higher because i like gold bars when the stock market is in turmoil. However this is not a normal market so a break below the 60min 50ma could see a pullback to the 4 hr 20ma as its below the pivot. Personally i want to remain bid with it..
Crude is messy and boxed in now between the 60min 50ma and 60min 20ma. Going to wait for direction here..
Again currencies are messy and direction is hard to read.. I can see arguments for both directions fundamentally and technically at mom...
Sorry not very informative today... Let me get back to u when i know whats going on with the USD..
D
Thanks Rollingstone and Pardy for responding. Haven't had too much response yet but if it helps one person then thats what counts.
Yesterday was messy and as i said this market is not normal so do not expect normal trading ranges and momentum. I had a big city friend call me up the other day and actually said he was embarrassed of working for his bank. Oh how the world changes!!! These city slickers with the fat porsches looking like prime idiots!!! I knew there was a reason why i left and got on with my normal life...
Anyway enough ranting...
Well Crude finally broke up after messing around yesterday like a naughty school kid.. 8 out of 10 times i would have banked 150/200 points on that trade but thats life and i move on.. It is now forgotten and a new day. Positive thinking always!!!
GOLD remains messy. I like it higher because i like gold bars when the stock market is in turmoil. However this is not a normal market so a break below the 60min 50ma could see a pullback to the 4 hr 20ma as its below the pivot. Personally i want to remain bid with it..
Crude is messy and boxed in now between the 60min 50ma and 60min 20ma. Going to wait for direction here..
Again currencies are messy and direction is hard to read.. I can see arguments for both directions fundamentally and technically at mom...
Sorry not very informative today... Let me get back to u when i know whats going on with the USD..
D
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danarm
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Arhh this market.. With GOLD looking strong it gives me reservations about this CRUDE
To be honest Crude is having a little pit stop b4 potentially moving a small bit higher. Prob best not to trade this cheeky short. Wait for the break above 60min 50ma. Gold looks like its going to move...
To be honest Crude is having a little pit stop b4 potentially moving a small bit higher. Prob best not to trade this cheeky short. Wait for the break above 60min 50ma. Gold looks like its going to move...
nice thread!
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