It's All About The Pips...

[ekanters]

Daily Charts

Hi guy's,

Just took a look at the overall daily charts and there I see the USD and JPY are going up tomorrow. Only GBP is still holding on. Will not mention any targets because that might confuse you. I leave these things to Dan and Zak. Have a nice day tomorrow I will for sure.

Just take a look at the eurusd chart. Oh don't forget the candles have not yet closed on this one.

 

[danarm]

London Open Notes - Thursday 9th April

Good morning

Last day of the week with Easter weekend ahead… Watch out for Anders in his 6ft bunny outfit!!!

Its interest rate day today in the UK and rates are expected to remain the same at 0.5%.

As explained from yesterdays session I was looking for the JPYs to have a small pullback so went short for a few pips in USDJPY, GBPJPY & EURJPY. I didn’t touch CABLE as WP held firm and reason why I didn’t hold the positions overnight.

Only position open at moment is EURGBP (short) on longer term book.

There are many triangles formed today so let’s wait for the breaks.

CABLE
• WP has held firm and this will give the market confidence today.
• Looks supported off this DP and technically could have a tight long play with stop behind DP. Would like to see a break of the triangle.
• Range has been very small over the last 48 hours so I need to see evidence that the other GBP currencies like GBPJPY want to push higher as well.

EURUSD
• Boxed between the DP and 4hr 20ma.
• Look for break of these levels as range is so small.
• The MP is key in EURUSD and if this is tested again we should look for the break of the MP.

EURGBP
• 0.9000 was always going to offer small support.
• Any break back above the 4hr 20ma at 0.9050 would signal a start of a retracement.

JPYs
• The JPYs are boxed in.
• If USDJPY can break up above the 4hr 20ma then the others will follow.
• Lets hold off until USDJPY shows the way.

 

[danarm]

Ok no trades for me...

Its been a quiet week but take a look at that CABLE chart. Its gone sideways!!!

Of course there are scalping opportunities but i am being patient and waiting for the next big drive.

Tuesday or Wednesday should see the start of this next move but the charts need to position themselves correctly.

Thanks for the emails...Many of you are happy that you havent traded over the last 48 hours which is good to see. As Scorpion said earlier she isnt searching for silly trades.

Well done team and see you on Tuesday.

Enjoy.

D

 

[caholofx]

Happy Easter Dan. Don't forget the Wii Boxing for Tuesday.

 

[Rollingstone]

Oy, Scorpion, who's she?

As Scorpion said earlier she isnt searching for silly trades.

D

Hi Dan

Thanks for another great week, charts have been tricky but still good fun in the room. Still waiting for the breakfast order to be filled though, I must say the delivery service is terrible. You would make a rubbish waiter.

(Psssst - it's RS these days, remember? That pesky Administrator nicked my name in that other place so I had to change it. Mind you, I'm not proud, I answer to most things).

Poor old Dan, thinking of your choccy easter eggs or did the hairy chest throw you off your train of thought. Unless of course there is another Scorpion in the house, in which case it's definitely handbags at dawn.

Have a great Easter everyone.

Scorpion/RS yeah, whatever

 

[Rollingstone]

Monitors

Hi All

It's been said before, but as always, I'll say it again. If you are serious about trading the best investment you can make is buying another monitor, or two, as soon as you can afford it.

I have just invested in a third monitor (arrived this morning ) so now have a 22", 23" and 17" all widescreen. The two bigger ones are for my charts and the smaller one for prices and Dan (although it's a bit of a squeeze for him, poor love).

Without a doubt you will see the benefit immediately by not having to flick through charts and miss set-ups and there are some great deals out there at the moment. One or two of the big pip set-ups and you will have paid for it, even trading at minimum stakes.

Happy trading.

RS

 

[ekanters]

Eurusd

Hi All,

I bloody blame myself for not sticking to my plan. My own chart ( #1341) was surly negative on the eurusd and also the golden cross was still valid. But no I got out to early during the scalping session of Zak.

Went back in at 1.3255 but just the fact I was happy to be break even after some dumb trades I closed it at 1.3235. How dumb can you get because right after that it dropped almost a hundred points.

Was saying 1.2700 all the time and it will go there for sure. But no man overboard there are enough oppertunities the comming day's so I will stay happy.

You all have a nice Eastern and a lot of fun.

Erik

 

[ekanters]

Hi All

It's been said before, but as always, I'll say it again. If you are serious about trading the best investment you can make is buying another monitor, or two, as soon as you can afford it.

I have just invested in a third monitor (arrived this morning ) so now have a 22", 23" and 17" all widescreen. The two bigger ones are for my charts and the smaller one for prices and Dan (although it's a bit of a squeeze for him, poor love).

Without a doubt you will see the benefit immediately by not having to flick through charts and miss set-ups and there are some great deals out there at the moment. One or two of the big pip set-ups and you will have paid for it, even trading at minimum stakes.

Happy trading.

RS

Yep I totaly agree on the many monitors. I have four going now but like you have seen in my previous post a lot of monitors do not help when your nerves aren't under control.

Have fun

Erik

 

[Tenapenny]

Hi All

It's been said before, but as always, I'll say it again. If you are serious about trading the best investment you can make is buying another monitor, or two, as soon as you can afford it.

I have just invested in a third monitor (arrived this morning ) so now have a 22", 23" and 17" all widescreen. The two bigger ones are for my charts and the smaller one for prices and Dan (although it's a bit of a squeeze for him, poor love).

Without a doubt you will see the benefit immediately by not having to flick through charts and miss set-ups and there are some great deals out there at the moment. One or two of the big pip set-ups and you will have paid for it, even trading at minimum stakes.

Happy trading.

RS

Picking up a new desktop tomorrow along with 2 X 22" monitors. Looking forward to a better view of the charts and not missing so many set-ups. Hopefully this will help move my trading on a bit.

Happy Easter to all and will be in the room Tuesday morning.

Ken

 

[danarm]

Hi all

I have one position on and thats EURGBP. I speak to a lot of good traders and they all tell me a different story. Some say EUR is dead and buried for many reasons, others saying EUR will remain very strong as they can't print money like the rest of us in the US and UK. I see both side's but it still doesnt answer my question.

I am remaining a short term bear in EUR and will hold my 1 remaining position in EURGBP for now. The Daily chart has broken the triangle and I will be looking for a further push lower and a 123 b4 adding to my position.

Cable needs to hold support around the 1.4300/1.4400 on the triangle. If this can hold for the start of next week and USD remains weak across the board then the 1.4950 level should be tested again. However my head is telling me to sell eveything to do with GBP but i am ignoring my feelings and only going to trade what the chart is telling me. A break of these 2 levels will be key for the next big drive. I dont care which way as i will make pips on any break but until we test one of these levels i will be staying out of the market in CABLE. CABLE has been lost all week and virtually impossible to trade and thats why i have left it alone...

EURUSD has broken the weekly 20ma and is now testing the MP. A break here and a 123 will signal a very bearish move on the EUR for the nex week or two. I see this back down at 1.2600/1.2700. I am ignoring the bulls on the EUR for now..1.3000 will be a key psychological level to break and the Daily 50ma at this level will offer small support. Lets play the small bounce off here and look for a short after it.


USDJPY is interesting...The daily chart shows a fake out on the Golden cross back in July 2008. Will the same happen again? There is a clear support on the daily chart from January and if this is broken expect this to fall back down to the low 90.00s again with GBPJPY and EURJPY following. I will be looking to buy off the support until this level is broken..

GBPJPY is waiting for either CABLE or USDJPY to make up its mind. It looks a little toppy at these levels and needs a small pullback to support...

I hope you are starting to understand the currency market. I have hardly traded this week, whereby last week was huge. You must respect this market and be patient with it. I dont care if i miss a move, especially when i am unsure of direction on the 60min chart.

If you wait for the longer term charts to correct themselves into position, you will soon understand why we have more volatile weeks than others. I said this week was going to be rubbish from monday. Its retracement week so we closed out of long plays in GBP (except EURGBP) and sat back and ate more coco pops so as to avoid trading. You know me i only trade when the markets tell me too and not when i am tempted in on small punts...

I am in this for the long haul and if i dont trade one week because the markets are rubbish then i wont trade. I feel next week will be better and we will use the 60min chart to our full advantage and look some good swing trades. Have patience guys and dont put too much pressure on yourselves trying to play every trend reversal on short term charts. I tried it and failed misserably!!!

I will set u all up on tuesday with the major resistance and support levels and lets wait for these levels to be hit so we can play off them.

At dinner last night i was speaking to a very good friend of mine (Mr P.....) about what makes a successful trader. One thing he said that came to mind was that (when he was a boy on the life floor) his boss at the time said "You make most of your money in only 5% of your time"... So what does that mean?? Quite simple the more patient you are the more pips u make. Yes us humans are notoriously bad at being patient (as we want everything now) but that really does confirm my own thoughts. If i look back at the guys i have taught the ones who have excelled are the ones who have learnt the skill of being patient.

Mr P....took a trade last week which he was confident with but he assures me that if he had been sitting at his desk and not on golf tour he would have closed out the position. He said his emotions would have got the better of him but his patience paid off. The end result is he made 6months cash in 4 days. Not bad hey!!!

If i look back over 2009 and analyse my trades...When i wait for the 60min charts to position themselves in a trend and bounce off major support and resistance i then make lots of pips (for example last week). When the setups are poor and i go searching for trades I end up getting smashed. Its simple when u think about it!!! Lets be patient and wait for the big moves and not go searching or we will end up 2nd best...

My 3 most profitable trades this year have been CABLE, GBPJPY and EURGBP. Three trades all going long of GBP and ones i left to run for a while. Simple, controlled and emotion free...

I am waiting for the next big moves but we need to be patient and wait for the right setups and then we can attack. Next week should be good and big levels will be tested. I will talk you through everything early next week so u r well positioned and ready for the moves.

Sorry about my long email but been up since 4am. Off to play golf with Mr P.....

Have a great weekend.

D

 

[ekanters]

Ichi Moku

Below I have attached a chart of the the Ichimoku cloud on EURUSD and GBPUSD. Not doing that to put your minds to something else but it can be used as a guideline for the daily direction.

When a pair is in the cloud it indicates the pair is in range. A break above or below means the trend is on over a longer period of time.

In order of strength or where will be the biggest support and resistance.

1 Cloud tops and bottoms
2 Red Kijune Line
3 Black Tenkan Line

Again not trying to put your minds to something else. The cloud works best on the JPY pairs. It also should only be used on daily charts and as you can see, stops sometimes have to be very far of. Bullish and bearish signs are the crossovers of the black Tenkan and the Red Kijune Line. Since I mention the Cloud sometimes in the club I thought it would be a good thing that you have an Idea what I am talking about.

One more thing I learned the Cloud from a Japanese friend and there is more to it then you might think. So do not trade the Cloud unless you have studied it very well. Only use it as an extra guideline for direction.

Erik

 

[ekanters]

Dan's dinner

Hi all


At dinner last night i was speaking to a very good friend of mine (Mr P.....) about what makes a successful trader. One thing he said that came to mind was that (when he was a boy on the life floor) his boss at the time said "You make most of your money in only 5% of your time"... So what does that mean?? Quite simple the more patient you are the more pips u make. Yes us humans are notoriously bad at being patient (as we want everything now) but that really does confirm my own thoughts. If i look back at the guys i have taught the ones who have excelled are the ones who have learnt the skill of being patient.

Mr P....took a trade last week which he was confident with but he assures me that if he had been sitting at his desk and not on golf tour he would have closed out the position. He said his emotions would have got the better of him but his patience paid off. The end result is he made 6months cash in 4 days. Not bad hey!!!


D

So very true. As you all know I got no further than break even by staring at the numbers. Anders did a very good job by placing his stop above Tuesday’s break. Most reasons for emotional stress are bad money management because of trading more then you can emotionally handle. Am I now looking in a mirror???

I have now placed a trade and won't touch it anymore until next week Wednesday. Why??? It’s a trade I can surly handle under any circumstances.

Erik

 

[Rollingstone]

Cool

Picking up a new desktop tomorrow along with 2 X 22" monitors. Looking forward to a better view of the charts and not missing so many set-ups. Hopefully this will help move my trading on a bit.

Happy Easter to all and will be in the room Tuesday morning.

Ken

Hi Ken

Cool

I think I'm in luuuurrrvvveee with my new monitor. It's fab having three.

Have a great Easter.

RS

 

[Rollingstone]

Magnified Market Price

Hi Jev

Hope you are well and still around.

You asked me for this indicator a while ago - the Magnified Market Price with the currency pair displayed as well as the price, which also changes colour from red to green as it moves up and down.

I hope this helps and that your trading is going well.

RS

 

[Tenapenny]

Hi Ken

Cool

I think I'm in luuuurrrvvveee with my new monitor. It's fab having three.

Have a great Easter.

RS

I'm hoping the 2 monitors will be ok for the 6 pairs I'm watching plus the room and all the other stuff (MT4, trading platform etc). If I need more, the system can handle up to 4 monitors as it stands and there's always the laptop if needed.

Enjoy the break.

Ken

 

[danarm]

Anyone watching the Masters?

How good are was Anthony Kim with a 65...11 birdies in one round. Thats unreal!

D

 

[ekanters]

Breaking out

Wil the euro drop down and the GBP continue its rise. Will gold drop or go for the heavens. Next week will be pay day. A lot depends of the numbers comming out from some USA banks. My guess and it is a guess is we will go down again in the stock markets and risk aversion returns.

Erik

 

[NVP]

Congratulations on a Great thread !

Hi Everyone,

I came across this site last week and am half way through the Threads so far

Dan....congratulations on a great Thread......it is truly up there with the James-16, Neutron Bomb and the other classics !

I still paper trade but will one day move to real £ when a methodology "sticks" for me and I feel comfortable (profitable) with it !.....will be loading your Indicators in my ODL metatrader platform and will start to play and learn....

as one of the (fortunate) working masses I cant be a flexible as I want to trading-wise but will dip in here and there when I can....

Living the Dream in Spain is also a great inspiration to us all trying to break free from the winter shackles of the UK lifestyle (Darkness/sleep/work/Darkness/watch TV/eat/sleep......I think I missed another Darkness there somewhere !)

keep up the great work and best wishes
Neil

 

[danarm]

Hi Everyone,

I came across this site last week and am half way through the Threads so far

Dan....congratulations on a great Thread......it is truly up there with the James-16, Neutron Bomb and the other classics !

I still paper trade but will one day move to real £ when a methodology "sticks" for me and I feel comfortable (profitable) with it !.....will be loading your Indicators in my ODL metatrader platform and will start to play and learn....

as one of the (fortunate) working masses I cant be a flexible as I want to trading-wise but will dip in here and there when I can....

Living the Dream in Spain is also a great inspiration to us all trying to break free from the winter shackles of the UK lifestyle (Darkness/sleep/work/Darkness/watch TV/eat/sleep......I think I missed another Darkness there somewhere !)

keep up the great work and best wishes
Neil

Hi Neil

Welcome to the thread...

Trust you are having a good weekend.

Back on Tuesday.

D

 

[danarm]

Morning all

Trust you had a good weekend.

Cabrera wins the masters, Harlequins get knocked out of the Heineken Cup & Arsenal have surely secured 4th spot... What a weekend of sport!

See you all tom at 6.30am.

D