It's All About The Pips...

[danarm]

Good morning team

I trust you are all well.

No change by the Fed last night. As explained from yesterday I was looking for a long in USDJPY (Avg 96.90, banked 50% at WP at 97.80, Stop at 96.90) and CABLE (Avg 1.4693, banked 50% at 1.4785, Stop at 1.4725 below DP)

CABLE
• Looking for GBP to hold above DP and 60min 20ma.
• 1.4782 is offering 1st line of support for the last hour.
• 1.4870 (MR1) is major resistance and looking for this to break over the next 24 hours.
• Looking for support before a long again.

EURUSD
• Looks heavy up here.
• Heavy resistance at 1.3338.
• Look for tight short play with stop above 45.


Sorry a bit rushed today…Will explain more in the room.

Verdict
• Looking for short EURUSD

 

[danarm]

Morning all

I shorted EURUSD 3 times ahead of the triple top at 1.3340. Got stopped at 52 so not a gd scalping morning to be honest. Anders and a few shorted again from 1.3380 level with stop above figure so some good pips taken there...

Making pips in CABLE and USDJPY as explained from yesterday (Sorry Murat no they didnt happen in my session but i made them as clear as possible)... Infact at least u have made up my mind. I will email all members my thoughts and charts on setups for swing trades so you dont forget what we have discussed in my morning session. I think this will help and improve what we do...This will start from Tuesday after the bank holiday...

You are all set up now for USDJPY and orders placed above resistance. Lets see how this turns out.

I do try my best and hate biting and this is probably the reaction he wanted....Arghhhhh!!!!

Anyway Murat will probably be on here criticising every trade i take from now on...

Apologies team but some people annoy me.

Speak to you later.

D

 

[danarm]

Btw we have a new template made by Lawrence H...

Its very slick, refreshes faster and is overall fantastic.

Need to test drive it for another 24 hours and will put it in shared folder in the room tomorrow.

D

 

[danarm]

Ok just recorded a video on Golden Rules using the 60min chart for exact entries and stops.

It will be sent out by email in the next couple of hours.

I think it will help a lot.

D

 

[danarm]

Well traded in EURJPY...Anders called that very well.

I am watching CABLE like a hawk.

Would like to see this 1.4700 hold and 1.3200 region in EURUSD.

You know my thoughts over the next 4 to 5 days with these 2.

D

 

[danarm]

See u all tom..

 

[danarm]

Ok just talked u through my ideas in USDJPY, EURUSD, GBPJPY and CABLE

Key supports levels are 97.50, 1.3150, 143.50 & 1.4700

Looking forward to next 24 hours.

D

 

[althefish]

Just got a call from ODL spreadbetting looking for me to start using the account that I have with them.

They said, fund your account today with £250 and we'll send you an ipod shuffle for free, bargain!

I thought, 'why not?', I can give it a go alongside ig

happy me :cheesy:

Al

 

[darkness123]

USDJPY turning it to be a nice trade. Just Banked 70pips from 98.15. Waiting on retrace and going to get back on this thing.

 

[henkvanhirtum]

USDJPY turning it to be a nice trade. Just Banked 70pips from 98.15. Waiting on retrace and going to get back on this thing.

- Never mind that was a long trade -

Isn't that entry a bit risky? ( at 1.9815 )

 

[eraserhead]

See u all tom..

Dan finally I enter the trades!!!!!

Where? Bounce of the 4h20 for eurusd and cable, hope the market will allow me to keep it, already banked 50% anyway.

I was not on the room today but I traded with smartphone MT4. Tomorrow is holyday here in Italy I am off to the seaside. Hope to receive the video by mail, I'm only on club not in school: here my mail: [email protected]

see you next monday!


p.s.
it is fantastic to see how many bounces on 60m20 all across the board, lots of pips available from yesterday. I took only a small part but happy the same dont like to double risk on trades trading many different pairs

 

[darkness123]

- Never mind that was a long trade -

Isn't that entry a bit risky? ( at 1.9815 )

98.15

It needed to break resistance at 97.98 as well as break thru the WP & MP , as well as the weekly 20, 123 and rally up. Thats quite a bit of resistance, it smashed thru it (breakout of 97.98 to 98.34, did small retracement down to 98.03) and got on with the uptrend.

I'm waiting for it to retrace it right now, i'd like to get back on right at 97.98-98.00 level (past resistance turned support) and hop on for the ride with 4hr golden cross (if it takes place but likely) indicating possibility of a strong uptrend. Might turn out to be a good swing! Anything can happen.

Best,

Alex

 

[henkvanhirtum]

98.15

It needed to break resistance at 97.98 as well as break thru the WP & MP , as well as the weekly 20, 123 and rally up. Thats quite a bit of resistance, it smashed thru it (breakout of 97.98 to 98.34, did small retracement down to 98.03) and got on with the uptrend.

I'm waiting for it to retrace it right now, i'd like to get back on right at 97.98-98.00 level (past resistance turned support) and hop on for the ride with 4hr golden cross (if it takes place but likely) indicating possibility of a strong uptrend. Might turn out to be a good swing! Anything can happen.

Best,

Alex

Thanks for the clear explanation Alex, beautiful trade!

 

[darkness123]

USDCHF waiting on silver cross. Bounced off very strong support 1.1270 area and looks like it might be beginning a climb up to 1.15 area. Silver cross would indicate stronger probability of that happening I think.

Note: although i'd be cautious on this silver cross, friday is around corner, its end of month. I would consider it for quick 30-40pips if s/l is tight.

 

[darkness123]

Thanks for the clear explanation Alex, beautiful trade!

Thanks! It's nice when they work out like that.

Alex

 

[danarm]

Good to see the chat going well...

Watch the WSFT. If this falls watch these plays on the currencies...

See u tom.

D

 

[danarm]

So the Fed are mildly optimistic, we have seen the worst etc. Chryslerto file for chapter 11 and everything is fine apparently. The bulls areback in the ascendency and the worst is behind us according to many.What is interesting about this rally is that it has not really beenbased on a turnaround in data but expectation and maybe anecdotalevidence that we have bottomed and there is once again signs of life.So my question is simple, has this rally been on expectation of theturnaround? If the answer is partially then it probably means the rallyhas further to go as the data starts to come in better than expected andunderweight fund managers are forced to buy. If the answer is 100% yesit could mean sell in May and go away still makes sense. Personally Ihaven't got a clue however I am not joining the "we have seen thebottom" club yet. Until I see evidence of consumers paying down debt,savings rates decreasing, companies recruiting, etc etc I cannot sharethe euphoria that is in the market.Despite my scepticism towards the rally I still think there is somedecent value to be had in my world currently. Yes I know therelationship between CDS and cash has broken down these past 12 months,but they should not be forgotten. Essentially what I am saying is thatthe cash looks extremely cheap to CDS and if you are confident that therally continues then its only a matter of time before the cash playscatch up to the CDS (CDS spreads can't go past zero!). Until this isthe case I would still say new issuance for anything but a sovereign inthe CIS region is unlikely at current levels. May starts tomorrow soshould be a quiet couple of sessions, if previous May's are anything togo by may be a choppy one.

Mr P............

 

[ekanters]

So the Fed are mildly optimistic, we have seen the worst etc.

Mr P............

To my opinion the worst has still to come. If not they have put it on the shouders of our children. Its as simple as that. But it does not matter. Optimists and pessimist make the market aand the only thing we should do is take advantige of that. Sure I am a pessimist in the real sence of the word but that does not make mme stupid. You have to ride the emotions of others because that's where the pips are. I myself can not deliver pipps so I have to look some where else. Where???? Al these cray traders who think they know but in fact do not know what they are doing.

I am now doing the Asian session and got 80 pips in eurjpy and 60 in gbpjpy. Only because I take advantige of all these optimists. I will keep doing that untill reality hits the markets again. No prob I will ride it down hill again.

Greetz and see you in The london session.

Erik

 

[danarm]

Bank holiday weekend!!!

Have fun...Looking forward to making pips on tuesday.

See u then.

D

 

[althefish]

Hi all,

Not a lot happening this morning for me so I guess that's me done for the week.

It's been a real learning week (big curve!) with plenty of trades taken, some lovely gains and a rash of small losers. So, at the end of my third week in the Liveroom I've learnt loads (again), my bank's slightly up week on week, got a free ipod from ODL and I'm feeling very optimistic about the whole trading thing - can't be bad methinks :cheesy:.

My risk profile is a bit different from my lovely wife's so I'm constantly having to reign myself in and stick with the strategy; a bit of expert 'Anders action' could be just the ticket to add some spice to the mix! No doubt he'll be a fantastic addition to the room and knowing that his calls can be a little riskier than pure strategy if I don't fancy an Anders trade, no worries, I won't take it.

Julie and I have been talking a lot about 'swing trading' this past few weeks and after Dan's session in the Monkey School yesterday I've got my eyes peeled for those silver crosses and golden crosses etc . This is where we're really looking to develop our trading, very exciting.

Off to Costco now to stock up for tomorrow's big BBQ in sunny Cardiff Bay.

See you all on Tuesday.

Al