It's All About The Pips...

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After a morning of "pain" I finally made some profit on UJ short. I agree with what Dan said during the session , I took a "too much risky" trade because of that MP.

I shorted at 91, cutted a 50% at DP, added a 50% at the 60m50 and now collecting from both short open.

I must say that it is more easy to make this little tricks with a cross like UJ, far away the softer cross of the board.

I still have the 2 long open on EurUsd. I also tried to pre-emp a double top on cable at DR1 with a -10 stoploss but dollar is too weak right now.

UJ has stressed me a lot so, managing to avoid trade during afternoon. See you tom

davide
 
Hi Davide

Well done on your UJ trade...

I'm going to let these GBP beast settle down over night and hopefully see a solid retracement back to support before we look to play these long again.

See u then.

D
 
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Green shoots have gone and we now have a fully fledged bean stalk, Jackis in his element! Believe it or not I am not a total doom monger andI am actually enjoying this rally particularly as some of the commentaryand rhetoric is funnier than any sitcom they put on terrestrial TV thesedays. Bears are almost extinct and more and more people are humming theMonkee's most famous hit record. My personal favourite from today wastalk of a double dip! Since when did we get out of the first dip, letalone start another one?? All this said there are reasons to thinkthat this run continues. Money market funds are seeing redemptions asthe self fulfilling prophecy adds more fuel to the fire that is the bullmarket, as investors pile back into risky assets with the mentality thatthis is your last chance to buy cheap assets. As I mentioned last weekmy key question is, how much of this rally has priced in the data thatis inevitably going to improve over the coming months. China is goingto be a key part of the recovery process if and when it comes howeverare we really that surprised that data is improving there following a$600 bn stimulus package? Everyone is agreed that inflating debt awayis the only way out of this however are the Chinese or the Middle Eastgoing to be that chuffed if the US print money to such an extent thatBarack will start handing out 50 dollar bills on a street corner? Mybig question is simple who possesses enough pricing power to ramp pricesand get inflation into the system again. The way I look at it, is thatthis whole crisis was triggered by housing coming off in the US as theconsumers followed by the banks and hfs' were over leveraged. Clearlyprices have come off as has leverage but in order for prices to go backup again we either need to see real wage inflation or an increase inleverage. Banks are clearly not going to lend to the extent they were afew years ago therefore we are looking at wage inflation. I don't knowabout you, but unless you work for Gordon Brown, the chance of getting apay rise in this environment is pretty unlikely therefore unless I ambeing dumb I don't see how house prices can rally any time soonespecially in my lovely country.In my world despite my scepticism of this rally, the worst is pastmentality there is plenty of reason to be optimistic about some of thecorporates in my world especially when you look at how quickly CDSspreads have gapped in. I know I am sounding like a broken record butits inevitable that if this rally continues cash has to play catch up tothe CDS therefore I continue to like Russia quasis plus, TNK and Vip.Going on today's business (lots of buying!) and bearing in mind it's aNFP week could be a lively one short week.

Mr P.....
 
danarm said:
I presume a few of you took that CABLE short to the 60min 20ma.
Click to expand...

Yes Dan, i went short from just under the 15m 20 (little 123 on 5m chart), banked at 68 then 62 for 30 pips, very cautious after getting fingers burnt on 'double top' earlier.

Then long from 73 but was very uncomfortable with the trade and bailed out for 10 pips. :cry:

All good fun.

Al
 
Pips

Don't know what I am doing anymore. Long eurjpy, short gbpjpy, short eurjpy, long eurusd it does not matter every trade is a winner for some reaon. Only gbpchf tricked me. Anyway there are so many pips that I lost count. LOL

Great being in the club because where I traded in the past I had stps of 50-60 pips and now only need 10-20. I have to thank ZAK, DAN and James for that.

Maybe They can learn something from me in the near future. More LOL.

THX Guys,

Erik
 
althefish said:
Yes Dan, i went short from just under the 15m 20 (little 123 on 5m chart), banked at 68 then 62 for 30 pips, very cautious after getting fingers burnt on 'double top' earlier.

Then long from 73 but was very uncomfortable with the trade and bailed out for 10 pips. :cry:

All good fun.

Al
Click to expand...

Well done Al...Thats great work.

Made my pips back in the avo but poor morning for me to be honest.

Raring to go and ready to make more pips tom...See u then.

D
 
Eurusd

Just a chart of the eurusd. With Japan still closed because of the Golden Week we might have some consolidation during the Asian session and a beautifull set up for the London open.

see Chart
 

Attachments

  • eurusd.jpg
    eurusd.jpg
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Some hourly silver crosses look to be shaping up on u/j, e/j, e/u

uj & ej both broke through MP's no problem, i'm looking to get nice short position on retracements
 
Good morning

CABLE
• Big retracement overnight and back down at support.
• Boxed between 4hr 20ma and 60min 20ma (also below DP) so will be patient today and wait for break before I trade.
• Technically for a long play I would need a break back above 1.5050 with support on a 123 trade before I enter.
• Only looking for short trades if we break below the 4hr 20ma at 1.4965 with a 123 south using the 4hr 20ma as resistance.

EURUSD
• Boxed between the Daily 20ma and 4hr 20ma.
• I still like EUR and GBP higher but need DOW to perform.
• Will only look for a long play back above 1.3350 with a 123 off the 60min 20ma.
• If EUR breaks support at 1.3200 then the ball game has changed and we should look to sell around the 85 level (123) with a stop above 1.3220.

Verdict
• Patience today…Patterns are boxed and lets wait for break.
 
Hi

Had to be patient today...

Well done to those that took that cheeky CABLE long from 65 to 90.

Indices are key and think they will turn soon. The Indices room have been shorting them recently and this will move EUR and GBP.

Speak later

D
 
Looking at the reaction of the markets to today's ADP report it appearssome of the expectant better data is not fully priced in however it willtake a decent jobs number on Friday to confirm this theory. EMcontinues to trade very well including a little catch up for thecorporate cash that was anywhere between 20 and 50bp better on the day.The feel good factor is back and more and more people are believing thehype. The problem with this is that everyone has got themselves long sowe need new buyers to resurface to keep this positive momentum otherwisewe risk some profit taking related selling. For now it appears that themomentum is with us and the only possible trigger for a sell off nearterm are the bank stress test results. All about Chelsea vs Barcelonathis evening, the less I say about last night's game the better.

Mr P.....
 
Best to watch the footy, play golf or have a bbq. The currency market today has offered very few safe trades.

Tomorrow is another day...Won't make targets this week unless i have a good day tom or friday. Saying that i wont pressure myself. If the setups arent there i simply wont trade...

Still can't get over that CABLE trade today. No shoes for the misses!!

See u tom.

D
 
danarm said:
Best to watch the footy, play golf or have a bbq. The currency market today has offered very few safe trades.

Tomorrow is another day...Won't make targets this week unless i have a good day tom or friday. Saying that i wont pressure myself. If the setups arent there i simply wont trade...

Still can't get over that CABLE trade today. No shoes for the misses!!

See u tom.

D
Click to expand...

Yes, this week has been a funny one so far, no trades at all for me apart from 20 pips in cable this morning. It could end up being a one-trade week unless something very tasty presents itself in the next 2 days.

Looking forward to getting stuck in tomorrow, although no pressure like you said. Don't mind a lean week every now and again, and in these markets capital-preservation has got to be a much more attractive option than losing pips just for the sake of being in a trade...

Catch you in the morning

all new "only the nicest trades will do" strict Julie :)

P.S. Can't believe this is my 50th post and I still haven't got any green blobs! Just goes to show no-one reads my posts ha ha...
 
Yes one of those days and one of those weeks...

GBP is def building but with Non Farm week and stress tests looming, i am on the defensive.

Lets see what tomorrow brings..

D

(Julie i am very impressed with your controlled trading!)
 
I read you!

jel31 said:
Yes, this week has been a funny one so far, no trades at all for me apart from 20 pips in cable this morning. It could end up being a one-trade week unless something very tasty presents itself in the next 2 days.

Looking forward to getting stuck in tomorrow, although no pressure like you said. Don't mind a lean week every now and again, and in these markets capital-preservation has got to be a much more attractive option than losing pips just for the sake of being in a trade...

Catch you in the morning

all new "only the nicest trades will do" strict Julie :)

P.S. Can't believe this is my 50th post and I still haven't got any green blobs! Just goes to show no-one reads my posts ha ha...
Click to expand...


Hey Julie

I always read your posts, enjoy your sense of humour and think you make a lot of sense!

I think you get green blobs when you put attachments on so maybe you should have put those pics of the naked French rugby players on after all - it's never too late!

You also seem to end up with a lot of blobs and shiny gold stars if you live in Spain! Perhaps it's time we decamped to Dan's pool house, what do you think?

Keep posting,

RS

Ooh look, you've got 3 now! Must go on reputations.
 
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