It's All About The Pips...

[ekanters]

Monday Trading

Checking the charts we could have some nice moves on monday. Most of the daily charts on the pairs we trade are pointing down. But a lot of the 4hr charts are in the oversold area. When the Japanese take care of a correction during the Asian session we could be in for a nice move down again early monday.

The stock markets keep moving up and I am not a fan of these markets. Also the fact the Japanese pairs are going down again could be an indication the bear market rally is comming to an end. Ofcourse James is the expert here. But listening to the comments of James between the lines I think I am not far off. This could put some more pressure on oil and the GBP. Because the UK is still a net importer of oil. Also a decline of the stock markets again hurts the city and is no fun for the GBP.

Let's wait and see what happens during the London open.

See the 2 charts on eurjpy daily and 4 hr as an example.

Erik

Sometimes I get confused as well. Oil prices down should be an advantige for the GBP and not a disatvantige. (So many things to keep in mind. But it's the same for the USD. The US is the biggest importer of all.)

 

[danarm]

Good evening all

Trust you had a good weekend... Very relaxing here and can't wait to start pip hunting tomorrow morning.

I feel a good week ahead with how the charts are lining up.

See you in the morning.

D

PS That little mouse in my house won a couple of battles but lost the war!!! Finally!!!

 

[jel31]

Good evening all

Trust you had a good weekend... Very relaxing here and can't wait to start pip hunting tomorrow morning.

I feel a good week ahead with how the charts are lining up.

See you in the morning.

D

PS That little mouse in my house won a couple of battles but lost the war!!! Finally!!!

Good to hear you are now minus-mouse Dan!

Really looking forward to next week's trading, see you tomorrow.

Julie

 

[ekanters]

Asia

Morrning or evening all,

Just took a trade based on the trigger and that alone gave me 30 pips on the Asian opening. When this is a forecast for the rest of the week I am already happy. The trade was a short on the eurusd from 1.3055 down to 1.3020. Hoping for a correction during the remainder of the Asian session we could play some ball tomorrow morning.

Erik

 

[danarm]

Good morning all

Trust you had an enjoyable weekend…

Plenty of sport to keep me happy!

CABLE
• 4hr chart still suggests CABLE is retracing in an uptrend.
• Large support at 1.4650 level
• Technically with GBP looking so weak I will need to see a double bottom or higher low on 60min chart before I can consider a long play.
• In the medium term I will only be looking for a long play on the break back above the 4hr 20ma with a 123.
• After heavy selling in Asia it is best to be patient and wait to sell again using the 60min 20ma as resistance.
• Looking for GBP to weaken around the 1.4775/80 level with stop above 1.4810 targeting low 1.4700s

EURUSD
• Still holding short position from Friday. This has potential to move to 1.2600
• After heavy selling in Asia again it is best we are patient and wait to sell again using the 60min 20ma as resistance.
• Looking for EUR to weaken around the 1.3025 level with stop at 1.3055 targeting 1.2950.

EURGBP
• Still short but market been very flat for the last few trading days.
• Watch for any break of the 4hr 20ma and a solid 123 on the 60min chart before any long play.

JPYs
• Looking for USDJPY to weaken however it hasn’t managed to move from this area so best to reduce risk on this onw.
• Lets wait for a 99.00 bid with stop at 99.30 targeting mid 98.00s
• GBPJPY and EURJPY will follow

Have a good day

Dan

 

[danarm]

Good morning all

Well GBP has offered very limited support this morning. Infact it looks dead and buried!!

Overall a good morning. We zoned in on CABLE, EURUSD and AUDUSD.

We set a target in CABLE at 1.4705 (50%) and then 1.4660 for closing balance. Some closed before the 1.4660 as the majopr support was in the low 1.4600s and we were cautious thinking a bounce could be on. As you can see it hasnt happened yet... Must be soon!

EURUSD target was set for 1.2975 for only 25 pips and that finally got taken out after an hour or so.

AUDUSD has now just hit WS1 and good to see James and a few others from the room hold that. Well done...

USDJPY is turning into a good trade. Davide and a few others short from above the figure and are now up over 20 pips. Well done Davide for leading the way there.

Lots of pips available and well done to you all--

I am waiting for a pullback and then i will close out of my EURGBP position. I am still short EURUSD from friday and will be watching this closely.

Speak to you all later and good luck in the Pimps session this afternoon.

Dan

 

[danarm]

Hi

Amanda has just banked part in USDJPY... Well done young lady... Very impresive!

Learning to be more controlled in my teaching now. Entry, stop, target and explanation why seems to be working well. This way we understand the risk and accept it if we get it wrong.

Thanks for the emails today and glad it is coming together for so many of you who have been patient.

Happy Teacher with good results!

D

 

[althefish]

aaarrgh, nice 20 pips on euro this am, looked at cable but didn't fancy being in both, then lost 30 pips trying to pre-empt the cable bounce (twice), gutted!

Lesson learned, patience, patience, patience!

Al

 

[danarm]

aaarrgh, nice 20 pips on euro this am, looked at cable but didn't fancy being in both, then lost 30 pips trying to pre-empt the cable bounce (twice), gutted!

Lesson learned, patience, patience, patience!

Al

Hi Al

Unlucky...Remember you need to see the price action change to pre empt a bounce. There has been no cross over of MA´s to suggest a bounce or a double bottom so a vvvvv risky trade. I will nearly always trade with the trend eg with the 60min 20ma. Infact only 5% - 10% of my trades will be against the 60min 20ma. Safest that way...Anyway a good lesson and one to remember. Its only your 1st week..

Well done with EURUSD.

D

 

[althefish]

Hi Al

Unlucky...Remember you need to see the price action change to pre empt a bounce. There has been no cross over of MA´s to suggest a bounce or a double bottom so a vvvvv risky trade. I will nearly always trade with the trend eg with the 60min 20ma. Infact only 5% - 10% of my trades will be against the 60min 20ma. Safest that way...Anyway a good lesson and one to remember. Its only your 1st week..

Well done with EURUSD.

D

Thanks Dan, your comments are very helpful and much appreciated.

Al

 

[danarm]

I am re doing the strategy videos (setup, cci, 123, bungee etc) as we speak...

They will be sent out this afternoon by email.

D

 

[danarm]

Weather is awesome out here...

Mmmmmm maybe thats why i have family and friends coming out every week. They wouldn´t use me for a holiday home would they??? They wouldn´t do that to me!!! hahahaha...

D

 

[danarm]

Graham, Andrew etc etc banking USDJPY between 70 and 80 pips.

Well done team. Job done!

See u tom.

D

 

[danarm]

Fridays EURUSD trade is looking good...

1.2600 target

D

 

[danarm]

Do you remember that mad rally last week where bonds were gapping up by2-5pts every day? Well today was a reversal of that lovely trend. Withseemingly no significant news out over the weekend the market today wentback into reverse and aside from a few silly rumours about bank stresstesting there was no real obvious trigger. In my view this is exactlywhat we need to see in order to test the validity of the 6 week rally wehave just enjoyed. Price action today was predictably nervous to theextent that bonds that investors couldn't buy enough of last week werethen for sale in good size with clients extremely keen to sell.At this stage I would be very surprised if this rally is over, and atthe moment I would describe this as profit taking after a good run. Ofcourse if I am wrong and this is the start of an early "sell in May andgo away" bear market then the we are not in for a nice Summer astechnically the market is in awful shape as shorts have been closed andgreen shoot lovers are now long. Lets have a reality check here, thestress tests are going to be about as stressful as 2 weeks on aCaribbean beach in the sun. The mumble at the moment is about thesebank stress tests are we really going to get a league table with gradeslike a school report next to each bank? Bottom line these banks areonce again going to basics borrowing cheaply and lending expensively,taking bid/offer etc. This is the good news, the bad news is that theyneed to do this for a longer than just 1 quarter to pay for all thewrite downs and all the toxic waste that is still on their balancesheets. Rome was not built in a day or 1 quarter for that matter andthe green shooters should remember this.

Mr P.....

 

[eraserhead]

Graham, Andrew etc etc banking USDJPY between 70 and 80 pips.

Well done team. Job done!

See u tom.

D

Hi teacher, last 25% running at 105 pips right now pointing (with hope) the MP:smart:
Davide

 

[danarm]

Hi teacher, last 25% running at 105 pips right now pointing (with hope) the MP:smart:
Davide

Well done Davide...

You are consistent, patient and disciplined. Everything i wasn't when i first started!! hahaha!!!

That is a great trade and I look forward to that glass of red in Italy one day soon.

Have a great night.

Sister in law just arrived. I am out numbered by 3 to 1 so early to bed for me!

See u tom am

D

 

[c_c405]

SELL EVERYTHING! Short EVERYHING! BUY EVERYTHING! muahaha

Hold or enter?

My money is on black

That where I am today
Tomorrow will be a different day and a new story to tell!

 

[danarm]

Good morning

Well the big moves happened yesterday and all GBP buyers disappeared…

The markets need retracements back to their respective 4hr 20ma´s. I will need sufficient 123s with support off the 60min 20ma´s for any long plays with stop behind to tempt me in this morning.

CABLE
• DP at 1.4575. No long plays until we break this level. Too oversold for short plays.
• Look for 123 on 5min chart after break to buy around the 1.4585 level with stop below the 60min 20ma at 1.4550.

EURUSD
• DP at 1.2935 and this has been broken.
• Looking for small pullback to the DP around the 40 level with stop below the DP at 1.2925

JPY´s
• All 3 are trying to retrace.
• Look for small pullbacks to the DP and 60min 20ma´s and use the 15min triggers as entries.

Verdict
• Retracements are difficult so reduce risk to 50% as I am not sure how many GBP buyers are out there at present. If we see a double top in CABLE and the DP isn´t broken then expect further falls. 1.4650 will be heavy resistance now.

 

[danarm]

I have tried to be patient today but EURUSD teased me in and cost me 20 pips this morning. Lack of impatience and lesson learnt...Wait for the setups i like and dont feel i have to trade!!!

Watch the silver crosses on these charts now as we could see some 123s come into play over the next 30 to 60 mins...I will make back my 20 plus a lot more very soon.

Cheers
D