It's All About The Pips...

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Afternoon all

Hats off to Barry who picked up 100+ in GOLD this avo. I missed that one...Excellent trade and what a trader he is turning out to be...

This avo...

AUDUSD - O.6720...Banked at 0.6630 and 0.6620
EURUSD - 1.3230...Banked at 1.3163 and 1.3110
CABLE - 1.4548...Banked at 1.4495 out 50% at flat with rolling stop.
GBPJPY - 130.00...Banked at 129.40 and 129.55
EURJPY - 118.10...Banked at 117.00 and 116.80
EURCHF - 1.4770...Banked at 1.4695 and 1.4680

Happy overall but should have hit EURGBP and GOLD on break.

This is like golf...U can never get a perfect round!!!

See u all tom.

D
 

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Congrats Barry for Gold!

A great day in the room. I owe my currency wins to the guys in the room who watched them and called them, thank you! And of course mostly thanks to you Dan!!

EURUSD short +55 (big thanks to Honest Bill)
EURCHF short +59
GBPUSD short +35 & -48 & -21 so balance -33
GBPJPY short +12 & -42 so balance -30
USDCHF long -34
AUDUSD short +65
OIL short total +98
WTI short total +210

Pips today 390

I am reliably informed that the sterling shorts failed because Rockdrive was out shopping
Nicola
 
Nicola

U r becoming a superb trader...

U spread the risk, u stop the bad trades, u run the winners and u have the guts to pull the trigger...

U deserve the reward and lots of it...

Well done.

See u tom.

D
 
Hi guys

I hope the charts help so u can look back and see the breaks.

Traded with the trend all day except for CABLE this am on the squeeze from the 60min 20ma to the 50ma for 100 pips. Otherwise all with the 60min 20ma.

D
 
Morning Notes

Good morning all and welcome to all the new guys. I hope you are having a good day.

Yesterday was a little frustrating for me. The morning was great, but once again, managed to get caught out on USDCHF, which looked like a cert to fall through this 4hr 20ema this morning just 15m ago.

Onto the business of this session….

USDJPY-Looks to be supported as do all the Yen pairs this morning. However, the 60m 20ema is under the 60m 50sma and price action is below both and below the daily pivot. It’s going to need to smash through 89.30 before I even consider looking at this in more detail. To the downside, if it breaks support at 88.70 I may be interested in a little short.

GBPJPY-Looks bullish but how far will it go without the assistance of USDJPY? Be careful with this this morning. It’s being pulled by cable but could stop at any time IF USDJPY and cable start pushing down.

EURJPY-Looks sure to target the 50sma we were aiming at yesterday, but not overly keen on playing this against the trend. Getting caught out playing WITH the trend is fair-game, but against it is just desserts! Be patient and wait for the 4hr 20ema at 119.00 to be breached.

USDCHF-As mentioned, this does look like its testing the downside today but I am not going short into all the traffic below. A break of 1.1140 should see this a bit lower, but how much is impossible to say with daily 20ema, monthly pivot, 4hr 50sma & weekly pivot all below.

GBPCHF-I am overall liking this a bit lower, but realise it’s difficult with GBPJPY pulling it up a little. A break to the downside of 1.6280 would represent a good place to start looking providing the 60m 20ema remains below the 60m 50sma

EURCHF-Failed to make any significant downside noise past the recent lows on the daily (well spotted Bill), but a bounce off the 60m 20ema at 1.4715 might pave the way for a 123 south on the 5m chart.

To summarize….The Yens are not pairs I will be jumping into although looking attractive on short-term Would be interested more in EURCHF 123 on 5m chart headed south.

Also watching EURJPY. IF USDCHF does find support then I would expect EURJPY to fall and will be looking for 123 on 5m

Have a good morning.

-------------------------------------------------------------

Good morning…

EURGBP – Looking for price to break yesterdays low at 0.8977. Watch CABLE for strength as we need momentum here for EURGBP to move lower. Looks good for downside play if CABLE can keep this momentum. Tight stop above the DP at 55. I am in small…

GOLD – Strong downtrend and looks set to test the $800.00 level. No entry at mom and need pullback first. Wait for 15min trigger and a break below the WS2 at $808 would signal a push lower. There is a lot of support at $800.00 so be careful down at these lows. Its not perfect…

AUDUSD – 60min suggests a double bottom at WS3 0.6560. Draw support line with both lows and wait for a break through here for further downside potential. Remember AUD will move with GOLD which tends to move with EUR. We like to see these three move together. A break above the MP at 0.6823 would signal a break to the 4hr 50ma.

EURUSD – Found support this morning so far… Price is still below the 60min 50ma. Watch break at 1.3120 for a squeeze to the 4hr 20ma at 1.3280 level. If it breaks watch any short plays in AUD and GOLD. If it tires up here watch downside break below WS1 at 1.3150.

CABLE – Looks bid this early morning but 4 hr ahead… 4hr 20ma at 1.4690 level. Heavy resistance will be met at the 4hr 20ma so an opportunity for a short with stop above could be on. Technically wait for another short play below the 60min 20ma around the 1.4590/80 level.

Best for me…EURGBP and watching CABLE and EURUSD

Dan
 
Quiet morning hey...

Good to see quite a few of u make between 20 to 40 pips in EURGBP with support at 77.

EURGBP *- Short at 0.9015...Banked at 0.8980, 0.9000, 0.9010.
EURUSD - Short at 1.3175 and 50...Stopped at 1.3166 for a few pips loss. Should have banked 30 on part but thought it was going to break to the DS1 at 10. Nevermind...

Its interest rate decision today in EUR at 12.45pm.

Q and A at midday and i will be in the room for EUR rates at 12.45.

D
 
ECB but by 50 bps...

EURUSD - Order below support at 1.3140 and DS1 hit at 1.3090.

See u at 2.00pm.

Dan
 

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Hi

Messy day with currencies and havent really traded this avo after my eurusd short play. Still short EURGBP but bored with it. Up 3 pips..Huff!!!

Monkey made huge pips on DOW..What a setup and what a trade...Look at that 15min setup with the stochastic and 7cci trigger perfectly set. Lovely

See u tom.

D
 

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Hi Dan, I am interested in your trading strategy but I can't afford the fee's for the live room as i'm a student and as yet am not trading so am not making profits. Have you at any point provided a summary or overview of your strategy and if not, would you mind doing so? Thanks v much looks like you guys are making good progress
 
Hi guys

Just got back home and looked at my EURGBP position.

Target hit at 0.8975 just above the DS1 level. 35 pips taken there after a very slow and boring start.

Excellent. Happy days.

See u tom at 7.00am.

Dan
 
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fx500 club strategy

Hi Dan, I am interested in your trading strategy but I can't afford the fee's for the live room as i'm a student and as yet am not trading so am not making profits. Have you at any point provided a summary or overview of your strategy and if not, would you mind doing so? Thanks v much looks like you guys are making good progress

Hi Bearface

It will take a while to get through, but look through (from post 1, many many times) Zaks thread (Zak is one of Dans fellow directors @ fx500)

School of Pimpology - Forex Trading

I hope this helps, get yourself a demo account & save up to be able to open a real account when you finish your studies!

good luck
Paul
 
Good morning all

It’s Friday and lets make some pips!!!

Look how powerful the 60min charts are…Work off the 60min as much as possible!

EURGBP – Worked out well yesterday…Look to sell on rallies. For anyone holding target is previous low at 0.8835.

GOLD – Found support off $800 as expected. Boxed between the 4hr 20ma and 50ma. These are always the hardest trades as heavy resistance is ahead and the following ma´s need to catch up. Look to buy off the 60min 20ma with stop below. Any break of the 60min would signal a further retest of the $800 level.

AUDUSD – Found support with the GOLD. Boxed between the 4hr 20ma and 50ma. Previous high at Monthly Pivot at 0.6823 and wont really be getting excited until we can break above this level.

EURUSD – Same as GOLD and AUD. All 3 have found support…Resistance at 1.3300. For any long we need to find support off the 4hr 20ma.

CABLE – Strong bounce after a messy day. Tested the lows at 1.4450 and now back at Monthly Pivot at 1.4880. Look for retracement and support off the 4hr 20ma. We need the 60min 20ma to catch up before any potential long above the Monthly Pivot.

GBPJPY – Look for pullback off the 4hr 50ma at 134.94 with stop above the 135.00 level.

EURJPY – Broken 4hr 20ma and needs pullback onto the 4hr 20ma at 118.60 for a further move north to the 4hr 50ma. Any break below the DP at 117.75 level would signal a further pullback.

USDJPY – Similar to EURJPY… Look for pullback to the 60min 20ma at 89.70 level for a bounce with stop below and a move back to the 4hr 50ma. Any break below the 89.50 level would signal a move south.

Only me today so will concentrate on mine and the JPY´s…

Dan
 
Good morning all

It was all about the JPY´s this am and the pullbacks.

USDCAD - Short at 1.2420 - Banked at 1.2396 and 1.2400
USDJPY - Short at 90.35 & 25 - Banked at 90.10
CABLE - Short at 1.4865 - Banked at 1.2820 & 1.4820
EURJPY - Short at 119.60 & 119.30 - Banked at 119.00 & 118.90
GBPJPY - Short at 133.95 & 133.60 - Banked at 133.75 (75%) & 134.00 (25%) (Hungry - should still fall when cable drops but craving my breakfast)ç

See u later...
 

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Good afternooon

Just took a cheeky short from support in USDCHF and banked for 45 pips.

I have built a little short in GBPJPY...Might get this wrapped around me as CABLE is supported. Need CABLE to break 1.4900 and then GBPJPY will hopefully go. Support at 134.75. Will hit again on break.

Lets see..A friday cheeky play!!

D
 

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Hi

It was a cheeky end to the week...

102 pips in the bank for my last trade in GBPJPY. Many made over 100 in CABLE as well. Great trading team.

Finishes another strong week.

Have a great weekend and see u at 7.00am on monday.

Dan
 

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Pimpology

Hi Bearface

It will take a while to get through, but look through (from post 1, many many times) Zaks thread (Zak is one of Dans fellow directors @ fx500)

School of Pimpology - Forex Trading

I hope this helps, get yourself a demo account & save up to be able to open a real account when you finish your studies!

good luck
Paul

Thanks for your post. (y) Very good thread to learn this methodology.
Just for confirmation: Is the school of Pipology written by Zack (Fx Pimp) ? Is that it?
Is Zack one of his former students?

Regards
 
Zak is a professional trader and one of the teachers at fx500, he covers different pairs to Dan.
The strategy is the same and it really works ...
Lots of luck to you

Thanks for your post. (y) Very good thread to learn this methodology.
Just for confirmation: Is the school of Pipology written by Zack (Fx Pimp) ? Is that it?
Is Zack one of his former students?

Regards
 
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