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I really should have done the same, I'm reading a book at the moment "Mastering the Trade", and the first part on psychology is describing exactly what I did on cable this morning.
Wasnt good! But hey atleast its a recognised behaviour and I'm learning! :clap:
Kapil
danarm
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Good afternoon all
Its very quiet out there so don’t get caught out…
CABLE – Tight channel and wait for break… Support at WP at 1.4150 and RES at 60min 50ma at 1.4300. Not great on upside due to DAILY 20ma and would prefer to hit downside break of WP.
EURUSD – Similar to CABLE… Support at DP at 1.2800 and order below. Not interested in any upside potential due to 4hr 20ma and WP.
EURGBP – Resistance at WP at 0.9060. MP at 0.9087 so again don’t look for any break higher until we break at least the MP. Looking for break below the 0.9000 level down to DP and then push to 60min 50ma at 0.8950 level. A break here would signal a move to the lows on 60min chart.
USDCAD – Only trade of the day so far from 1.2465 to the DR1 at 1.2510 resistance level. Look for further break of DR1 for a further push higher. We will need to see CABLE to break below the WP for USD to continue its strength.
AUDUSD – Resistance at 4hr 20ma and DR2 at 0.6420… Support at 0.6325 and wait for break for any entry.
As mentioned it is desperately quiet so be careful. Yesterday was a dream and hundreds of pips made. Today might only be a few…
Enjoy
Dan
Its very quiet out there so don’t get caught out…
CABLE – Tight channel and wait for break… Support at WP at 1.4150 and RES at 60min 50ma at 1.4300. Not great on upside due to DAILY 20ma and would prefer to hit downside break of WP.
EURUSD – Similar to CABLE… Support at DP at 1.2800 and order below. Not interested in any upside potential due to 4hr 20ma and WP.
EURGBP – Resistance at WP at 0.9060. MP at 0.9087 so again don’t look for any break higher until we break at least the MP. Looking for break below the 0.9000 level down to DP and then push to 60min 50ma at 0.8950 level. A break here would signal a move to the lows on 60min chart.
USDCAD – Only trade of the day so far from 1.2465 to the DR1 at 1.2510 resistance level. Look for further break of DR1 for a further push higher. We will need to see CABLE to break below the WP for USD to continue its strength.
AUDUSD – Resistance at 4hr 20ma and DR2 at 0.6420… Support at 0.6325 and wait for break for any entry.
As mentioned it is desperately quiet so be careful. Yesterday was a dream and hundreds of pips made. Today might only be a few…
Enjoy
Dan
danarm
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Good afternoon all.
A very sideways USDJPY is not helping our YEN pairs perform very well and hope that the pending home sales number at 3PM has some impact and gives us some much needed direction.
As before, EURJPY needs to break the daily pivot at 114.50 for a move down or 115.50 (4hr 20) on the upside for a move to the weekly pivot.
GBPJPY needs to break below the weekly pivot at 126.65 for a move lower or above the 60m 50sma at 128.00 for a push higher.
Not very concise I know but without USDJPY showing the way these two pairs are just oscillating and not trending so any plays will need to be very short term until such time as these levels are broken.
I am happy to sit out of the market for the time being whist awaiting the breaks. I am favouring the downside also and will keep you up to date as these developments occur.
Have a good afternoon.
Zak
A very sideways USDJPY is not helping our YEN pairs perform very well and hope that the pending home sales number at 3PM has some impact and gives us some much needed direction.
As before, EURJPY needs to break the daily pivot at 114.50 for a move down or 115.50 (4hr 20) on the upside for a move to the weekly pivot.
GBPJPY needs to break below the weekly pivot at 126.65 for a move lower or above the 60m 50sma at 128.00 for a push higher.
Not very concise I know but without USDJPY showing the way these two pairs are just oscillating and not trending so any plays will need to be very short term until such time as these levels are broken.
I am happy to sit out of the market for the time being whist awaiting the breaks. I am favouring the downside also and will keep you up to date as these developments occur.
Have a good afternoon.
Zak
elitejets
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I tried to trade crude today but it was up and down in such a tight range I kept hoping for the breakout that never came.
Great trading yesterday - thanks to you guys!!. I got hundreds of pips and I was not even close to the Student of the Day. All Hail to Andersbaard - King of the Pips!
Nicola
Great trading yesterday - thanks to you guys!!. I got hundreds of pips and I was not even close to the Student of the Day. All Hail to Andersbaard - King of the Pips!
Nicola
danarm
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Morning Trade - Wednesday 4th February
Good morning all
Feeling more alive today which is good…
CABLE – WP held firm yesterday at 1.4150 and will be major support next time we test it. GBP is boxed between the DAILY 20ma at 1.4340 and MP at 1.4470. Look for break of previous high and low this am.
EURUSD – WP again held yesterday at 1.2940 level and again will be major support next time we test. 1.3060 is previous high and look for break of here for any test of the WR1 at 1.3135. If EUR weakens this am wait for break of WP.
EURGBP – Tight channel with support at 0.8985 and resistance at 0.9087. Be patient and wait for break…
USDCAD – With USD weakening across the board USDCAD looks set to test its low again at the 1.2050 level. 2 major support levels below with MP at 1.2268 and WP and 1.2238. Wait for triggers here and be careful ahead of these major support levels. For USDCAD to continue its weakness we need to see CABLE break yesterdays high, the MP at 1.4470.
AUDUSD – With USD weakness across the board the AUD has found a little support. Resistance at 0.6545 and support at 0.6450. Look for break of these levels… Any break on the upside will be met at WR1 at 0.6607.
Speak to you at 7.05am.
Dan
Good morning all
Feeling more alive today which is good…
CABLE – WP held firm yesterday at 1.4150 and will be major support next time we test it. GBP is boxed between the DAILY 20ma at 1.4340 and MP at 1.4470. Look for break of previous high and low this am.
EURUSD – WP again held yesterday at 1.2940 level and again will be major support next time we test. 1.3060 is previous high and look for break of here for any test of the WR1 at 1.3135. If EUR weakens this am wait for break of WP.
EURGBP – Tight channel with support at 0.8985 and resistance at 0.9087. Be patient and wait for break…
USDCAD – With USD weakening across the board USDCAD looks set to test its low again at the 1.2050 level. 2 major support levels below with MP at 1.2268 and WP and 1.2238. Wait for triggers here and be careful ahead of these major support levels. For USDCAD to continue its weakness we need to see CABLE break yesterdays high, the MP at 1.4470.
AUDUSD – With USD weakness across the board the AUD has found a little support. Resistance at 0.6545 and support at 0.6450. Look for break of these levels… Any break on the upside will be met at WR1 at 0.6607.
Speak to you at 7.05am.
Dan
danarm
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USDJPY - Wednsday 4th February
Good morning all..
USDJPY did the business for us yesterday p.m whilst falling, then whilst recovering we took a cheeky one through the 60m sma at 128.00 on GBPJPY after the room closed, so it turned-out nice again.
USDJPY is actually looking quite attractive on a 5m chart but the longer term still telling me to leave this pair alone for the minute.
IF she can break the weekly pivot at 89.70 there may be opportunity but with the daily 20ema just above I want some nice move prior to taking a position.
IF she breaks the daily pivot at 89.30 I'm going short with a stop at .70 targeting yesterday's session lows.
EURJPY also looking strong after the break of the 4hr 20ema at 115.50 yesterday. This was the key level as given in the notes and now this trades 150 pips higher. I think this needs to pull back and with USDJPY not convincing me of an immediate push-up I will be watching for the moment to see what happens.
Should it eventually push up then I'd expect it to go 118.00
GBPJPY looks like a double-top so waiting for a pullback to 60m 20ema at 128.50 before considering a long position.
Summary........
With USDJPY recovering from yesterdays lows unless a big push past WP this could possibly bounce straight off and fall through the daily pivot.
Can not short GBPJPY or EURJPY but this one through the 89.30 is the one for me.
Have a good session.
Zak
Good morning all..
USDJPY did the business for us yesterday p.m whilst falling, then whilst recovering we took a cheeky one through the 60m sma at 128.00 on GBPJPY after the room closed, so it turned-out nice again.
USDJPY is actually looking quite attractive on a 5m chart but the longer term still telling me to leave this pair alone for the minute.
IF she can break the weekly pivot at 89.70 there may be opportunity but with the daily 20ema just above I want some nice move prior to taking a position.
IF she breaks the daily pivot at 89.30 I'm going short with a stop at .70 targeting yesterday's session lows.
EURJPY also looking strong after the break of the 4hr 20ema at 115.50 yesterday. This was the key level as given in the notes and now this trades 150 pips higher. I think this needs to pull back and with USDJPY not convincing me of an immediate push-up I will be watching for the moment to see what happens.
Should it eventually push up then I'd expect it to go 118.00
GBPJPY looks like a double-top so waiting for a pullback to 60m 20ema at 128.50 before considering a long position.
Summary........
With USDJPY recovering from yesterdays lows unless a big push past WP this could possibly bounce straight off and fall through the daily pivot.
Can not short GBPJPY or EURJPY but this one through the 89.30 is the one for me.
Have a good session.
Zak
danarm
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Hi all
After a quiet start everything kicked off with EURUSD breaking the 4hr 20ma and that prompted the EUR weakness across the currencies.
Only traded up to lunch and Shireen (Just started with me) made 100 in EURGBP, 100 in EURUSD, 100 in EURJPY...Unfortunately lost 45 in AUDUSD but overall happy with todays performance. Didnt take USDCAD as had to rush out.
I am showing charts on fx500clubblog . com for trade ideas throughout the day..Worth a look if u get a chance.
Well done team and see you tom.
D
PS Think i have found a new home...Lovely jubbly!!!
After a quiet start everything kicked off with EURUSD breaking the 4hr 20ma and that prompted the EUR weakness across the currencies.
Only traded up to lunch and Shireen (Just started with me) made 100 in EURGBP, 100 in EURUSD, 100 in EURJPY...Unfortunately lost 45 in AUDUSD but overall happy with todays performance. Didnt take USDCAD as had to rush out.
I am showing charts on fx500clubblog . com for trade ideas throughout the day..Worth a look if u get a chance.
Well done team and see you tom.
D
PS Think i have found a new home...Lovely jubbly!!!
mauzj
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There's one here:
School of Pimpology - Forex Trading
But I don't think it's the one they're currently using. If you find the latest one, please let me know.
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danarm
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Morning Trade - Thursday 5th February
Good morning
Its Interest Rate day for UK and EUROPE so be prepared for potentially a quiet morning.
CABLE – Boxed between the 4hr 20ma and MP on 60min chart. Resistance at 1.4470 on 15min chart. With Interest Rates out at midday and with a potential 50bps cut I am a little unsure the direction GBP will go this am. A break below the 4hr 20ma at 1.4360 would see a close to the 4hr 50ma.
EURUSD – Rates expected to stay at 2.00% at 12.45pm today. The 60min chart has all MA´s above suggesting weakness is flowing back into the EUR. A break below 1.2800 should signal further weakness.
EURGBP – Great trade yesterday for 100 piparoonies! Yesterdays low hasn’t broken but an ascending triangle has formed on the 60min chart. Any break above the 60min 20mas should close back to the DP at 0.8935. (Need CABLE to weaken). Otherwise, for what ever reason CABLE holds and strengthens with Interest Rates being cut then EURGBP will continue to fall.
USDCAD – Looks weak again on the 60min chart with lower highs taking place, however the MP and WP is just below at 1.2268 and 1.2238 respectively. A lot depends on what the USD does against GBP today. If GBPJPY finds support and drags CABLE up then USDCAD will drift off. The 15min chart suggests weakness so keep an eye on the USD across the board.
AUDUSD – A 60min triangle is forming. Quite a messy chart and wait for a break…
GOLD – The 60min chart suggests a box play with resistance at WP at $910.00…Support at the 4hr 50ma at $900.00… Look for break of these levels.
OIL – It looks all set to fall but volatility has dried up completely for the black stuff. Look for a break below $43.00 for a move to the $40.00 level and below.
See you at 7.00am.
Dan
Good morning
Its Interest Rate day for UK and EUROPE so be prepared for potentially a quiet morning.
CABLE – Boxed between the 4hr 20ma and MP on 60min chart. Resistance at 1.4470 on 15min chart. With Interest Rates out at midday and with a potential 50bps cut I am a little unsure the direction GBP will go this am. A break below the 4hr 20ma at 1.4360 would see a close to the 4hr 50ma.
EURUSD – Rates expected to stay at 2.00% at 12.45pm today. The 60min chart has all MA´s above suggesting weakness is flowing back into the EUR. A break below 1.2800 should signal further weakness.
EURGBP – Great trade yesterday for 100 piparoonies! Yesterdays low hasn’t broken but an ascending triangle has formed on the 60min chart. Any break above the 60min 20mas should close back to the DP at 0.8935. (Need CABLE to weaken). Otherwise, for what ever reason CABLE holds and strengthens with Interest Rates being cut then EURGBP will continue to fall.
USDCAD – Looks weak again on the 60min chart with lower highs taking place, however the MP and WP is just below at 1.2268 and 1.2238 respectively. A lot depends on what the USD does against GBP today. If GBPJPY finds support and drags CABLE up then USDCAD will drift off. The 15min chart suggests weakness so keep an eye on the USD across the board.
AUDUSD – A 60min triangle is forming. Quite a messy chart and wait for a break…
GOLD – The 60min chart suggests a box play with resistance at WP at $910.00…Support at the 4hr 50ma at $900.00… Look for break of these levels.
OIL – It looks all set to fall but volatility has dried up completely for the black stuff. Look for a break below $43.00 for a move to the $40.00 level and below.
See you at 7.00am.
Dan
danarm
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JPY Desk - Thursday 5th February
Good morning all.
I trust you are all well and having fun.
Yesterday was a good day with pips appearing out of the woodwork from all angles.
GBPCHF was a naughty one shortly after the US session, so please don't tell Dan. He'll go nuts and steal my pips!!
Actually, it was good to see that quite a few of you took that trade, so well done.
On to today, I have a cold coming so my judgement might be a little cloudy but EURJPY is the one humming to me. A break below 114.30 is what I am looking for.
GBPJPY is also looking promising but to the upside. Today could be the monster push-up through the monthly pivot day IF USDJPY could pulls its finger out a little.
The 4hr 20 is close to crossing the daily 20 and with cable all set to take-on (in my humble opinion) 1.6000 if the interest rate cut surprises.
Finally, USDJPY looks likely, as per, to do nothing UNLESS it can break weekly pivot at 89.65.
To summarize......
be careful with GBPJPY around these interest rate numbers. Could be very jumpy this morning but sterling still looking pretty strong in the immediate short term so long positions favoured.
IF cable punches through the monthly pivot at 1.4470 GBPJPY will put a big hole in the 130.00 level.
Not expecting too much action prior to the numbers but lets have a little look anyway.
Will keep you posted as the axion unfolds.
Zak
Good morning all.
I trust you are all well and having fun.
Yesterday was a good day with pips appearing out of the woodwork from all angles.
GBPCHF was a naughty one shortly after the US session, so please don't tell Dan. He'll go nuts and steal my pips!!
Actually, it was good to see that quite a few of you took that trade, so well done.
On to today, I have a cold coming so my judgement might be a little cloudy but EURJPY is the one humming to me. A break below 114.30 is what I am looking for.
GBPJPY is also looking promising but to the upside. Today could be the monster push-up through the monthly pivot day IF USDJPY could pulls its finger out a little.
The 4hr 20 is close to crossing the daily 20 and with cable all set to take-on (in my humble opinion) 1.6000 if the interest rate cut surprises.
Finally, USDJPY looks likely, as per, to do nothing UNLESS it can break weekly pivot at 89.65.
To summarize......
be careful with GBPJPY around these interest rate numbers. Could be very jumpy this morning but sterling still looking pretty strong in the immediate short term so long positions favoured.
IF cable punches through the monthly pivot at 1.4470 GBPJPY will put a big hole in the 130.00 level.
Not expecting too much action prior to the numbers but lets have a little look anyway.
Will keep you posted as the axion unfolds.
Zak
mauzj
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It was OK today.
I went long cable, and then shorted crude. I narrowly missed getting filled on my buy back of crude which was 13 pips above the pivot number.
Do any of you pimpsters use this strategy trade other products? Such as Natural Gas or cocoa?
elitejets
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A great day trading on the Dow! It made up for all the pips when EURJPY forgot the trend and took off the wrong way.
Great pips GBPJPY through the pivot and EURGBP off the hourly 20ma.
Fun day on crude where the old adage of "sell after green" and "buy after red" worked every time (and not much else).
I am really exciting about the longer term trading covered in the school.
Thanks Dan
Nicola
Great pips GBPJPY through the pivot and EURGBP off the hourly 20ma.
Fun day on crude where the old adage of "sell after green" and "buy after red" worked every time (and not much else).
I am really exciting about the longer term trading covered in the school.
Thanks Dan
Nicola
elitejets
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Gold, silver, natural gas and crude are all the broker I use offers.
I trade the crudes and natural gas.
Would love to know who you use to trade the other commodities because I am pretty sure the strategy would work
Nicola
PS the hourly Ma's have just crossed for GSO (nat gas) and I am hoping for a nice uptrend
I trade the crudes and natural gas.
Would love to know who you use to trade the other commodities because I am pretty sure the strategy would work
Nicola
PS the hourly Ma's have just crossed for GSO (nat gas) and I am hoping for a nice uptrend
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