It's All About The Pips...

[danarm]

Morning Team London

Trust you are all well…

CABLE – GBP has powered up but I am not convinced that the bull run will last. The 1st line of resistance is the DAILY 50ma at 1.4700 and then WR1 is at 1.4763. Look for break of 1st level with 50% take profit at WR1. My bear inside is waiting patiently for the 4hr 20ma to cross on the downside below the 4hr 50ma. This will signal the bear golden cross I will be looking for! Immediately on any short plays watch the break of the 60min 20ma with GBPJPY and USDJPY for a potential pullback to the DP and then the 60min 50ma. Make sure u watch GBPJPY for break as well!!!

EURUSD – EURUSD has lost a little momentum with CABLE powering up. That’s why EURGBP has been the one to trade. Strong resistance on 60min chart at 1.2900. Remember its key to watch the EURJPY today to see if EUR is going to weaken again. Technically 1.2750 is support but again watch EURJPY for EUR direction.

EURGBP – Technically if EURGBP breaks this small support at 0.8720 the downward trend will continue. However weekly 20ma is at 0.8700 so lets wait for break here b4 shorting. We need CABLE to power up again and break 1.4650 and EURUSD to break down through the 1.2750 for EURGBP to weaken. Continue to look for shorts but be a little careful trading so far away from the 60min 20ma.

USDCAD – Hasn’t been easy to trade to be honest…If CABLE pullback and we see USD strength coming into play, watch USDCAD for the upside. Technically a break of the previous high at 1.2360 would signal a move higher. Play triggers.

AUDUSD – Boxed between the 4hr 20ma and DAILY 20ma. Play break. If GOLD powers up again look for AUD to test the DAILY 20ma as first line of resistance.

Its non farm this afternoon so I am looking to make my pips this am and closing down book by midday!!!

Cheers

Dan

 

[danarm]

Hi all

Trust you had a good week...

USDCAD only trade for me today due to non farm...On blog at fx500clubblog

See u monday and enjoy the rugby...Come on England!!!

D

 

[jel31]

Hi all

Trust you had a good week...

USDCAD only trade for me today due to non farm...On blog at fx500clubblog

See u monday and enjoy the rugby...Come on England!!!

D

Forgot to mention the rugby this morning, I think there will be a bit more banter in the live room before next weekend's match in Cardiff

Come on the Men in Red!

Cheers for all your words of wisdom this week Dan, really feel things are coming together for me.

See you Monday

Julie

 

[danarm]

Forgot to mention the rugby this morning, I think there will be a bit more banter in the live room before next weekend's match in Cardiff

Come on the Men in Red!

Cheers for all your words of wisdom this week Dan, really feel things are coming together for me.

See you Monday

Julie

Hi

I can feel the excitement building already...

Heading down the Irish bar to have some banter!!!

See u monday.

D

 

[grimweasel]

Hello troops!

A couple of people asked me in the FX500 Club for an example of the 4hr news trading strategy yesterday. If you follow the link below I have given examples (I think it was David that asked).
There is an element of greater risk but as you can see it does pay off!!

http://www.trade2win.com/boards/general-trading-chat/32991-potential-setups-398.html#post652298

 

[bearface]

is it possible to get a stop loss to trail a moving average? would be quite useful for longer term trades to lock profit in, its not like you can watch it 24/7 and trailing stop losses are evil

 

[markbritton]

MetaTrader 4 Settings

Hi All,

My first post on this thread! Just started keying in my settings on MT4. I've been looking at the settings as published by FXPimp on School of Pimpology. Just noticed however, that they are different to those used by Dan.
I think I have collected all the relevant indicators from the thread and have dropped them into my indicators folder ready to be used.
Any help on initial settings would be greatly appreciated as I am due to visit the Live Room tomorrow morning and I would like to see how your trades occur.
All the best,
Mark

 

[markbritton]

Hi All,

My first post on this thread! Just started keying in my settings on MT4. I've been looking at the settings as published by FXPimp on School of Pimpology. Just noticed however, that they are different to those used by Dan.
I think I have collected all the relevant indicators from the thread and have dropped them into my indicators folder ready to be used.
Any help on initial settings would be greatly appreciated as I am due to visit the Live Room tomorrow morning and I would like to see how your trades occur.
All the best,
Mark

Dont want to look like a thickie but I think I have now worked the EMA settings out. Can someone please check them for me?

60Min Chart
- 50 Day EMA (24x50 = 1200)
- 20 Day EMA (24 x 20 = 480)
- 4hr 50EMA (4 x 50 = 200)
- 4hr 20EMA (4 x 20 = 80)
- 60min 50EMA
- 60min 20EMA

5 Min Chart
- 4hr 20EMA (4 x 12 x 20 = 960)
- 60min 50EMA (12 x 50 = 600)
- 15min 20EMA (3 x 20 = 60)
- 5min 20EMA

Don't know if that makes sense to anyone but are these the final figures I punch into the EMA indicators on both the 60min Chart and 5min Chart.

I havent even got onto the other indicators yet!
Cheers

 

[markbritton]

DOH!!
Dont worry. I've trawled the thread and found Dan's EMA settings. Could have saved myself half hour working them out!
Any help on which custom indicators I should use on my charts would be appreciated though!

 

[danarm]

Dont want to look like a thickie but I think I have now worked the EMA settings out. Can someone please check them for me?

60Min Chart
- 50 Day EMA (24x50 = 1200)
- 20 Day EMA (24 x 20 = 480)
- 4hr 50EMA (4 x 50 = 200)
- 4hr 20EMA (4 x 20 = 80)
- 60min 50EMA
- 60min 20EMA

5 Min Chart
- 4hr 20EMA (4 x 12 x 20 = 960)
- 60min 50EMA (12 x 50 = 600)
- 15min 20EMA (3 x 20 = 60)
- 5min 20EMA

Don't know if that makes sense to anyone but are these the final figures I punch into the EMA indicators on both the 60min Chart and 5min Chart.

I havent even got onto the other indicators yet!
Cheers

Hi

Welcome to the thread and good to see you posting...

Look forward to seeing you in the room tomorrow. Things have moved on a little since the start of FXPmips thread and we very occasionally use the 5min chart now.

I will explain more tomorrow. You can get template etc from the room and all is explained on the notes.

See u then.

D

 

[danarm]

Morning Trade - Monday 9th February

Good morning

Wales and Ireland looked very strong on Saturday… Probably best not to wear a white shirt in Cardiff next weekend!!!

Asia had a lot of fun over night and the JPY´s closed their respective gaps from the 60min 20ma down to the 50ma. The questions lie will they bounce and give GBP support or not. Let’s zone into USDJPY and GBPJPY this am for direction in this market.

CABLE – Boxed between the 60min 20ma and 50ma. There is a lot of support below with the WP, MP DAILY 20ma etc. Any selling opportunities will be short lived with small gaps between the MA´s and pivots. Won´t be looking for a long play unless USDJPY bounces with GBPJPY and CABLE breaks back above the 15min 50ma at 1.4800.

EURUSD – 60min triangle has formed. The 15min chart suggests a pullback. The price has broken the 60min 20ma at 1.2920 and is now supported at the 4hr 20ma at 1.2875. Look for a break here for a move to the 60min 50ma at 1.2850. A break below the 60min 50ma would signal that the downtrend is back on.

EURGBP – A lot depends on GBPJPY and CABLE this am for the direction in GBP. Any further weakness would suggest EURGBP to hold this level however with so mush support below EURGBP looks set to weaken if GBP can hold these levels. The 60min chart suggests a downtrend and look for selling opportunities below the DP at 0.8730.

USDCAD – The price is now below the MP and WP. Look at these levels for resistance as a 123 is building. The USDCAD chart has been very messy. Look for the 4hr 20ma at 1.2300 to hold as the resistance.

AUDUSD – Broken the MP at 0.6662 and now boxed between the MP and WP at 0.6590. The price is below the 60min 20ma which suggests further weakness for now. Only look for a long with a break back above the 60min 20ma and in this case above the 15min 50ma.

GOLD – 60min chart suggests a box between the 4hr 50ma at $903.00 and the 4hr 20ma. Look for a break only on the upside above the 60min 50ma at $912.00.

With Asia having so much fun I feel we need to wait for solid breaks to show us the direction. Remember to Zone into the JPY’s to help us.

Dan

 

[danarm]

JPY Desk - Monday 9th February

Good Morning all.

I hope you've had a great weekend.
Mine was a bit cold. Brand new lovely house overlooking the Mediterranean sea and mountains with a view of Gib & Africa, and guess what??......
NO ELECTRICITY !!!
Things can only get better I guess, so lets try to get off to a positive start now I have de-frosted somewhat....

USDJPY-After a bad NFP figure this pair rallied nicely but has given-up a good chunk of those gains and is now looking vunerable and likely to fall through the 60m 50sma and weekly pivot at 91.00.
Not a lot of downside potential with my 4hr ma's looming so personally no looking for a position.

EURJPY-Same story as above really. Finding some support off 117.00-117.50 region and quite difficult to gauge direction at the moment.
A break of 116.50 could see this lower whilst 119.00 is a good upside level. Stuck right in the middle at the moment it's very difficult and we need to sit and watch what USDJPY does before pouncing.

GBPJPY-Again, boxed in between 60m 20&50 and needing a break of either to give us a clue of what happens next. Resistance is at 135.50 and support at 133.50.

Summary......

Keep your money in your pockets for the time-being. Opportunity will come but with Asia having a ball they've spoiled the fun for us (for the time-being)

I will keep you posted to any developments.

Have a good day.

Zak

 

[markbritton]

Hi All,
Visited the Live Room today - great experience! Thanks to Zak for his advice.
As I'm a newbie to FOREX just wondering whether anyone here trades AND has a full time day job. My trading experience comes from trading the Dow on the evening sessions after work.
Really interested in getting into Forex trading and the live room is exactly how I would like to do it. My only concern is the time constraints with having to work (damn!). Does anyone here make good pips in a similar position to me?
Would welcome the feedback chaps

 

[danarm]

JPY Desk - Tuesday 10th February

Good morning all.

I Will - at Dan's request - try to make these notes as bullet-point-style as possible in order to try and simplify things for you.
As ever, your feedback is much appreciated.

USDJPY
• 60m Head & Shoulders pattern has failed to break neckline at 91.00.
• Need to see clear break of that level for push lower.
• 4hr trend (84cci) is up but 60m trend is down, so conflicting
• Below daily pivot & above weekly pivot so consolidating for time being.

Verdict:- Leave well alone until break up of 91.60. Not looking for short with big support below.

GBPJPY
• Big strong uptrend looks to be tiring. Price now below 60m 20ema.
• Possible double top on 60m.
• Again, 60m cci is down whilst 4hr is up - albeit with divergence.
• Wedged between 60m 20&50

Verdict:-A break 136.15 to the upside might see this higher but I am well aware this could fall through the 60m 50sma and pivot. See what happens at the support level at 134.60 or play the northerly if usdjpy and cable hold up along with sterling strength accross the board.

EURJPY
• Big double top on 60m chart helped the EURUSD position from yesterday's US session.
• Sat on weekly pivot at 117.50 which may support.
• Also supported of DS1.
• Next major support at 116.25 from lows of Jan 30th.
• 60m 20 crossing 50 so sentiment is almost to the downside.
• Watch EURUSD & USDJPY for confirmation of next direction.

Verdict:-Wait for break below DS1 at 116.90

Summary.....

A mixed bag overall with EURJPY looking weak. USDJPY is looking flat again and sterling giving rise to a slightly bid looking GBPJPY.
Will reluctantly wait for break of 136.15.

Zak

 

[danarm]

Morning Trade - Tuesday 10th February

Good morning all

New format in notes today…Hope you like…

CABLE

• The 60min chart suggests a strong uptrend still with the 4hr 20ma above the 50ma
• 1.5000 is key resistance. Options a) Look for short plays off it or 2) Look for a break.
• 15min chart – Boxed between the 60min 20ma and 50ma. Look for break.
• Levels to break are 1.4875 and 1.4790.
• Be careful of shorting into the 4hr 20ma. If the break happens only take 50% of the gap to the 4hr 20ma.
• Remember to watch USDJPY and GBPJPY to help with direction.

EURUSD

• The 60min chart is oscillating either side of the 4hr 20ma and 50ma suggesting there is no trend.
• The triangle was broken yesterday on the upside and met with heavy resistance at WR1 at 1.3090 level.
• 15min chart suggests weakness in the EUR. Previous low at 1.2808 so a potential small gap on the break of 1.2800 down to bottom of the triangle could be on.
• Only look for a long EUR play if the price breaks above WP and 60min 20ma at 1.2925.
• Remember to keep an eye on USDJPY and EURJPY for help with direction.

EURGBP

• The 60min chart suggests a strong downtrend with the 4hr 20ma below the 50ma.
• The EUR is under pressure and more so against GBP at the moment.
• Today needs to see CABLE break back above 1.4875 to test 1.5000 again for EURGBP to continue its downtrend.
• The 15min chart has been sold overnight aggressively and is now a little distance from the 60min 20ma. Consequently there is a small risk of a pullback if GBP weakens this am.
• If GBP powers up today again then look for further weakness through the DS2 at 0.8630 level.

USDCAD

• The 60min chart suggests a triangle is forming.
• The 4hr 20ma is below the 50ma suggesting weakness but this will depend on further weakness across the board.
• The 15min chart is being supported by the DP at 1.2200.
• Look for break of this level to test the previous low of triangle at 1.2150 level.

GOLD

• 60min chart suggests weakness coming back into GOLD for the time being with the 4hr 20ma crossing the 4hr 50ma on the downside.
• There will be strong support at the MP and Daily 20ma around the $885 level.
• The 15min chart - A double top formed last night and weakness came into the market over Asia session.
• Previous low at $894.00 suggesting a break here would signal further weakness down to the WS1 at $888.00

OIL

• Still waiting for my $43.00 to break.
• Resistance on 4hr chart is $50.00

Happy pip hunting..

Dan

 

[danarm]

Morning all

This was a bad morning for me...I had everything covered but i pre empted a move up with USDJPY which would have given the support needed into GBPJPY and CABLE. The 60min charts did look toppy (as explained) but the 15minute charts showed small signs of support.

I saw that GBPCHF was falling off and with the break of the 60min 20ma, GBP had no chance of rallying and the 2 breakouts in GBPJPY and CABLE became fakeouts which again made USDCAD a fake out as well on the downside.

Excuse the pun but i did my nu*s this am and thats the 1st time in 2 months. I am usually controlled but today got the better of me..I feel like i was put in a washing machine on full spin and chucked out to dry...

Looking back it is always easy but i stupidly should have been patient waited for GBPCHF and USDJPY to break down, hit GBPJPY and CABLE short and make loads of pips!!!

I am now going to drown myself in a bowl of milk and not coming up for air!!

See u later

D

 

[jel31]

Hi All,
Visited the Live Room today - great experience! Thanks to Zak for his advice.
As I'm a newbie to FOREX just wondering whether anyone here trades AND has a full time day job. My trading experience comes from trading the Dow on the evening sessions after work.
Really interested in getting into Forex trading and the live room is exactly how I would like to do it. My only concern is the time constraints with having to work (damn!). Does anyone here make good pips in a similar position to me?
Would welcome the feedback chaps

Hi Mark

Hope you're enjoying the live room. Yes, there are a few in the club who work full time and manage to make plenty of pips. You'll find that a lot of the action happens between 7 and 8:30 in the morning, and if things are slow, a few put orders on for any breaks after they have left for work.

There are plenty of pips to be make "before breakfast" most days, that's my favorite kind of trading too. I have a little girl to look after and I like having the rest of the day to do other things; prefer not to stare at the computer screen all day!

Talking of orders, I have started a little experiment, running 2 books, one only consisting of orders on break-outs (small stake for now) and one manual trading during the live room session. Will compare pips at the end of each week. Will be really interesting to see how it goes.

Welcome to the club and happy pipping

Julie

 

[jel31]

Morning all

This was a bad morning for me...I had everything covered but i pre empted a move up with USDJPY which would have given the support needed into GBPJPY and CABLE. The 60min charts did look toppy (as explained) but the 15minute charts showed small signs of support.

I saw that GBPCHF was falling off and with the break of the 60min 20ma, GBP had no chance of rallying and the 2 breakouts in GBPJPY and CABLE became fakeouts which again made USDCAD a fake out as well on the downside.

Excuse the pun but i did my nu*s this am and thats the 1st time in 2 months. I am usually controlled but today got the better of me..I feel like i was put in a washing machine on full spin and chucked out to dry...

Looking back it is always easy but i stupidly should have been patient waited for GBPCHF and USDJPY to break down, hit GBPJPY and CABLE short and make loads of pips!!!

I am now going to drown myself in a bowl of milk and not coming up for air!!

See u later

D

Hey Dan

If you have a bad morning only once every 2 months, that's pretty good going, I'd say!

We still think you're great

See you tomorrow for some great pipping

Julie

 

[markbritton]

Pippage

Hi Mark

Hope you're enjoying the live room. Yes, there are a few in the club who work full time and manage to make plenty of pips. You'll find that a lot of the action happens between 7 and 8:30 in the morning, and if things are slow, a few put orders on for any breaks after they have left for work.

There are plenty of pips to be make "before breakfast" most days, that's my favorite kind of trading too. I have a little girl to look after and I like having the rest of the day to do other things; prefer not to stare at the computer screen all day!

Talking of orders, I have started a little experiment, running 2 books, one only consisting of orders on break-outs (small stake for now) and one manual trading during the live room session. Will compare pips at the end of each week. Will be really interesting to see how it goes.

Welcome to the club and happy pipping

Julie

Hi Julie,

Many thanks for the advice! Its good to know there are others in a similar position to me. Like the sounds of 'Pips for breakfast' - a very nourishing meal!

Mark

 

[danarm]

Afternoon JPY Desk - Tuesday 10th February

Good afternoon guys.

Some pretty tough conditions out there today on these Yen pairs with USDJPY messing around once again and pulling everything about with it.

EURJPY does look quite appealing above the monthly pivot IF it breaks up through the 118.70 level, but will go into more detail shortly.

USDJPY
• 60m 20 has crossed negative through the 50 indicating bearishness unless 60m 50 at 91.60 is breached.
• 4hr 20 is above the 4hr 50 indicating strength.
• Price action is horrendous
• No news until 4PM
• Weekly pivot at 91.00

Verdict-Wait for clearer direction. A break of weekly pivot on the downside or support and break of 91.60 to the north.

GBPJPY
• 60m 20 has crossed under 50 indicating weakness
• 4hr 20 still above 50 indicating longer term strength
• Support level broken
• Below daily pivot

Verdict-Wait for direction with USDJPY and Cable. Can’t sell above 134.00 and can’t go long below resistance at 136.00

EURJPY
• Broken up through pivot.
• EURUSD looks bid
• Still beneath monthly pivot.
• 118.60 is key resistance level

Verdict-Can’t touch this unless USDJPY pushes up through the pivot.

Summary…..

Hold fire on all Yen pairs unless wanting a very short-term EURJPY on back of EUR strength. Not one to get carried away with but 60m 20ema seems to be holding.
Although still under 60m 50 it does look the best of the bunch with a 30pip stop.

Have a good day.

Zak