It's All About The Pips...

[danarm]

OCO order in CABLE

 

[danarm]

Banked 50% at 40 in CABLE to lock in 31pips.

Short on 50% still with OCO on breaks.

 

[danarm]

Have USDJPY stop at 53 for -23 if it gets hit....

 

[danarm]

Well i have been all over CABLE today...

Sold it 5 times at resistance and banked down at support. Still holding part...Simple strategy and good to see many of u doing the same.

USDJPY working out well and as explained in the room this could be a beauty. Lets see how this is tom.

Have a good night. Off swimming with my little girl.

D

 

[danarm]

The short story is that the market has got a little tired and complacentand in my opinion this is the case in stocks, oil and EM corporates. Wehave basically been in a range for the past 10 days and with that asense of misplaced security which has allowed dealers to build up someinventory. Whilst I think EM corporates possess some value here I thinkthe upside is capped by potential new issuance so I am happy to flogwhat I have and put my feet up. Liquidity at the moment is still okhowever if clients that bought bonds 6 weeks ago or longer start to takea profit and hit dealers I fear liquidity could disappear prettyquickly. As for US stocks they need to break out of their current rangeand at the moment I guess they are awaiting the banks stress tests. Istill can't see how the US government is going to release these stresstests with anything but good spin. As an example are they really goingto say Goldman's, Bank of America passed with flying colours butCitibank only marginally scraped though? Answer is clearly no, so I amnot looking at these stress tests as a trigger however it just feels tome like the markets have got a little tired here a bit like myself. Itsour favourite day tomorrow, will be interesting to see if it recoversits mojo or the stealth sell off continues.

Mr P....

 

[danarm]

Hi

Just got home...CABLE has rallied with weak USD.

My remaining 50% position got stopped out as i was driving home at breakeven at 71.

Shame not to have made pips on that as it went down to 1.4500. Should have put a TP in there but rushed off home...Nevermind.

Glad USDJPY is working out well and short from 98.30. Looking for further weak USD tomorrow.

Only position holding is USDJPY short as from earlier on today. You know my thoughts on this one.

Have a good evening.
D

 

[ekanters]

Banging my head

Hi,

And suddenly it hit me. Overlooked something all the time. After the sessions I was able to make 145 pips with ease. Yep Dan you have been telling something all the time but I never did the math. 123=123

The last one was a short USDJPY from 98.05. Again 123. The first was just a plain candle in eurjpy.
A 123 candle.

Erik

 

[danarm]

Hi Erik

I am glad the 123s make sense... Very simple but very productive.

Went short USDJPY again at 98.00 so averaged in around the 98.15 level. Everyone in the school will be short as well with tight stops above resistance. Even if it spikes now i won't lose too much.

Will bank on way down. Looking to break the MP which is key.

Cheers all

D

 

[jel31]

Absent TPs

Shame not to have made pips on that as it went down to 1.4500. Should have put a TP in there but rushed off home...Nevermind.

D

How about being short from 4hr20 at 1.4675 on Tuesday night, banking 60 pips then going away for a couple of days and not setting a TP with the remainder, coming back to see it dropped 250 pips yesterday and has now come back up to stop out.

Who could possibly be so stupid I hear you ask?

ME!

What a muppet That's lesson #1853 learnt!

Catch you tomorrow

Julie

 

[wh92stang]

Hi everyone. I've been busy catching up with this thread, I read pages 1-37 today. I am a US trader, so I'm on a little bit different hours than those of you around the globe. I've been trading US equity's only so far, but am very intrigued by the Forex market and looking to get in. Thank you all, especially Danarm for the help and advice. Eventually I'll get through all 180 pages and be caught up with everyone.

 

[Princepessa]

Are we awarding prices for stupidity or for being chicken? I should get one for both. Had orders on cable on the breaks at 1.4515 and 1.4605. Cable dropped just enough to get my order kicked in and then proceeded to stop me out for -40 pips. Then to make matters worse, I didn't feel confident leaving the other order in because I had to go to school and wouldn't be able to monitor it and so I cancelled it, only to get home now and discover that if I'd left it alone, I'd have been in the pips...at the very least +100....another lesson learned.

Joan

 

[danarm]

Good morning all

Weak USD seems to be setting in…

Only position on is short USDJPY from yesterday at 98.30 and 98.00. 1st target has been hit at 97.10 and looking for next target at MS1…

CABLE
• With weak USD, GBP has rallied and now boxed between the major 4hr MAs.
• I am not overly convinced with strong GBP but if USD continues to weaken then GBP will have to rise.
• Heavy resistance at 1.4750 and support at 1.4632.
• Neckline of 1st resistance is 1.4685 so plan of attack is to wait for 85 to break with a 123 north on the 15min chart and test the 1.4750 level.
• If GBP cannot break 85 we will attack on a 123 south below the 4hr 20ma. Eg looking to sell below the 1.4600 with a stop above the 60min 20ma and DP at 1.4635.

EURUSD
• The EUR has surprised me and I felt the EUR was weaken over the next few days. How wrong can I be!!!
• The price is using the 60min 20ma as support so any trade needs a stop behind.

EURGBP
• 0.9000 will offer heavy resistance for now and we should wait for a break.
• Infact if GBP continues to strengthen we could look for a very tight short play at 85/90 with stop at 10.
• Technically if we see a fall below the 4hr 20ma at 0.8900 then we should look for a 123 south using the 60min 20ma as resistance.

JPYs
• With USDJPY weakening GBPJPY and EURJPY will be hard to trade with EURUSD and GBPUSD holding up.

 

[danarm]

Good morning all

No trades taken in the room today. Couldn´t trade GBPJPY and EURJPY short (even though they looked good) due to CABLE and EURUSD. So only thing i did today was lock in another 10% of USDJPY at 96.74 from 98.15

I am now only short 40% and will be watching this closely this afternoon.

Overall a great week and very happy with some of the performances in the room. Well done team and have a great day.

D

 

[danarm]

A section of an email i just received...

Yesterday I nailed everything - cable first thing with you, usdjpy as per your idea re. reversal play (which i liked a lot), eurusd all day twice over on trend trading, usdchf all afternoon on silver cross play, audusd all afternoon on silver cross play.... I nailed the lot. And well chuffed about it too. Well over 200 pips in the day and 100 through the evening. banking and holding and running. This morning still running usdchf, audusd, usdjpy for a futher 80 pips.

Sweet, joyous, lovely jubbley!

Do you think they are happy???

I love receiving emails like that...Thats why i teach... Bring on the weekend.

D

 

[danarm]

Messy market today so staying away...

CABLE and USDJPY been very good to me this week.

Plenty more pips out there. Lets have a cracking week with good live calls next week.

Made targets and thats whats important so no point chucking it away on days like this.

Looking forward to it already.

Dan

 

[jel31]

Mind-games

A section of an email i just received...

Yesterday I nailed everything - cable first thing with you, usdjpy as per your idea re. reversal play (which i liked a lot), eurusd all day twice over on trend trading, usdchf all afternoon on silver cross play, audusd all afternoon on silver cross play.... I nailed the lot. And well chuffed about it too. Well over 200 pips in the day and 100 through the evening. banking and holding and running. This morning still running usdchf, audusd, usdjpy for a futher 80 pips.

Sweet, joyous, lovely jubbley!

Do you think they are happy???

I love receiving emails like that...Thats why i teach... Bring on the weekend.

D

Mighty impressive... credit to you Dan and the club.

It's been a frustrating week for me, 2 lovely mega trades on cable, holding with the trend, which would have been enough to make my target on their own, but let myself down on some riskier shorter-term trades.

Loving the hourly chart, and with patience have got lovely entries, relaxed trades and 100+ pip exits.

I truly believe the one thing between me and consistent profits as well as consistent pips, is my head. It seems that the lack of consistency in my confidence levels throughout the week results in lack of consistency in my decision-making.

I now need to stick to the trades I like, walk away if I don't like the charts (like today) and apply my money-management evenly throughout the week.

Thanks again Dan for all your hard work.

Have a great weekend. I'm working all weekend but really looking forward to getting my trading week of to a good start on Monday.

Julie

 

[danarm]

Mighty impressive... credit to you Dan and the club.

It's been a frustrating week for me, 2 lovely mega trades on cable, holding with the trend, which would have been enough to make my target on their own, but let myself down on some riskier shorter-term trades.

Loving the hourly chart, and with patience have got lovely entries, relaxed trades and 100+ pip exits.

I truly believe the one thing between me and consistent profits as well as consistent pips, is my head. It seems that the lack of consistency in my confidence levels throughout the week results in lack of consistency in my decision-making.

I now need to stick to the trades I like, walk away if I don't like the charts (like today) and apply my money-management evenly throughout the week.

Thanks again Dan for all your hard work.

Have a great weekend. I'm working all weekend but really looking forward to getting my trading week of to a good start on Monday.

Julie

Hi Julie

That sentance says it all

"Loving the hourly chart, and with patience have got lovely entries, relaxed trades and 100+ pip exits."

You know you can do it and especially how i teach i am trying to set u up for the day than rather in the 2 hours i am with you in the morning. You are getting the entries and the trades right and its now down to confidence in holding these trades and getting your stops at the right place.

I will work a lot on this next week with you and we can chat on Skype to make sure u understand where to put your stops so you dont see 100 pips profit and then see it disappear.

You have achieved what many can only dream of and you know u can make these profitable swing trades, its now down to how you mange that trade. I can only help in guiding you but you need to put this into practice.

As you know i havent traded today and decided to leave it as it was too messy. Some people will say there are always opportunites and that you should always trade whatever but i strongly disagree and if the charts are setup incorrectly (and in high risk mode only) then why bother. Best to be strong and walk away...Thats what i do anyway and it works for me...

As you know i teach because i want to make you a better trader and not just scalp in the room. You are nearly there and when u master this swing trading your confidence will be sky high. You can make the trades which is the hard part and as i said we can chat on skype and go through each trade with the right stop losses.

Have a great weekend and well done.

Dan

 

[badger1777]

Hi Julie
That's my email that Dan has quoted - I just wanted to pitch in because I am just turning that corner myself, I know exactly where you are right now and have felt the pressure of trying to fix my consistency and confidence. It can be bloomin lonely too trading solo. The room has made a big difference. Time and experience of the fx500club set-ups make it much easier to spot the best opportunities and spot them early enough to know what to do, to leave the less likely, plus realise which strategies suit you as a trader. I don't know how long you have been in the club, but it gets easier and easier. Like Dan says, anyone who can say they are able to see and take trades and run them to 100+ pips has achieved a remarkable thing, so you're basically there already. I still struggle but it is getting easier as you can see from the results I was quoting Dan, and these results are getting easier to achieve and more consistent for me. Best wishes and see you in the room!
Mike

 

[danarm]

Although I am definitely tired the market seems to have had some RedBull overnight and has found some wings. Aside from Ru 30s that aresuffering from a bout of local profit taking the market is trading ok.This is good news for me as I have been able to lighten further intothis decent bout of liquidity. The same cannot be said for Kazakhstanwhere it appears Bta and Allibk are on the brink of triggering a defaultalthough at the moment clarity is lacking. Clients holding Kazakh bankbonds have finally woken up and have started selling other banks (ieKKB, BCCRD and Halyk). Net net amazingly I actually think this is apositive for Kazakhstan in terms of the state not bailing out everyoneand therefore more in reserve for the 2 guys left ie Halyk and KKb (Atfand Bccrd can hopefully rely on their parent). Short term however itsprobably going to be construed as negative and so for now probably bestto stay away however I am not giving up on Borat, I will be back someday!My view on the big wide world has not changed at all, and althoughCaptain Darling and others are calling the end of the crisis and thereturn of normalised growth by next year I still think they are allsmoking something illegal. I know I have said it before but followingthe biggest episode of wealth destruction in history I cannot believethings are going to return back to normal within 2 years. I could bewrong but betting against Captain Darling is in my book a no brainer atthe moment. Enjoy the weekend people.

Mr P......

 

[danarm]

Hi Julie
That's my email that Dan has quoted - I just wanted to pitch in because I am just turning that corner myself, I know exactly where you are right now and have felt the pressure of trying to fix my consistency and confidence. It can be bloomin lonely too trading solo. The room has made a big difference. Time and experience of the fx500club set-ups make it much easier to spot the best opportunities and spot them early enough to know what to do, to leave the less likely, plus realise which strategies suit you as a trader. I don't know how long you have been in the club, but it gets easier and easier. Like Dan says, anyone who can say they are able to see and take trades and run them to 100+ pips has achieved a remarkable thing, so you're basically there already. I still struggle but it is getting easier as you can see from the results I was quoting Dan, and these results are getting easier to achieve and more consistent for me. Best wishes and see you in the room!
Mike

Hi Mike

Good to see you on the thread...

Glad you are enjoying the room and that we are helping a little. As you said it does get easier as time goes on. Some of the results have been amazing and others i need to work on...

Its a little bit like me teaching and trading at the same time. I have found it quite difficult to mix the two together as i am always thinking of the novices and not the expereinced scalpers. I am learning day by day and trying to get better in what i do and what trades i should promote in the room and not. I will get there in the end...

Lots to work on for me but we will all be better traders as time goes on. The thing is with this game is that you are never the finished article and there is always a huge room for improvement.

Lets have a great week ahead...

Enjoy the weekend.

Dan