It's All About The Pips...

[danarm]

JPY Desk - Wednesday 4th March

Good morning all….

USDJPY-
• Had a nice run yesterday. Now needs to break resistance at 98.60 to see a push higher
• Stop would need to be around 98.30 IF level breaks
• Still targeting 100.00

GBPJPY-
• 60m chart demonstrates clear symmetrical triangle formation
• Resistance is around current price levels and support back down around the pivot
• Ultimately needs to break previous high at 13865 but with that being 60 pips away from current level we may see an opportunity to go long IF GBPUSD holds up with USDJPY
• Ideally looking for USDJPY to break .60

EURJPY-
• Bounced nicely off weekly pivot yesterday.
• Wedged up against the averages now so needs to break 12340 for push higher
• Watch out for EURUSD. I suspect that needs a retracement so EURJPY could move nicely if USDJPY breaks the .60 level

VERDICT……..

Looking for possible long positions on EURJPY and USDJPY
USDJPY needs to break 98.60 with tight 30 pip stop. Careful at .70 as previous highs are there.
EURJPY needs to break 123.40 but will require a 50 pip stop below 60m 50sma


Zak

 

[jev]

Hi Dan Dan the Removal Man, hi all


Anyway, at the risk of appearing nerdy (again), I just happened to notice, as one does, that there have been over 50 downloads of the SuperWoodie CCI indicator that I posted yonks ago.

Well, I have just worked out how to get rid of all those pesky numbers that appear across the chart, and shorten the indicator name too, so thought I would post the revised indicator and a screenshot of the bit of code you need to change in case anyone wants it.

Hi RS and the rest of the Gang
Sorry to hear about your unwanted visitor...get them drunk and throw them out would be my answer!

I haven't posted for ages as still trying to get to grips with more medium term trading using the strategy...it is starting to come together...just slower than anticipated...any road as long as it does come before my trading account disapears then I will be a happy bunny.

For any newbies out there you do need to perservere and constantly re-read the pimpology thread and re-watch all the videos and then it will all start fitting in place.

RS thanks for the download...I have found the superwoodie doesn't slow down my ageing computer as much as the FX sniper does...so the new version is much apreciated.

I have the latest magnifed price indicator but it does not seem to have the market name above it i.e. 'EURUSD' etc...any ideas how to get this up RS.

Jeev

 

[danarm]

Hi Jeeve

Hope all is well...Good to see u on the thread.

I get lonely on here!!!

D

PS RS we have missed you...

 

[danarm]

Hi all

Quite a good am but could have been better.

Hope you are all liking the notes.

D

 

[jev]

Hi Jeeve

Hope all is well...Good to see u on the thread.

I get lonely on here!!!

D

PS RS we have missed you...

Hi Dan

It's a shame I can't make your morning sessions, but I am really enjoying the school...I have learnt a great deal from you guys over the last few months.

I have found the short term in out trading a little stressful...so I am trying to home in on the slightly more medium term trading even if it only needs to be from a few hours to a few days...one of the most important aspects of trading I have learnt from you is that of patience...find a style of entry you are happy with then wait for it to come to you...don't jump in even if you have missed it.

I am now looking for trades that will give me a target of at least 100 pips...the aim is that I only need 10x100pip trades a month to make a decent living (thats asssuming no losers!!)...so less is more...hopefully!

Once I have mastered this for myself I hope to contribute more to your thread.

Thanks for all the help thus far.

Jeev

 

[danarm]

Today is a significant date in the diary, after about 6 months ofconstant growth I am having my hair cut much to the pleasure of workcolleagues who think I look like Chris Waddle from 1990. Unfortunatelymy hair has been the only thing growing of late as the doom and gloomcontinues to engulf us. Watching Ben getting a grilling on Capitol hillI do feel a tad sorry for him. I mean he didn't cut rates to 1% in 02,he didn't singlehanded sell a load of teeny equivalent options at AIGand cause its downfall, give the guy a break, he is merely picking upthe pieces of everyone else's jigsaw and at the moment he can't evenfind the edges to it let alone the middle parts. EM is slowly waking upand smelling the espresso, cash is coming out and if it wasn't for therandom local bids this stuff could really gap lower as traditional realmoney buying is almost non existent. I do have some good news inKazakhstan where bids are returning in Bta, Allibk and KKB and it feelsas though the margin sellers are out for now. That is the only piece ofgood news the bad new is relentless and the lack of bounce for the stockmarket is getting a little worrying. Its NFP on Friday for the sake ofthe market and our sanity I hope its not as ugly as the doom mongers areforecasting. Maybe my haircut will be the turning point!

Mr P......

 

[danarm]

Hi Dan

It's a shame I can't make your morning sessions, but I am really enjoying the school...I have learnt a great deal from you guys over the last few months.

I have found the short term in out trading a little stressful...so I am trying to home in on the slightly more medium term trading even if it only needs to be from a few hours to a few days...one of the most important aspects of trading I have learnt from you is that of patience...find a style of entry you are happy with then wait for it to come to you...don't jump in even if you have missed it.

I am now looking for trades that will give me a target of at least 100 pips...the aim is that I only need 10x100pip trades a month to make a decent living (thats asssuming no losers!!)...so less is more...hopefully!

Once I have mastered this for myself I hope to contribute more to your thread.

Thanks for all the help thus far.

Jeev

Sounds like a great plan...

Here to help.

D

 

[jel31]

Hi Dan and the guys

Just wanted to say really enjoying the pippaging and feel things are moving along for me again. Like Jeev said, it is a gradual process and perserverence is needed, I've been fighting my demons (usual suspects, confidence, discipline, patience, fear...) and feel like I'm winning!

Really want to assure you that the morning notes are great. I've got to the stage now where I have a quick scan of the charts, draw on my levels then have a good look through your notes, checking my levels. Then, home in on 2-3 pairs I fancy and keep an eye on them while listening to what's going on What really builds confidence is when my levels agree with yours, I know then that I'm reading the charts right.

I even put a trade on CABLE last night before going to bed (a bit sad I know, my husband has started calling my charts my "porn" as in "you looking at your porn on the computer again?" ha ha) short with nice 15m trigger, small stop above 60'20 and DP and limit 10 pips above previous low, nice low stakes, no stress, then woke up this morning with 60 pips in the bank.

Talking of my husband, you will hopefully be getting a new member joining the club next month, when we get home. I am working on our little one being a "trading-friendly" baby, i.e. wakes up after London Open, siesta during US Open, we're nearly there! Isn't that terrible... you don't see that in any of the baby books

Anyway, just wanted to say keep up the good work, FX500club is getting better all the time!

Cheers

Julie

 

[Black Swan]

Hi Dan and the guys

Just wanted to say really enjoying the pippaging and feel things are moving along for me again. Like Jeev said, it is a gradual process and perserverence is needed, I've been fighting my demons (usual suspects, confidence, discipline, patience, fear...) and feel like I'm winning!

Really want to assure you that the morning notes are great. I've got to the stage now where I have a quick scan of the charts, draw on my levels then have a good look through your notes, checking my levels. Then, home in on 2-3 pairs I fancy and keep an eye on them while listening to what's going on What really builds confidence is when my levels agree with yours, I know then that I'm reading the charts right.

I even put a trade on CABLE last night before going to bed (a bit sad I know, my husband has started calling my charts my "porn" as in "you looking at your porn on the computer again?" ha ha) short with nice 15m trigger, small stop above 60'20 and DP and limit 10 pips above previous low, nice low stakes, no stress, then woke up this morning with 60 pips in the bank.

Talking of my husband, you will hopefully be getting a new member joining the club next month, when we get home. I am working on our little one being a "trading-friendly" baby, i.e. wakes up after London Open, siesta during US Open, we're nearly there! Isn't that terrible... you don't see that in any of the baby books

Anyway, just wanted to say keep up the good work, FX500club is getting better all the time!

Cheers

Julie

when your 13 year old lad understands MAs/EMAs better than you then you'll know you're out of your depth..think I'll park him in front of the pc at home in the Easter holidays and give him directions/instructions. He'll no doubt be fearless, clinical and decisive and have none of the demons you mention

 

[danarm]

Glad to see u all back on the thread!!!

See u tom.

USDCAD was only one for me this avo.

I have that weekly target in site.

D

 

[Rollingstone]

Indicators

Hi RS and the rest of the Gang

RS thanks for the download...I have found the superwoodie doesn't slow down my ageing computer as much as the FX sniper does...so the new version is much apreciated.

I have the latest magnifed price indicator but it does not seem to have the market name above it i.e. 'EURUSD' etc...any ideas how to get this up RS.

Jeev[/QUOTE]

Hi Jeev

Good to hear from you again and I'm pleased the updated Super Woodie CCI is of help, I find the SW CCI less memory hungry than the FXSniper also.

With regard to the magnified price, I don't have the indicator with the currency attached unfortunately, I have just typed a Text Label which is the "T" icon on your tool bar. This stays in the same place on your chart as opposed to the "A" which moves with the text (and again is probably less memory hungry for pension ready pcs).

Hope this helps a bit, maybe Google the other indicator?

Good luck with your trading.

RS

 

[danarm]

Morning all

A great morning and job done.

I am loving the new format in the room and the concentrating levels seem a lot higher and more focused on the job. The results were outstanding and i am glad to see most of u traded GBPJPY, GBPUSD, USDJPY, EURJPY & EURGBP

Rolston was student of the day with 298, with others making between 30 and 100 pips before 7.20am GMT.

There are 10 sessions a week so if we focus and average on making 25 to 50 pips per session we will make 250 to 500 pips per week. Thats the plan and lets make it together as a team.

Notes will be posted here at 9.30am each day.

See u later.

 

[danarm]

Maybe my haircut was the turning point as we had one of those lesserspotted up days despite an awful ADP number that points towards an uglyNFP on Friday. In addition lots of concerns about GE's credit ratingand its AAA status. Lets look at this logically the US is rated AAA andsome analysts are doubting its rating so should we be surprised that GEis in danger of being downgraded? Answer in my small brain is a big fatno and in addition if there are a load of accounts who are forcedsellers on the back of a downgrade I am miffed, whatever happened toaccounts using their grey matter anticipating such moves? Much like myhaircut (which was a waste of 18 pounds) despite the rally nothing haschanged. I would like to remind you of a few crowded trades from thelast 10 years. Icelandic or Kazakh banks, .COMS, buy to let, Spanish orDubai property, Long commodities and LBO'S to mention a few. No prizesfor guessing what happened to these, I give you the 2009 equivalent.Long HG corporates, short government bonds and agency broking! Now notall crowded trades end in tears however at the moment I am struggling tothink of a contradicting example (answers on a post card please). Whichever article I read whether it be about pension fund deficits,healthcare deficits or annuity deficits the nuts and bolts of it is thatthere is not enough money around to plug these black holes. My wife,consumers, governments, are going to have to get used to spending lessand saving more going forward unless we delay the inevitable and pass iton to future generations.For the record much better day in EM specifically Kazakh that despitethe lack of news or clarity is making a steady comeback from the despairof a few days ago. Russian corps are still a nightmare to trade,illiquid and despite the rally in stocks and oil they still don't lookvery exciting in my book. The market feels ok at the moment, but Istill think selling rallies is the right strategy especially if Friday'sNFP is a shocker and gives us a stark reminder how deep in **** wereally are.

Mr P........

 

[danarm]

London Open - Thursday 5th March

Good morning all

Interest Rate today in GBP and EUR.

Ok lets keep to our 250 pip week target. We have 10 sessions a week so that’s an average of only 25 pips per session. Only look for low risk, high probability trades and keep the consistency throughout the live sessions to make that 250 pip target.

CABLE
• 60min 20ma looks heavy with a lower high.
• Supported on the 4hr 20ma as we speak.
• Interest Rates today in GBP (midday) and expected to cut by 0.50% so GBP will be jumpy.
• 15min chart suggests support DP at 1.4117 and resistance at 1.4166.
• Watch break of these levels.
• Keep an eye on GBPJPY for help with direction.

EURUSD
• Lower high on 60min chart.
• Watch break of 60min 50ma on 15min charts.
• Interest Rates today and expected to cut 0.50%
• A break below 1.2575/70 level would signal weakness in EUR.
• A tight stop above the 1.2610 level.
• Watch EURJPY for the break of the 60min 20ma to assist in EUR weakness.

EURGBP
• Looks very weak and you can play this with tight stop at 0.8915
• 4hr 50ma at 0.8890 and look for a break here for a move lower.
• Watch GBP for support and EURUSD to break the 70 level.

 

[danarm]

JPY Desk - Thursday 5th March

Good morning all.
A great day for Yen traders yesterday with plenty of positive feedback from those of you who managed to make in excess of 200 pips. Well done to you all. Very encouraging!

Onto this morning….

USDJPY-
• Needs ultimately to break through the 99.50 level for a push higher to 100.00
• Going to be lots of resistance around this area I feel so do we really want to be going long at these levels for just 50 pips? No not really, but there is potential to stop and reverse.

GBPJPY-
• Looks good to the upside IF it breaks 140.80 AND IF Cable tries to rally
• Be careful with this pair as no correlation between USDJPY and GBPUSD as the moment, plus it’s interest-rate-day for UK

EURJPY-
• Needs to break WR1 at 126.00 for a push higher or below 124.85 for push lower, the latter being favoured at this moment in time.
• There is a small area of 50 pips to the pivot so watch EURUSD which looks weak and look also for USDJPY to find resistance too much at .50 and to fall back.

VERDICT………..

EURJPY short through 124.85 if USDJPY finds .50 too tough to crack and if EURUSD falls through 1.2570

 

[Black Swan]

Dan, or should I say "your Dudeness", I'm shocked, always thought you'd look like this:

But you actually look like this:

 

[danarm]

Dan, or should I say "your Dudeness", I'm shocked, always thought you'd look like this:

But you actually look like this:

Maybe a bit of both...

hahaha.

D

PS I love the braces!!! Off to buy some now.

 

[danarm]

Hi

Ok i am off...

Finished the day with a quick EURUSD short for 45 pips.

Great day

D

PS Its friday tom!!!

 

[danarm]

New York Open - Thursday 5th March

Afternoon all….

I have opted for the banana icon to help visualisation. I hop this helps.

This morning’s ‘verdict’ too some time to materialise, but a cheeky play between 60m 20&50 was just about worth waiting for and I hope most of you managed to pick up a little 50 pip play down to the support at pivot

This P.M see’s unemployment claims from US and also revised non-farm figures leading up to big day tomorrow!
Bad numbers should see USDJPY move down but might be a little volatile prior to breaking of the pivot and 60m 50sma at 98.85

So….

USDJPY-
• Needs to break 98.85 some 40 pips lower. Awaiting 15m trigger to cross south through 0.0 to play down to 99.00 and see what happens
• Not looking for long positions

EURJPY-
• Again, waiting for 15m trigger to show the way south back to pivot and 60m 50sma
• Not going long anthough potential double bottom at 12420

GBPJPY-
• Tricky pair today with interest rate cuts
• As with all yen pairs a virtually perfect bounce off 60m 50sma
• 140.25 (60m 20ema) is resistance now so if trigger crosses south then maybe opportunity if sterling weakens further

VERDICT………..

Keep an eye on USDJPY. If it remains below 99.40 and starts to fall off there may be a shorting opportunity on all yen pairs. Careful though, back above the 60m 20 so could be an area of the essence with 15m 20 having crossed negatively below the 50
Primarily concerned with 15m charts shorting all of the above should the triggers come into play.

Have a good afternoon

 

[danarm]

GOLD AUDUSD USDCAD - Thursday 5th March

Afternoon all,
Gold:
• Broke our 915 level and has retraced onto the 60 minute 20 ma.
• Looking for It to now find support off this level and start to move higher
• With silver also looking strong this should pull gold.

AUDUSD:
• Fallen through the WP and now also retracing to find resistance on the MA’s
• Will be looking for the triggers on this as a 123 play from around the 0.6430 level.
• If we break back through the 60 minute 20ma will have to reassess for a 123 up.
USDCAD:
• Boxed between the 4 hourly 20 ma and the hourly 50 and really needs a retrace back to the 4 hourly 20 ma
• Going long here requires too much risk.