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Medici trades the London open

  • #21
  • Edited 12:39am Dec 16, 2009 12:16am | Edited 12:39am
Nikkei closes at a seven week high, and the Gulf states are challenging the dollar:

http://www.telegraph.co.uk/finance/e...-hegemony.html
  • #22
  • Dec 16, 2009 12:20am Dec 16, 2009 12:20am
Clipped 10 pips on that. Now stuck right in the middle of the week's range. Back to bed I think.
  • #23
  • Dec 16, 2009 2:06am Dec 16, 2009 2:06am
Did a couple of range trades in the 1.6240-70 range in order to collect today's paycheck, but now definitely done.

On a day like today, cable is a saviour offering reasonably obvious trades even if the market is going nowhere.
  • #24
  • Edited 3:21am Dec 16, 2009 3:02am | Edited 3:21am
Hi Medici - thanks for some interesting posts.

I too trade around this time of the day - being based in Spain I actually start a little earlier - and try to collect my minimum paycheque by mid morning from cable - although yesterday was a sharp reminder to check the Euro too!

I've bookmarked this thread and will be a regular visitor

Regards

Islander
Trading Levels with WRBs
  • #25
  • Dec 16, 2009 3:24am Dec 16, 2009 3:24am
Thanks Islander, you're welcome. Good to hear from somebody with a similar approach.

Yes, one needs to check the Euro, but on average it pays to focus on cable, I think. Which I suppose is why you focus on it too? Another difference between the two is that one is more likely to get a chance to re-enter on a retracement with the Euro when trending.
  • #26
  • Edited 4:12am Dec 16, 2009 3:55am | Edited 4:12am
Quoting medici
Thanks Islander, you're welcome. Good to hear from somebody with a similar approach.

Yes, one needs to check the Euro, but on average it pays to focus on cable, I think. Which I suppose is why you focus on it too? Another difference between the two is that one is more likely to get a chance to re-enter on a retracement with the Euro when trending.
I can see that you are a very experienced trader and later I'll read all of your posts here in FF - just clicking on the blue underlined number of posts on the top right of each one is the fastest way http://cdn.forexfactory.com/images/icons/icon12.gif

This is my Euro chart that I posted yesterday whilst trying to help another trader - hence a lot of clutter - but it shows my approach using price action around pivots and sweet spots plus a couple of MAs for reference and pull backs in a trend.

I missed all of the fall, but caught 20 pips off the buy after the spike low at the news....
Attached Image (click to enlarge)
Click to Enlarge Name: dec 15 eur 5m 1100 gmt.gif Size: 19 KB
Trading Levels with WRBs
  • #27
  • Dec 16, 2009 4:47am Dec 16, 2009 4:47am
Thanks for kind words, chart, and explanation. Here's my analysis of the Euro yesterday, but in view of the upcoming ZeW numbers and the bullish bias in cable, I focused on cable.

The 1.4647 level had been the battleline for over 24 hours and had given way during the Asian session. A retracement to such a level is normally a good setup for a breakout trade such as actually happened yesterday.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 15dec.jpg Size: 100 KB
  • #28
  • Dec 16, 2009 9:55am Dec 16, 2009 9:55am
I've now read all of your posts - LOL, I even found one of my own in BRV's thread a couple away from one of yours! There were some interesting points that you raised and I need to study some posts again to make certain that I fully understand them.

I've only recently come accross a couple of other traders who seem to have a similar knowledge of order flow etc and I'm certain that if I too can master it, then my trading will improve. The idea of walking away after a 3 / 4 hour morning session is very appealing - especially when its warmer.

I'm currently looking at the 1 SMA of HLC/3 - do you still use it?
Trading Levels with WRBs
  • #29
  • Dec 16, 2009 10:24am Dec 16, 2009 10:24am
Don't know if they're all worth reading, to be honest, but thanks for taking the time.

There is a point to moving averages of pivots, I think, as applied for example by Charles Drummond, and I would possibly use it to filter out bad trades if I traded the NY session. But I have heeded Aristotle's advice that "We are what we repeatedly do. Excellence, then, is not an act, but a habit." And my habit is to trade the London morning based on understanding of order flow, i.e. if I cannot anticipate order flow I don't enter trades. Better to stick to the high-probability trades than to decrease the hit rate by chasing trades. And consistency is good for both the nerves and the bank account.
  • #30
  • Dec 16, 2009 10:41am Dec 16, 2009 10:41am
Quoting medici
Don't know if they're all worth reading, to be honest, but thanks for taking the time.

There is a point to moving averages of pivots, I think, as applied for example by Charles Drummond, and I would possibly use it to filter out bad trades if I traded the NY session. But I have heeded Aristotle's advice that "We are what we repeatedly do. Excellence, then, is not an act, but a habit." And my habit is to trade the London morning based on understanding of order flow, i.e. if I cannot anticipate order flow I don't enter trades. Better to stick...

Well I have finally got out of the habit of spending too much time in front of my screen.....now its ~3 hours in the mornings and another 3 from the open of the US markets and that's what has caused me too many problems as I dont read NY as well as I do FO / LO - so thanks for making me take a harder look at this.....I'll concentrate on FO onwards. I've also ordered the book that you mentioned.
Trading Levels with WRBs
  • #31
  • Dec 16, 2009 11:53pm Dec 16, 2009 11:53pm
Hmm,

this seems to be end of year flow driven rather than a post-FOMC reaction. Long cable at 1.6246 with a 1.6284-6300 target.
  • #32
  • Dec 17, 2009 1:08am Dec 17, 2009 1:08am
GM - after seeing the double bottom off yesterdays low I joined you at 6250, but it seems as if The Frankfurters have other ideas....
Trading Levels with WRBs
  • #33
  • Dec 17, 2009 1:11am Dec 17, 2009 1:11am
Quoting Islander
GM - after seeing the double bottom off yesterdays low I joined you at 6250, but it seems as if The Frankfurters have other ideas....
Good Morning, yes stopped out on that one but re-entered at 1.6215. We'll see how it goes. An unexpected move, I must say, whereas the Euro has been better behaved.
  • #34
  • Dec 17, 2009 1:22am Dec 17, 2009 1:22am
Quoting medici
Good Morning, yes stopped out on that one but re-entered at 1.6215. We'll see how it goes. An unexpected move, I must say, whereas the Euro has been better behaved.

Agreed - I also took a hit and have bought again at 6211

Euro's moved 12 pips since FO, cable 64....lets hope that this is just a pre rally stop sweep
Trading Levels with WRBs
  • #35
  • Dec 17, 2009 1:30am Dec 17, 2009 1:30am
Quoting Islander
Agreed - I also took a hit and have bought again at 6211

Euro's moved 12 pips since FO, cable 64....lets hope that this is just a pre rally stop sweep
So it seems. We're at the bottom of the range of the last week, and the Euro has definitely bottomed out for now. So this should be one of those things that cable does, and it's the cost of doing business. We'll see about the upside. The Euro should visit 1.4450 even if it's headed for further downside. That might be a good point to take profit in cable. Next hurdle is 1.6230.
  • #36
  • Dec 17, 2009 1:43am Dec 17, 2009 1:43am
I have last weeks low at 6188 and todays MS2 pivot at 6190....

To the upside, the 230 level, S1 at 237 and then Market Profile puts the high volume pivot since the NY close at 6250.......
Trading Levels with WRBs
  • #37
  • Dec 17, 2009 2:03am Dec 17, 2009 2:03am
I closed after the 6230 level held as resistance, now waiting for The Brits
Trading Levels with WRBs
  • #38
  • Dec 17, 2009 2:24am Dec 17, 2009 2:24am
At this stage, 8am, I like to watch the opening of the cash equity markets. They often give direction to things. Presently moving in our direction. For taking profit I usually want to do that at a resistance level (if long). My targets would be 1.6230, 1.6246-50, and then 1.6285.

On another note, it seems like this morning's drop in cable was due to sterling-yen sales. I think the 1.6200-04 level will hold, but it seems we're stuck down here...one of those days...
  • #39
  • Dec 17, 2009 2:26am Dec 17, 2009 2:26am
Quoting Islander
I closed after the 6230 level held as resistance, now waiting for The Brits
Also closed out.
  • #40
  • Dec 17, 2009 2:27am Dec 17, 2009 2:27am
Hi guys, let me join the Islander's fun club of medici Yes, i have read all posts of medici and it was before Islander did Even copied some of them to folder with my 6-8gmt trading journal, hope medici doesn't mind..
I'm also trying to learn the approach from monday and must say that these week was quite successful to me. I feel I don't quite understand that approach but trying to properly mark s/r asian levels and if at 6 or 7 is there price, enter. Today i entered long at 6:15 at .6236 cable and got out 6:40 at .6257. Sadly missed short at 7 but trade i took its enough for me. I'm gonna read the thread once more cause i don't understand why you expect long on cable.
Greetings guys, and hope medici is going to post here trades long enough for me to learn it.
P.S. Got that book
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