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Medici trades the London open

  • #41
  • Dec 17, 2009 2:29am Dec 17, 2009 2:29am
...and back in at the bottom of the range, if only for 20 pips...
  • #42
  • Dec 17, 2009 2:40am Dec 17, 2009 2:40am
Quoting medici
...and back in at the bottom of the range, if only for 20 pips...
doing that twice - consistantly - is, for me, an OK daily wage , 3 times and I'm very happy and not even thinking about NY
Trading Levels with WRBs
  • #43
  • Dec 17, 2009 2:49am Dec 17, 2009 2:49am
Quoting Islander
doing that twice - consistantly - is, for me, an OK daily wage , 3 times and I'm very happy and not even thinking about NY
Exactly my approach!
  • #44
  • Dec 17, 2009 3:03am Dec 17, 2009 3:03am
RE - cash equity markets - I assume Dax and FTSE, both of which on my MT4 platform showed gap down opens, now almost closed.

Do you expect a direct correlation with cable? - oh and if these questions are too much at this time of the day, please reply later.....I know only too well how easy it is to become distracted....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #45
  • Dec 17, 2009 3:13am Dec 17, 2009 3:13am
Quoting Islander
RE - cash equity markets - I assume Dax and FTSE, both of which on my MT4 platform showed gap down opens, now almost closed.

Do you expect a direct correlation with cable? - oh and if these questions are too much at this time of the day, please reply later.....I know only too well how easy it is to become distracted....http://cdn.forexfactory.com/images/icons/icon11.gif
No, I look at the 24h traded Dow Jones and SP500 futures.

Not a direct correlation, but often there's buying/selling in cable with the direction coinciding with the direction of the index. Obviously not today, but many other days.
  • #46
  • Dec 17, 2009 3:15am Dec 17, 2009 3:15am
Long again at the bottom, also long Euro at 1.4380.
  • #47
  • Dec 17, 2009 3:26am Dec 17, 2009 3:26am
Quoting medici
Long again at the bottom, also long Euro at 1.4380.

ditto cable.....Market Profile shows growing volume around the 6215 level and it will soon pass the volume at the 6250 level.....accumulation??

news in 5 mins.....I'll put in a stop just before in case of a spike down...
Trading Levels with WRBs
  • #48
  • Dec 17, 2009 3:42am Dec 17, 2009 3:42am
Got out for +7, bought in the spike down to S2 / the 6150 level with TP under the MS2 / 50% retrace of the news drop and pirated ~30 pips.....smaller size as a riskier news trade.....that's me finished for this morning....
Trading Levels with WRBs
  • #49
  • Dec 17, 2009 3:45am Dec 17, 2009 3:45am
Quoting Islander
Got out for +7, bought in the spike down to S2 / the 6150 level with TP under the MS2 / 50% retrace of the news drop and pirated ~30 pips.....smaller size as a riskier news trade.....that's me finished for this morning....
Well done, I wasn't as quick and got in at 6160 for 20. I may not trade tomorrow, but I look forward to seeing you here again.
  • #50
  • Dec 17, 2009 3:56am Dec 17, 2009 3:56am
Quoting medici
Well done, I wasn't as quick and got in at 6160 for 20. I may not trade tomorrow, but I look forward to seeing you here again.
Thanks - and for your input too....
Trading Levels with WRBs
  • #51
  • Dec 17, 2009 5:16am Dec 17, 2009 5:16am
Quoting okrutny
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...
Thanks, you're welcome. And, yes, it's been a good week, but a bit of a tumbler today.

As for the long this morning, I expected a bounce before any selling continued. The bounce did happen, but the sterling-yen selling was unexpected. And it wasn't until after the news. And by comparison with the Euro, the long was the more interesting trade in the 6-9am time.

And, yes, I will try to post here, also charts and things which explain my thinking. But for now off to other things.

PS. How do you like the book?
  • #52
  • Dec 17, 2009 5:28am Dec 17, 2009 5:28am
Caught by unexpected selling at 8am. Had to work back to profit by small range trades and a bounce after the news. In all not the best of days. We live and learn.
  • #53
  • Dec 17, 2009 11:41pm Dec 17, 2009 11:41pm
Good morning. Here we go again.

For Frankfurt/European open, 6am, long cable at or above 1.6165, long euro at or above 1.4367.
  • #54
  • Dec 17, 2009 11:56pm Dec 17, 2009 11:56pm
http://www.telegraph.co.uk/finance/f...icts-Saxo.html

A quote:

"The world has been in a bubble since the mid-1990s. They are still blowing new bubbles to keep it all going, but each bubble is shorter and shorter. It is frightening, and is all going to end in tears,"
  • #55
  • Dec 18, 2009 12:06am Dec 18, 2009 12:06am
Hi, I entered long at 6179, because of support at 6175 over the night. already got stopped out. i see better support at 6166, so i'm in once more. Cheers

What are your targets? 6200 on cable, 6394 on euro?
  • #56
  • Dec 18, 2009 12:16am Dec 18, 2009 12:16am
Quoting okrutny
Hi, I entered long at 6179, because of support at 6175 over the night. already got stopped out. i see better support at 6166, so i'm in once more. Cheers

What are your targets? 6200 on cable, 6394 on euro?
Yes, 1.6162 is a solid support line, 23.6% retracement of the early July drop from 1.6743 to 1.5982, a range whose Fibo levels have been in play ever since.

Targets? Cable 1.6205 and 1.6230, but could go above both. Euro 1.4405 and 1.4419 but could go above both.

Those were nice entries that immediately went into profit.
  • #57
  • Dec 18, 2009 12:21am Dec 18, 2009 12:21am
Quoting medici
http://www.telegraph.co.uk/finance/f...icts-Saxo.html

A quote:

"The world has been in a bubble since the mid-1990s. They are still blowing new bubbles to keep it all going, but each bubble is shorter and shorter. It is frightening, and is all going to end in tears,"
Yep, sigma nine event again
  • #58
  • Dec 18, 2009 12:23am Dec 18, 2009 12:23am
And the alternative scenario, if these entry levels break, is to sell below them for revisits to the lows of yesterday and possibly below.
  • #59
  • Dec 18, 2009 12:39am Dec 18, 2009 12:39am
Quoting okrutny
Yep, sigma nine event again
To me this quote is about the central bank policies, starting with Greenspan, of boosting economies by excess credit and cheap money. I think it's a fair assessment to say that that's what they are at again now, and that the boom-bust sequences will become shorter creating ever more volatility. How it all will end, whether in tears or not, will be interesting to see. But sustainable it does not seem.
  • #60
  • Dec 18, 2009 12:57am Dec 18, 2009 12:57am
Cable having hard times.. Is there sth to be read from PA on cable? Is not gonna make it? Closed it, waiting for next setup. 7am. Euro missed ;(
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