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Medici trades the London open

  • #221
  • Dec 23, 2009 3:21am Dec 23, 2009 3:21am
Quoting medici
That's it for me this side of Christmas, folks. In spite of a sleepy session, good pips were had by all, and party budgets extended

Thanks to all for sharing, and have a wonderful Christmas holiday. I shall be back Tuesday next week.
Thanks for your efforts here.....Happy Christmas and a Pip-filled New Year.....
Attached Image
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  • #222
  • Dec 30, 2009 12:44am Dec 30, 2009 12:44am
GM everybody. Half a stone heavier and recovering from xmas excesses, I still managed to steal a few pips yesterday.

Today was a classic 6am buy. Breakouts at 6am are very rare, so long cable from 5880 for 20.

Yesterday's NY session was year-end flows and it isn't unlikely that this pm will be even more of a firework display. So I would guess that people are taking short positions in anticipation of that. Will be looking for shorts around 7am and 8am, possibly already from 5900 but 5915-45 more attractive.
  • #223
  • Dec 30, 2009 1:10am Dec 30, 2009 1:10am
Short cable from 5902. We'll see...
  • #224
  • Dec 30, 2009 1:10am Dec 30, 2009 1:10am
Quoting medici
GM everybody. Half a stone heavier and recovering from xmas excesses, I still managed to steal a few pips yesterday.

Today was a classic 6am buy. Breakouts at 6am are very rare, so long cable from 5880 for 20.

Yesterday's NY session was year-end flows and it isn't unlikely that this pm will be even more of a firework display. So I would guess that people are taking short positions in anticipation of that. Will be looking for shorts around 7am and 8am, possibly already from 5900 but 5915-45 more attractive.
GM - I'm glad that I'm not the only one suffering.....I too pirated some pips yesterday morning after a late start, but I'm nursing an underwater long from the afternoon when I rediscovered that multitasking and trading dont go together....
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  • #225
  • Dec 30, 2009 1:16am Dec 30, 2009 1:16am
Hi medici, good to see u again I'm trying to steal pips also, but not much convinced about the xmas - new year break. In your book it was written that one should expect thin market then. Nobody of you guys was here so I also was flat. Your PM's are turned off, how could I find out which broker do you use?
  • #226
  • Dec 30, 2009 1:17am Dec 30, 2009 1:17am
Quoting medici
Short cable from 5902. We'll see...
More pips banked when it didn't break through the lows.
  • #227
  • Dec 30, 2009 1:28am Dec 30, 2009 1:28am
I've taken another long - this one off the MS1 level of 5884.

This level is also market profile's high volume pivot for the past 24 hours, so I'm hoping that it was accumulation.......even if I'm correct, The Brits might still do a stop sweeping fake out below yesterdays low, so I have a tight stop and will re-enter lower....Time Will Tell
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  • #228
  • Dec 30, 2009 1:31am Dec 30, 2009 1:31am
Quoting Islander
GM - I'm glad that I'm not the only one suffering.....I too pirated some pips yesterday morning after a late start, but I'm nursing an underwater long from the afternoon when I rediscovered that multitasking and trading dont go together....
Hello Islander. Suffering indeed. Yesterday was the last day of excesses though, when the last of xmas food and wine went. Will go to the gym at lunchtime today to start getting back in shape.

Might be a New Year resolution to start trading the NY session every once in a while. But I do find that I more than 4-5 hours of trading daily wears me down, whereas afternoon's off leave me refreshed.
  • #229
  • Dec 30, 2009 1:41am Dec 30, 2009 1:41am
We have one more turkey meal left, but as a couple of friends are here for the holidays there are a least to nights out still to go, so normality on that front will be delayed until 2010

I understand what you're saying about the problem of extended trading hours. I find that by limiting the morning session to ~4 hours I can go out for 2 / 3 hours and come back refreshed for the early NY session - and over the last couple of months there have been some good moves during the NY morning.
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  • #230
  • Dec 30, 2009 1:41am Dec 30, 2009 1:41am
Quoting Islander
I've taken another long - this one off the MS1 level of 5884.

This level is also market profile's high volume pivot for the past 24 hours, so I'm hoping that it was accumulation.......even if I'm correct, The Brits might still do a stop sweeping fake out below yesterdays low, so I have a tight stop and will re-enter lower....Time Will Tell
Probably a good idea, as it isn't going down. My reason for not taking a long is the kind of 5m chart pattern around 7am. So I will wait and see if it breaks above the 7am levels.

If there had been sizeable stops below they would probably have been taken out when the stops were taken out under 4330 in the Euro, I think.
  • #231
  • Edited 1:53am Dec 30, 2009 1:52am | Edited 1:53am
That was a classic move in the Euro - it hit is S1 level at 1 am gmt, stayed around it for a couple of hours and is now back above yesterdays low and its rising 30 ema.

However, as you said, cable didnt follow down and its low so far today is still ~25 pips above yesterdays low, thus giving a Higher Low at 5:55 gmt. Normally this is a good buy signal, BUT I'm worried about the narrow range and failure to push up above the days open level.....

I'll pop a patience pill.....
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  • #232
  • Edited 2:23am Dec 30, 2009 2:22am | Edited 2:23am
Quoting Islander
That was a classic move in the Euro - it hit is S1 level at 1 am gmt, stayed around it for a couple of hours and is now back above yesterdays low and its rising 30 ema.

However, as you said, cable didnt follow down and its low so far today is still ~25 pips above yesterdays low, thus giving a Higher Low at 5:55 gmt. Normally this is a good buy signal, BUT I'm worried about the narrow range and failure to push up above the days open level.....

I'll pop a patience pill.....


Agreed. The buy signal at 5.55-6.00 was clear but the action around 7am negated that. And now it seems like the morning ranges have been defined.

Patience is the name of the game today...I shorted the Euro from 1.4357 just to keep me awake.
  • #233
  • Dec 30, 2009 2:23am Dec 30, 2009 2:23am
I've closed all longs after The Brits failed to take it on up and reversed to short as a test of the lows now look more likely....
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  • #234
  • Dec 30, 2009 2:31am Dec 30, 2009 2:31am
Quoting Islander
I've closed all longs after The Brits failed to take it on up and reversed to short as a test of the lows now look more likely....
Good thinking.

My reason for the Euro short was that it was (i) Asian high, (ii) around session lows from the past few days, and (iii) around 8am. Now out for some more pips.
  • #235
  • Dec 30, 2009 2:33am Dec 30, 2009 2:33am
Quoting Islander
I've closed all longs after The Brits failed to take it on up and reversed to short as a test of the lows now look more likely....

Closed and reversed to long.....so far the earlier lows have held, so its looking like we have a 30 pip range to trade off.....TWT
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  • #236
  • Dec 30, 2009 2:41am Dec 30, 2009 2:41am
Quoting Islander
Closed and reversed to long.....so far the earlier lows have held, so its looking like we have a 30 pip range to trade off.....TWT
Well done. Don't know if I would like a long at this stage. Sentiment seems too bearish.
  • #237
  • Edited 2:58am Dec 30, 2009 2:48am | Edited 2:58am
Quoting medici
Well done. Don't know if I would like a long at this stage. Sentiment seems too bearish.
Understood - its hovering around B/E and I have a tight stop in case it does finally test yesterdays low.....I'm just surprised that its moved so little.....

LOL - out for B/E +1
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  • #238
  • Edited 7:55am Dec 30, 2009 2:51am | Edited 7:55am
Quoting Islander
That was a classic move in the Euro - it hit is S1 level at 1 am gmt, stayed around it for a couple of hours and is now back above yesterdays low and its rising 30 ema.

However, as you said, cable didnt follow down and its low so far today is still ~25 pips above yesterdays low, thus giving a Higher Low at 5:55 gmt. Normally this is a good buy signal, BUT I'm worried about the narrow range and failure to push up above the days open level.....

I'll pop a patience pill.....
yeah..agee to..
  • #239
  • Dec 30, 2009 3:04am Dec 30, 2009 3:04am
A sleepy morning with range bound consolidation after yesterday's big sell-off.

Still, the usual principles applied and produced the daily pay cheque.

I plan to post some charts that illustrate the principles, and also update the initial post accordingly.

But now it's coffee time! Will maybe return for the NY session as today may be another year-end sell-off day.
  • #240
  • Dec 30, 2009 3:17am Dec 30, 2009 3:17am
Quoting medici
A sleepy morning with range bound consolidation after yesterday's big sell-off.

Still, the usual principles applied and produced the daily pay cheque.

I plan to post some charts that illustrate the principles, and also update the initial post accordingly.

But now it's coffee time! Will maybe return for the NY session as today may be another year-end sell-off day.
Well done getting your daily cheque - I'm still some way off....enjoy your coffee.....I'll be back for NY too.....
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