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Medici trades the London open

  • #281
  • Jan 4, 2010 4:08am Jan 4, 2010 4:08am
Quoting medici
6272 to be precise, is the 38.2% retracement of the early July drop. It served as support for much of July and August, as a pivot Aug-Sept, and then as support from mid-October until the post-NFP drop early December. The same level, 6272, then served as pivot for the range that was later broken by year-end flows.

So I would think that an area around this level is firmly etched on many peoples screens and in order books. Now an attempt to break back in the range seems under way, and if it succeeds the action around 6272-80 should be interesting....

Thanks - I'd only gone out to my 4 hourly.

Now, looking at my daily, I can see the area that you mean, althought I wouldn't have been able to pick it out.

I'm now waiting to see what happens around this 200 level, my 1 min chart is starting to roll over and a break of 6178 would be an initial sell signal. Likewise a pull back to the 6155 area would be a continuation buy, BUT I dont like taking trades at this time of the day, so I'll stand aside....
Trading Levels with WRBs
  • #282
  • Edited 4:13am Jan 4, 2010 4:10am | Edited 4:13am
Quoting pilotui
Sir, do you ever place a pending buy/sell at the high/low of the 6am or 7am candle?
No, I don't use pending orders at all, but prefer to base my entries on price action. The reason is that the entry technique is crucial for managing the R:R ratio, and basing entries on price action I can work with a tighter stop.

Btw, I love your Katherine Mansfield quote!
  • #283
  • Jan 4, 2010 4:27am Jan 4, 2010 4:27am
Glad you like the quote...it's my personal life motto. I've made every big decision by asking my self " of the two or three options, which one is the hardest and most painful to execute"...then I pick that one.



Cheers,

Darren Oh and thanks for the info on pending orders! Happy trading.
  • #284
  • Edited 4:34am Jan 4, 2010 4:27am | Edited 4:34am
Quoting Islander
Thanks - I'd only gone out to my 4 hourly.
My pleasure. Long-term charts have their value. One of my more memorable trades was the long in cable on 9 November 2008 from 1.4557 - the 61.8% retracement from the Jan 85 low to the Nov 07 high, as found on a monthly chart.

Quote
... BUT I dont like taking trades at this time of the day, so I'll stand aside....

I very much share that point of view!
  • #285
  • Edited 4:42am Jan 4, 2010 4:41am | Edited 4:42am
Quoting pilotui
Glad you like the quote...it's my personal life motto. I've made every big decision by asking my self " of the two or three options, which one is the hardest and most painful to execute"...then I pick that one.


Thank you for sharing. That sums up my approach as well, as I have made my major life decisions along similar lines. As Mansfield says, "Care no more for the opinions of others, for those voices. Do the hardest thing on earth for you. Act for yourself. Face the truth", which means that not charting your own path is inauthentic. And, thankfully, trading is an occupation that rewards this perspective.
  • #286
  • Jan 4, 2010 6:27am Jan 4, 2010 6:27am
Mansfield is one of only a handful of writers who actually struggled with the Human Condition. I believe we are of like mind.

I left a wonderful military career in the US Air Force after being promoted to Captain. Why? It wasn't challenging at all. Just the same thing day in and day out, with no end in sight. Trading? Thats a whole different animal.

Cheers.

-Darren
  • #287
  • Jan 4, 2010 9:11am Jan 4, 2010 9:11am
Quoting pilotui
I believe we are of like mind.

I left a wonderful military career in the US Air Force after being promoted to Captain. Why? It wasn't challenging at all. Just the same thing day in and day out, with no end in sight. Trading? Thats a whole different animal.
Of like mind indeed! I left employed life after the dotcom bust for similar reasons. On my return, after spending some years travelling and living in different places, fx had gone retail
  • #288
  • Jan 4, 2010 11:52pm Jan 4, 2010 11:52pm
GM all. Risk trade and dollar weakness back in fashion it seems. Looking for good long entries around the opens here.
  • #289
  • Jan 4, 2010 11:56pm Jan 4, 2010 11:56pm
GM, nice to see u Already missed long at 5:30 Looking to get in on retracement 5 to 30 ema. Greetz
  • #290
  • Jan 5, 2010 12:03am Jan 5, 2010 12:03am
Ive followed this journal a few times now including yesterday when you were spot on. Where would you be looking to enter today?

Regards Seb.
The greatest force on earth is compound interest.
  • #291
  • Jan 5, 2010 12:10am Jan 5, 2010 12:10am
Quoting sebastionay
Ive followed this journal a few times now including yesterday when you were spot on. Where would you be looking to enter today?

Regards Seb.
Hi Seb, thank you. Where I would enter is a bit dynamic depending on price action. Support levels are pretty easy to identify, so it's a matter of looking at correlations and price action. Today Aussie would be a good gauge as well.

I would be reluctant to enter at current levels. Would rather wait for a less risky entry.
  • #292
  • Jan 5, 2010 12:27am Jan 5, 2010 12:27am
Quoting medici
Hi Seb, thank you. Where I would enter is a bit dynamic depending on price action. Support levels are pretty easy to identify, so it's a matter of looking at correlations and price action. Today Aussie would be a good gauge as well.

I would be reluctant to enter at current levels. Would rather wait for a less risky entry.
I trade a simular style although im far less experienced. How does the Aussie effect cable?
The greatest force on earth is compound interest.
  • #293
  • Jan 5, 2010 1:08am Jan 5, 2010 1:08am
Short Euro from 4480
  • #294
  • Jan 5, 2010 1:09am Jan 5, 2010 1:09am
GM - so an early turn with the last clear buy off the days open level of 6084 two hours ago with a pull back towards the 5m 30 ema offering another opportunity 40 mins ago.

Now price has stalled at the 50% retrace of yesterdays range at 6152, with the 61% above at 6173.

For me, I need a pull back to consider a long or, following a pull back a Lower High on the 5 min or 1 min to consider a short......Time Will Tell
Trading Levels with WRBs
  • #295
  • Jan 5, 2010 1:19am Jan 5, 2010 1:19am
Long cable after the daily pivot at 6126 and still rising 30 ema held
Trading Levels with WRBs
  • #296
  • Jan 5, 2010 1:21am Jan 5, 2010 1:21am
Quoting medici
Short Euro from 4480
Out for about 20.
  • #297
  • Jan 5, 2010 1:24am Jan 5, 2010 1:24am
Quoting sebastionay
How does the Aussie effect cable?
These moves are mostly about the dollar and correlations with other dollar pairs are helpful in identifying support and resistance levels. The Aussie has been particularly perky lately and therefore a good sentiment indicator.
  • #298
  • Jan 5, 2010 1:26am Jan 5, 2010 1:26am
Out for 8, I dont like the PA and the very low volume
Trading Levels with WRBs
  • #299
  • Jan 5, 2010 1:37am Jan 5, 2010 1:37am
Quoting Islander
Out for 8, I dont like the PA and the very low volume
The buying is over, I think, but will there be much selling?
  • #300
  • Jan 5, 2010 1:37am Jan 5, 2010 1:37am
Short after the Lower High that followed the double top at the 50%fib / 6150 levels.....tight stop as its against the DP and 30 ema.....
Trading Levels with WRBs
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