Medici trades the London open | Page 16 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Islander and Medici trade the European open 6,846 replies

London open to Sydney open 23 replies

How to specify to EA not to open new trades after London close 2 replies

London Calling . . . Various strategies focusing on London Open 58 replies

GBP/JPY London Open trades 202 replies

Attachments: Medici trades the London open
Exit Attachments

Medici trades the London open

  • #301
  • Jan 5, 2010 1:43am Jan 5, 2010 1:43am
Quoting medici
The buying is over, I think, but will there be much selling?

Obviously I hope there will be selling and the volume did pick up a little in that push up to the LH....I'm now trailing a 5 pip stop....
Trading Levels with WRBs
  • #302
  • Jan 5, 2010 1:44am Jan 5, 2010 1:44am
Trail closed me for ~10 pips....now watch it drop....
Trading Levels with WRBs
  • #303
  • Jan 5, 2010 1:48am Jan 5, 2010 1:48am
Quoting Islander
Trail closed me for ~10 pips....now watch it drop....

LOL - and it did, now heading for the 61% retrace ~the 6100 level....
Trading Levels with WRBs
  • #304
  • Jan 5, 2010 1:49am Jan 5, 2010 1:49am
Quoting Islander
LOL - and it did, now heading for the 61% retrace ~the 6100 level....
Let's go for another short. This may have some way to go on the downside after 8am.
  • #305
  • Jan 5, 2010 1:58am Jan 5, 2010 1:58am
Quoting medici
Let's go for another short. This may have some way to go on the downside after 8am.

Too late for me now, I'll wait for LO

I tightened my trail when Swissy stalled...that was a mistake....
Trading Levels with WRBs
  • #306
  • Jan 5, 2010 2:02am Jan 5, 2010 2:02am
Quoting Islander
Too late for me now, I'll wait for LO

I tightened my trail when Swissy stalled...that was a mistake....
Short from 6100. The good old 8am trick.
  • #307
  • Jan 5, 2010 2:11am Jan 5, 2010 2:11am
Quoting medici
Short from 6100. The good old 8am trick.
Out for 25.
  • #308
  • Jan 5, 2010 2:14am Jan 5, 2010 2:14am
Quoting medici
Short from 6100. The good old 8am trick.
Nice one.....I hesitated, now the MS1 level at 6069 is holding and cables short term oversold....so is it a pause to work that off and then continue south or is it a fake-out to collect longs at a better price?.....I have no idea....
Trading Levels with WRBs
  • #309
  • Jan 5, 2010 2:28am Jan 5, 2010 2:28am
Quoting Islander
Nice one.....I hesitated, now the MS1 level at 6069 is holding and cables short term oversold....so is it a pause to work that off and then continue south or is it a fake-out to collect longs at a better price?.....I have no idea....
well I do now.....a pause, small pull back to the 1m 30 ema and then south again.....I'll post a chart later, its classic action....
Trading Levels with WRBs
  • #310
  • Jan 5, 2010 2:29am Jan 5, 2010 2:29am
Quoting Islander
Nice one.....I hesitated, now the MS1 level at 6069 is holding and cables short term oversold....so is it a pause to work that off and then continue south or is it a fake-out to collect longs at a better price?.....I have no idea....
Well, the answer is on screen now....but this brings me on to another topic that I have been meaning to write about - session trends and reversal patterns, as they apply to the European morning. More about that in another post.
  • #311
  • Jan 5, 2010 2:35am Jan 5, 2010 2:35am
Short Euro from 4417
  • #312
  • Jan 5, 2010 2:35am Jan 5, 2010 2:35am
Quoting medici
Short Euro from 4417
Out as daily profit target reached.
  • #313
  • Jan 5, 2010 2:41am Jan 5, 2010 2:41am
Quoting medici
Well, the answer is on screen now....but this brings me on to another topic that I have been meaning to write about - session trends and reversal patterns, as they apply to the European morning. More about that in another post.

I look forward to that post.....its obviously an area that I need to learn more about.....I read the initial Lower High correctly, but failed to take on board the potential of the move and so miised out on the larger part of it by getting myself faked out by tightening my stop to protect a small profit....I've been there before too http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #314
  • Jan 5, 2010 2:42am Jan 5, 2010 2:42am
Quoting medici
Out as daily profit target reached.
Excellent trading....
Trading Levels with WRBs
  • #315
  • Jan 5, 2010 2:50am Jan 5, 2010 2:50am
Quoting Islander
Excellent trading....
Thank you, but I am not particularly pleased with today's performance. While I get my daily 50 with some consistency, the opportunity was obviously much bigger today. I got the 4480 entry right in the Euro but didn't hold on. Mental sluggishness made me miss the 4143 short in cable. Both entries would have been for keeps rather than exiting at next s/r level. Which is about session trends and reversal patterns...which will be my next post.
  • #316
  • Jan 5, 2010 3:04am Jan 5, 2010 3:04am
This is what my chart showed me...first, the continuation Buy after price pulled back towards the 150 ema (5min 30 ema) - potential ~ 20 pips

Then the stall at the 50% retrace / 6150 level - fib not shown to avoid clutter.

The Lower High then gave me a Sell ~ 6135 which I took (and traded very poorly) here, I would normally have taken some or all of my profits just after LO when price touched the lower (over sold) 30 ema band / MS1 level....that alone was worth ~ 65 pips....

The pull back to the falling 30 ema gave another opportunity to sell for a 35 pip fall to the 6050 level when price again became short term oversold...

So plenty of potential......how to achieve it in real time is always rather more difficult....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 5 cable 1 min 0850.gif Size: 20 KB
Trading Levels with WRBs
  • #317
  • Edited 5:10am Jan 5, 2010 4:42am | Edited 5:10am
And here's my take on it. There was a 5min head & shoulder pattern clearly indicating a short at 6143. Occurring right after 7am, it is a sign that there will be a substantial journey down. For that matter, already the drop down from 6143 indicated bearish direction, and should have alerted for short entry.

Having my attention elsewhere, I missed the 6143 entry, was considering the break of and retracement to the daily pivot, but stayed cautious. The 8am entry at 6100 was classic and saved the day.

What I mean by session trend is that a trend is often established in the morning session, and it generally starts with and continues until some kind of reversal pattern occurs. Today the bottom reversal patterns was when 6037 held for a retest.

One example may be a bit brief, but it's hard to generalise beyond what I have said. Instead I'll post more examples as time goes by. There are lots of patterns that repeat themselves over and over, and as they occur I will point them out. Generally 5min charts is what I look at for these.

Finally, how does this apply to the "50 pips a day consistently no matter what" principle? Given the an entry at 6143, it would have been a case of holding until a reversal/consolidation pattern occurs. As I was late to enter and wanted to secure my daily target, I got out at the 6068 support level, but otherwise (if daily target already secured) I would have waited for the reversal pattern to occur.
Attached Image (click to enlarge)
Click to Enlarge Name: cable05jan.jpg Size: 171 KB
  • #318
  • Jan 5, 2010 4:52am Jan 5, 2010 4:52am
Quoting Islander
This is what my chart showed me...first, the continuation Buy after price pulled back towards the 150 ema (5min 30 ema) - potential ~ 20 pips

Then the stall at the 50% retrace / 6150 level - fib not shown to avoid clutter.

The Lower High then gave me a Sell ~ 6135 which I took (and traded very poorly) here, I would normally have taken some or all of my profits just after LO when price touched the lower (over sold) 30 ema band / MS1 level....that alone was worth ~ 65 pips....

The pull back to the falling 30 ema gave another opportunity...
Thanks, very interesting. You seem to rely on these EMAs on 1min charts. How did you arrive at those?
  • #319
  • Edited 6:20am Jan 5, 2010 6:10am | Edited 6:20am
Quoting medici
Thanks, very interesting. You seem to rely on these EMAs on 1min charts. How did you arrive at those?
I must say I implemented these EMAs too, and they work well, because, as you said, the trend born in the morning is clearly seen, when 5ema retrace to 30 ema it's a sign to jump into trade or build up a position. When price goes up or down, it means, that there is a clear trend at least at 1m chart, not necessarily there is one at higher timeframes. On the other hand one must be careful not to close trade, when EMAs cross, but when reversal pattern as you said occurs.

One question to you medici, what were the clues behind short euro 4480, there was 7am, but i can't see any resistance..

Greetings to you guys & have a nice day
  • #320
  • Jan 5, 2010 6:14am Jan 5, 2010 6:14am
Quoting okrutny

One question to you medici, what were the clues behind short euro 4480, there was 7am, but i can't see any resistance..

Greetings to you guys & have a nice day
4480 was the October low, as visible on a daily chart, price action confirmed the short.

You have a nice day too! I'm out for some errands soon.
0 traders viewing now