Islander and Medici trade the European open | Page 2 | Forex Factory

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Islander and Medici trade the European open

  • #21
  • Jan 8, 2010 12:19am Jan 8, 2010 12:19am
Quoting okrutny
Where that price comes from? support level or sth more? Sold cable at asian high..
The level is clearly visible on a 5min chart. And for reasons mentioned in my previous post I am not playing the short side at these levels.
  • #22
  • Jan 8, 2010 12:24am Jan 8, 2010 12:24am
Quoting Islander
Short off 5950 level....the DP is above at 5957
I'm too but don't like PA..
  • #23
  • Jan 8, 2010 12:29am Jan 8, 2010 12:29am
I'm in...5953
Attached Image (click to enlarge)
Click to Enlarge Name: 8 jan gu.jpg Size: 168 KB
  • #24
  • Jan 8, 2010 12:33am Jan 8, 2010 12:33am
Quoting okrutny
Please say more, why is selling euro at asian low wild, but you buy cable at weaker support than that? I mean 5923..
What I mean by wild is seemingly not having a plan. My trade was based on the fact that it's NFP Friday, so nobody's going to take the market lower prior to NFP release after the down week we've had. In addition, short-term (not compared to us!) folks will want to take profit and close their books before weekend. So the stop sweep (not the beginning of a move down for reasons mentioned) in Euro was a godsend for a long cable entry at a pre-identified level.

Edit...,last but not least, the price action confirmed my view prior to entry.
  • #25
  • Jan 8, 2010 12:38am Jan 8, 2010 12:38am
Quoting Islander
Short off 5950 level....the DP is above at 5957

After that initial activity, the volume ha dropped right off, so its now a lottery. I have a stop the other side of the DP, so I'll take a small loss if it heads up towards the levels mentioned by Medici....otherwise I'll look to exit around the now rising 5m 30 ema ~ 5940
Trading Levels with WRBs
  • #26
  • Jan 8, 2010 12:38am Jan 8, 2010 12:38am
Quoting pilotui
I'm in...5953
Thanks for chart! Is the ZigZag the reason for entry?
  • #27
  • Jan 8, 2010 12:42am Jan 8, 2010 12:42am
No, I focus mostly on pair strength information but I like the zig zag because it has auto-drawn trend lines...which highlight the previous sessions PA...like todays Asian range.

I have used Williams cross of -50 as my go to OV/OS indy for a year now and it's pretty good.

Thanks!
  • #28
  • Edited 12:47am Jan 8, 2010 12:43am | Edited 12:47am
Out on the pull back as posted above for ~10 pips and now reversed to long based on Higher Lows and also taking on board Medici's posts.....
Trading Levels with WRBs
  • #29
  • Jan 8, 2010 12:47am Jan 8, 2010 12:47am
Thank you medici, I bought euro because of PA at 4307, wchich is S 0.5
  • #30
  • Jan 8, 2010 12:48am Jan 8, 2010 12:48am
Quoting Islander
Out on the puñll back as posted above for ~10 pips and now reversed to long based on Higher Lows and also taking on board Medici's posts.....
I'm long too for same reason, but like you said, it's a bit of a lottery, so let's consider NFP morning practice rather than profit sessions. Some people I know have lie-ins on NFP mornings. Maybe the wisest thing to do. Should consider myself lucky to have a few pips in the bag, I think.
  • #31
  • Jan 8, 2010 12:54am Jan 8, 2010 12:54am
450.00

My goal is 1,000.00 per day so this is a nice start!

500K lot.

Interesting thread, and system Medici/Islander. I like the detailed info on the market and Islanders 30MA as a TP on 5M charts.

Thanks!
  • #32
  • Jan 8, 2010 12:59am Jan 8, 2010 12:59am
to early.
  • #33
  • Jan 8, 2010 1:00am Jan 8, 2010 1:00am
Out with small loss and in again at 5927, that old fib line.
  • #34
  • Jan 8, 2010 1:03am Jan 8, 2010 1:03am
Quoting pilotui
450.00

My goal is 1,000.00 per day so this is a nice start!

500K lot.

Interesting thread, and system Medici/Islander. I like the detailed info on the market and Islanders 30MA as a TP on 5M charts.

Thanks!
For me, the 5m 30 ema its my main guide for the short term trend and here, as it had started to move up, I was looking for it to act as support.....as we can now see, probably due to the lack of volume we're back inside the range.....now to see what The Frankfurters do....
Trading Levels with WRBs
  • #35
  • Jan 8, 2010 1:07am Jan 8, 2010 1:07am
Quoting TipTop
Wau, that is alot of information, it might help some newbie here..
thanks
My pleasure. That was exactly my intention.
  • #36
  • Jan 8, 2010 1:16am Jan 8, 2010 1:16am
Quoting pilotui
450.00

My goal is 1,000.00 per day so this is a nice start!

500K lot.

Interesting thread, and system Medici/Islander. I like the detailed info on the market and Islanders 30MA as a TP on 5M charts.

Thanks!
You're welcome, and thanks for sharing. 20 pips a day, that's a good conservative target. That way you can make sure you have consistency.
  • #37
  • Jan 8, 2010 1:20am Jan 8, 2010 1:20am
Quoting medici
Out with small loss and in again at 5927, that old fib line.
Well read - I'm slow this morning and a little distraced by a gale outside that's causing a few problems.

There's also the days open level at 5926.

I'm still holding that long expecting a retrace towards the upper part of this range...
Trading Levels with WRBs
  • #38
  • Jan 8, 2010 1:29am Jan 8, 2010 1:29am
Quoting Islander
Well read - I'm slow this morning and a little distraced by a gale outside that's causing a few problems.

There's also the days open level at 5926.

I'm still holding that long expecting a retrace towards the upper part of this range...
Closed in the spike up towards the DP

Edit: now short after DP held
Trading Levels with WRBs
  • #39
  • Edited 5:44am Jan 8, 2010 1:34am | Edited 5:44am
Quoting ozmacca
Hi,

I notice that Islander uses 3 monitors, how many do you find is best Medici ?

Another question, when there are "red" news announcements due, like yesterday, would I be better to move to another pair. GU had 3 biggies, is it safer to trade EU or EJ until the news is passed. I read that Islander monitors CHF as a third pair.

Medici, could you tell me what pairs you monitor please and if/how the forthcoming news announcements effects your trades.
I use two monitors. Watching too much info makes me lose mental focus, so I've settled for two.

News trading is a chapter in itself. Best to stay away unless you know what you are doing. News releases often provide good opportunities for pips, but is a skill in itself. There is some good info on it in Augustin Silvani's book Beat the Forex Dealer.

Personally I trade the morning news, but usually stay away from the afternoon news, in particular NFP. Today might be an exception, though.
  • #40
  • Jan 8, 2010 1:35am Jan 8, 2010 1:35am
Quoting Islander
Closed in the spike up towards the DP

Edit: now short after DP held
I closed at the top too, but staying away from the short side.
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