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Islander and Medici trade the European open

  • #41
  • Jan 7, 2010 11:35pm Jan 7, 2010 11:35pm
Quoting Islander
Closed in the spike up towards the DP

Edit: now short after DP held
Closed at the 150 ema
Trading Levels with WRBs
  • #42
  • Jan 7, 2010 11:42pm Jan 7, 2010 11:42pm
Hi Medici,

Thanks for that.

I am not looking to trade the news but how to cope with the effects it has on the market.

Yesterday with all that news GU was very flat and I thought perhaps it may be better to trade a different pair when big news is due on GU that morning.
Money grows on the tree of persistence
  • #43
  • Jan 7, 2010 11:43pm Jan 7, 2010 11:43pm
Gm all....Love the new thread.
  • #44
  • Jan 7, 2010 11:46pm Jan 7, 2010 11:46pm
At last there's some volume - the last 5 min candle that broke up out of the range was on high volume. I'm looking to buy ~the DP for a continuation up to the MR1 / 6000 area....
Trading Levels with WRBs
  • #45
  • Jan 7, 2010 11:47pm Jan 7, 2010 11:47pm
Quoting Wolf.
Gm all....Love the new thread.
Thanks - its good to see you here...
Trading Levels with WRBs
  • #46
  • Jan 7, 2010 11:52pm Jan 7, 2010 11:52pm
Quoting ozmacca
Hi Medici,

Thanks for that.

I am not looking to trade the news but how to cope with the effects it has on the market.

Yesterday with all that news GU was very flat and I thought perhaps it may be better to trade a different pair when big news is due on GU that morning.
Then read Jamie Coleman's posts on www.forexlive.com and stay away from trading 30min before and after news releases.
  • #47
  • Jan 7, 2010 11:53pm Jan 7, 2010 11:53pm
Quoting Islander
Closed at the 150 ema
And I am playing the long side. 1.6000 next?
  • #48
  • Jan 7, 2010 11:58pm Jan 7, 2010 11:58pm
Quoting medici
And I am playing the long side. 1.6000 next?
Closed at 1.5970.

Edit...50% of yesterday's range seems to have stopped the traffic. So better safe than sorry.
  • #49
  • Jan 8, 2010 12:01am Jan 8, 2010 12:01am
Quoting medici
And I am playing the long side. 1.6000 next?

Me too and I hope so - or rather the MR1 as that's my TP.....TWT

Now to see what LO brings......
Trading Levels with WRBs
  • #50
  • Jan 8, 2010 12:08am Jan 8, 2010 12:08am
1.5927 is the 76.4% retracement of the end of Dec up move, and 1.5986 is the 61.8% level.
  • #51
  • Jan 8, 2010 12:09am Jan 8, 2010 12:09am
Quoting Islander
Me too and I hope so - or rather the MR1 as that's my TP.....TWT

Now to see what LO brings......

OK, so the spike was to the 85 level...the one that I've mentioned before http://cdn.forexfactory.com/images/icons/icon12.gif.....so I clucked and took ~20 pips....
Trading Levels with WRBs
  • #52
  • Jan 8, 2010 12:14am Jan 8, 2010 12:14am
Quoting Islander
OK, so the spike was to the 85 level...the one that I've mentioned before http://cdn.forexfactory.com/images/icons/icon12.gif.....so I clucked and took ~20 pips....
And don't forget the 5982 level, the 8 July bottom of the range which has been in play ever since.
  • #53
  • Jan 8, 2010 12:17am Jan 8, 2010 12:17am
Quoting medici
1.5927 is the 76.4% retracement of the end of Dec up move, and 1.5986 is the 61.8% level.
Ah - so that's why the 85 level came into play today.....either way, I'm happy to bank the pips.

Now I'll watch the DP area again and consider another buy.....



In as suggested and out for few.....IF this holds as a Lower High, I'll be looking to sell.......TWT
Trading Levels with WRBs
  • #54
  • Jan 8, 2010 12:21am Jan 8, 2010 12:21am
Quoting Islander
Ah - so that's why the 85 level came into play today.....either way, I'm happy to bank the pips.

Now I'll watch the DP area again and consider another buy.....
Done on the upside, I am quite sure. I'd be considering a short back to 5950-60.

Edit...just clipped 10+ pips on such a short.
  • #55
  • Jan 8, 2010 12:43am Jan 8, 2010 12:43am
MR1 hit and I'm now short....€ still holding with LHs
Trading Levels with WRBs
  • #56
  • Jan 8, 2010 12:51am Jan 8, 2010 12:51am
morning,

The early bird catches the worm indeed.

Thanks for your analysis, I didn't look earlier so I could see for myself the set-ups the way you have outlined - using your principles of monitoring price action, I didn't jump on everything that moved, was not stuck in dodgy trades. just took profit when available. (instead of going for bigger targets only to watch price reverse) I only traded cable and minimally, but kept an eye on euro. The small channel on five mins as well as fibs and pivots were respected, then when it broke out, using the hrly channel and 50% fib as targets worked out great.

Love the new thread, the information is suberb - and as I don't really have anything constructive to offer, I will not clutter thread.

Done for day - not risking givng a cent back trading on no-flipping-profit day (NFP)

Thank again to both of you and everyone else for all your help.
Good luck.
  • #57
  • Jan 8, 2010 1:00am Jan 8, 2010 1:00am
Thanks guys for next week together. Every day with you makes me closer to achieve my goal, which is living from trading I'm glad the thread didn't die and can't wait to see you on Monday. I'll be ready for a next week of learning and trying. You guys and your trading skill give me a hope

See you.
  • #58
  • Jan 8, 2010 1:00am Jan 8, 2010 1:00am
Quoting Islander
MR1 hit and I'm now short....€ still holding with LHs
With MR1 so close to the more important 6000 level this was always a risky entry, but I'll hold it and add another IF R1 at 6024 gets hit.....this will be an FTI type of rescue!
Trading Levels with WRBs
  • #59
  • Jan 8, 2010 1:18am Jan 8, 2010 1:18am
Quoting Islander
With MR1 so close to the more important 6000 level this was always a risky entry, but I'll hold it and add another IF R1 at 6024 gets hit.....this will be an FTI type of rescue!
How wrong I was about no more upside...

Good thinking about other important levels nearby. 1.6020 were highs on 24 and 29 Dec.

Now short from R1. TWT.

Edit...6033 is 50% of the end of Dec up move.
  • #60
  • Jan 8, 2010 1:31am Jan 8, 2010 1:31am
I haven't followed my own rules today and may wind up taking a loss.

However, the highest volume on the 5 min chart was in the shooting star 3 candles ago - with a small body and large upside wick its a sign of considerable selling.....as to whether or not its the turning point.....TWT
Trading Levels with WRBs
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