Islander and Medici trade the European open | Page 13 | Forex Factory

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Islander and Medici trade the European open

  • #241
  • Jan 13, 2010 12:37am Jan 13, 2010 12:37am
Quoting medici
Do I need to say I did the same....
LOL - as expected......I've got a tight stop on this one, just in case cable decides to have another push up....also, €s retraced half of its drop and is at its days open level....
Trading Levels with WRBs
  • #242
  • Jan 13, 2010 12:42am Jan 13, 2010 12:42am
Quoting Islander
LOL - as expected......I've got a tight stop on this one, just in case cable decides to have another push up....also, €s retraced half of its drop and is at its days open level....
Not pleased with that short. Too impatient early entry. So I cut it at about BE. I have a mid-morning appointment so will be off soon. Thanks for today and see you later.
  • #243
  • Jan 13, 2010 12:46am Jan 13, 2010 12:46am
The FF calendar shows this morning's Manufacturing Production data as the last major UK news due out this week, although there's still plenty of "red" news due for € and $......IF the data's out from the 0.3% expected, it might trigger a move....LOL, we need one....this chop is hard work...
Trading Levels with WRBs
  • #244
  • Jan 13, 2010 12:49am Jan 13, 2010 12:49am
Quoting medici
Not pleased with that short. Too impatient early entry. So I cut it at about BE. I have a mid-morning appointment so will be off soon. Thanks for today and see you later.
I too have to go out after the news, back for NY as I'm way below my quota......my own fault, as the trend provided opportunities....
Trading Levels with WRBs
  • #245
  • Jan 13, 2010 12:57am Jan 13, 2010 12:57am
Quoting Islander
I too have to go out after the news, back for NY as I'm way below my quota......my own fault, as the trend provided opportunities....
I'll be back tomorrow. Needless to say below my daily quota...

And, yes, the trend...the buy at 6191, why didn't we think of that one?
  • #246
  • Jan 13, 2010 1:03am Jan 13, 2010 1:03am
Quoting medici
I'll be back tomorrow. Needless to say below my daily quota...

And, yes, the trend...the buy at 6191, why didn't we think of that one?

LOL - I personally find it difficult to continue buying after a run up and close to known resistance.....also, I guess that I've also taken on board some of the posts elsewhere about loading up on shorts.....this is a mistake as its influenced my reading of my own charts and PA......I should know better....
Trading Levels with WRBs
  • #247
  • Jan 13, 2010 1:14am Jan 13, 2010 1:14am
Quoting Islander
LOL - I personally find it difficult to continue buying after a run up and close to known resistance.....also, I guess that I've also taken on board some of the posts elsewhere about loading up on shorts.....this is a mistake as its influenced my reading of my own charts and PA......I should know better....
As for other posts...couldn't agree more.

As for the buy at 6191, this morning could be summarised as (1) a breakout above this week's range at 6191, and then (2) a retracement to the same level while Euro hits the bottom of its range. Clear buy to me.

And now cable has broken above the end of Dec range.

We live and learn...
  • #248
  • Jan 13, 2010 1:36am Jan 13, 2010 1:36am
Quoting medici
As for other posts...couldn't agree more.

As for the buy at 6191, this morning could be summarised as (1) a breakout above this week's range at 6191, and then (2) a retracement to the same level while Euro hits the bottom of its range. Clear buy to me.

And now cable has broken above the end of Dec range.

We live and learn...
Yes, a classic signal that we should have been anticipating.....dunces caps for both of us.....
Trading Levels with WRBs
  • #249
  • Edited 7:37am Jan 13, 2010 1:46am | Edited 7:37am
Quoting Islander
Yes, a classic signal that we should have been anticipating.....dunces caps for both of us.....
And another aspect is, being close to known resistance as you say, that there is bound to be stops above those levels. And some people make a living from taking out those stops, so a hike above 6240 was very likely regardless of whether this is a reversal level or not.

But now I really need to go...BFN
  • #250
  • Jan 13, 2010 2:39am Jan 13, 2010 2:39am
Quoting Vantage
I was almost but not yet. Shallow retrace = higher???????
I also find myself below D quota today, didn't trade well even in light of above quote where I thought we were going higher. Was also trying to see real time what MFI does.

Just first looks but indi does look interesting, 15 min chart here with 14 setting. Divergence and reaction to 80/20 seem quite strong.

An initial trade that Mrs V and I are considering is if MFI is hitting the 80/20 lines then trading key levels (reaction to that level).

Trade 3.30 am, MFI hits 20 and theres a bounce from D P.

Next trade MFI hits 80 and PA struggling at Y's high, this trade never followed through but selling top of band gave some space to get to BE.

Trade 8.30 MFI again at 80 and showing divergence. Opportunities here to sell D R1, 6225 psych level and the best of all the bounce from M pivot.

By the time price falls to Y's high the indi has had chance to reset to continue moving up.

TWT if this is a waste of space or worthwhile. Can't help but ask why does no-one else use it. Useless or just not mainstream enough?

Divergence trades I like, based on rsi I like, volume important in its calc I like mmmmh.
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  • #251
  • Jan 13, 2010 4:58am Jan 13, 2010 4:58am
MFI - no better no worse than any other OB/OS/divergence indi. Basically you need a closed candle to confirm the divergence and if that was the right candle for a reversal in trend I'd be trading that anyway.

Will continue to have a look but PA still rules obviously.
  • #252
  • Jan 13, 2010 5:19am Jan 13, 2010 5:19am
Quoting Vantage
MFI - no better no worse than any other OB/OS/divergence indi. Basically you need a closed candle to confirm the divergence and if that was the right candle for a reversal in trend I'd be trading that anyway.

Will continue to have a look but PA still rules obviously.
As you say, PA rules and I try to concentrate - not always with success! - on the reactions of price to levels and MAs. I do however keep one old indy in the back ground, on another chart, to highlight a when price has fast moves that set up potential pull backs and also to check on divergence.....but like all indies, it gives false readings and if relied on, takes concentration away from PA.

I've now taken half sized sells in both cable and euro after the recent Lower Highs.....
Trading Levels with WRBs
  • #253
  • Jan 13, 2010 5:23am Jan 13, 2010 5:23am
Both now closed for small profits after cable failed to break R2
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  • #254
  • Jan 13, 2010 5:27am Jan 13, 2010 5:27am
Quoting Islander
I've now taken half sized sells in both cable and euro after the recent Lower Highs.....
Don't trust this going down yet. We seem to have had a spike and fall off on 1hr vol but the sharp upwards TL on 5/15 min charts not even broken.

I'd wait and want a break of TL, a failed re-test for lower high and only then I'll try a sell.

This is some very obstinate PA that occurs from time to time.
  • #255
  • Jan 13, 2010 5:39am Jan 13, 2010 5:39am
Quoting Vantage
Don't trust this going down yet. We seem to have had a spike and fall off on 1hr vol but the sharp upwards TL on 5/15 min charts not even broken.

I'd wait and want a break of TL, a failed re-test for lower high and only then I'll try a sell.

This is some very obstinate PA that occurs from time to time.

Agreed, that's why it was a half position trade and also into NY1 open ....I'm just trying another one....

Edit: after a LH....
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  • #256
  • Jan 13, 2010 5:42am Jan 13, 2010 5:42am
closed at R2 for a few more pips....
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  • #257
  • Jan 13, 2010 5:55am Jan 13, 2010 5:55am
Just to remind me of what I've missed out on.....buying off the 30 ema the potential was ~200 pips......http://cdn.forexfactory.com/images/icons/icon11.gif


The trend (30 ema) is my friend, the trend is my friend, the tr..........etc etc
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  • #258
  • Jan 13, 2010 6:06am Jan 13, 2010 6:06am
We've at least had that TL break now.
  • #259
  • Jan 13, 2010 6:08am Jan 13, 2010 6:08am
Quoting Vantage
We've at least had that TL break now.
And 30 ema flipping over lets see what happens, if I don't get anything I like and price falls away so be it. If this fall has legs there'll be lots of chances.
  • #260
  • Jan 13, 2010 6:30am Jan 13, 2010 6:30am
Quoting Vantage
And 30 ema flipping over lets see what happens, if I don't get anything I like and price falls away so be it. If this fall has legs there'll be lots of chances.

At last.....now let's see what NYO2 brings....I've pirated pips on another couple of small sells and IF price holds under the 30 which has now turned negative I'll go to normal size

Euro's at yesterday high level and under its falling 30 ema....
Trading Levels with WRBs
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