Islander and Medici trade the European open | Page 14 | Forex Factory

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Islander and Medici trade the European open

  • #261
  • Jan 13, 2010 9:36am Jan 13, 2010 9:36am
As mentioned before, Euro is often easier to trade and has a cleaner chart.


An hour ago I exited a € short when price held at the yesterdays high. It then bounced up to the MR2 / 30 ema where I had placed a limit sell with my TP at the 4500 level....

That's got me up to my daily quota .....

NB €s retraced about 70% of todays rally, cable only ~ 30%.......
Trading Levels with WRBs
  • #262
  • Jan 13, 2010 8:36pm Jan 13, 2010 8:36pm
Hey guys,

I have to stay that this is going to be my favorite thread here at FF. Your method is very very similar to mine, that is horizontal S/R lines, pivot levels, round numbers and session trends. Plus I tend to add chart patterns, such as channels or trend lines.

I have one question though. What settings do you use for the pivot indicator? We know that pivots are computed from previous day's data, but what time do you consider to be the daily open? I personally use GMT 00:00, but I'd like to know what worked best for you.

Happy trading,
Tyler
  • #263
  • Jan 13, 2010 11:32pm Jan 13, 2010 11:32pm
Quoting greenBarret
Hey guys,

I have to stay that this is going to be my favorite thread here at FF. Your method is very very similar to mine, that is horizontal S/R lines, pivot levels, round numbers and session trends. Plus I tend to add chart patterns, such as channels or trend lines.

I have one question though. What settings do you use for the pivot indicator? We know that pivots are computed from previous day's data, but what time do you consider to be the daily open? I personally use GMT 00:00, but I'd like to know what worked best for you.

Happy trading,
Tyler...
Hello Tyler,

and welcome to the thread. Glad you appreciate it. Here's the answer to your question: http://www.forexfactory.com/showpost...2&postcount=83
  • #264
  • Jan 13, 2010 11:56pm Jan 13, 2010 11:56pm
Since Vantage introduced it, I have started looking at it, and now MFI14 is above 80 on H4 for both Euro and Cable indicating a possible correction to the up move.
  • #265
  • Jan 14, 2010 12:03am Jan 14, 2010 12:03am
Short Euro from 4552. And cable too from 6290.
  • #266
  • Edited 12:22am Jan 14, 2010 12:15am | Edited 12:22am
4 up days in a row screaming for a retrace.

I've attached 15 min with pivots, psych levels on, also fibs based on y's range. Thats a lot of potential reversal areas.

The guys on the gu, gy, uj thread seem to think this is area for major fall. With big dogs now short $ index on COT I'm not so sure. Would view any fall as a buy opportunity. Having said that I'll happily follow where 1hr takes me.

Interestingly MFI at 80/20 extremes got every pause/retrace area, with the top at last nights Asian session giving clear divergence.
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  • #267
  • Jan 14, 2010 12:26am Jan 14, 2010 12:26am
Quoting medici
Since Vantage introduced it, I have started looking at it, and now MFI14 is above 80 on H4 for both Euro and Cable indicating a possible correction to the up move.
Cool, massive divergence on MFI 15 min for eur and ej.
  • #268
  • Jan 14, 2010 12:29am Jan 14, 2010 12:29am
Quoting medici
Short Euro from 4552. And cable too from 6290.
GM - me too, but a little later, I sold cable after the retest of 30 ema / days open level and € after MR1 acted as resistance....
Trading Levels with WRBs
  • #269
  • Jan 14, 2010 12:37am Jan 14, 2010 12:37am
Quoting Islander
GM - me too, but a little later, I sold cable after the retest of 30 ema / days open level and € after MR1 acted as resistance....
GM Islander,

my reasons for selling were failed retest of 4553 at the same time as failed retest of 6293 - 4553 being a level from yesterday and 6293 being the overnight 'line in the sand'.

Nice moves often start around 6am...
  • #270
  • Jan 14, 2010 12:38am Jan 14, 2010 12:38am
My market profile is showing 6277 as highest vol for the day, it will be interesting to see how we trade in that area.

However as I have to pop out and get Mrs V some medicine and take TOD (aka the old dear aka my mom) to the optician to pick her glasses up I'm not going to see it.

I honestly can't tell if the vol around the top yesterday was sellers trying and failing or buyers just doing enough to keep us up here.

TWT but trend is up!!
  • #271
  • Jan 14, 2010 12:39am Jan 14, 2010 12:39am
Quoting medici
Nice moves often start around 6am...
You mean UK time?
  • #272
  • Jan 14, 2010 12:41am Jan 14, 2010 12:41am
Quoting Vantage
You mean UK time?
Yes.
  • #273
  • Jan 14, 2010 12:42am Jan 14, 2010 12:42am
Quoting medici
Yes.
Great thats what time I try to be around.

Break a leg guys will pop by later.

PS We're in an uptrend!!
  • #274
  • Jan 14, 2010 12:44am Jan 14, 2010 12:44am
This may be part the reason for cable's continued strength.....



Jan. 13 (Bloomberg) -- The pound rose for a fourth day against the dollar, its longest run of gains since November, after Bank of England policy maker Andrew Sentance was cited as saying interest rates may have to increase this year.
The British currency also climbed versus the euro and the yen after the Guardian newspaper reported Sentance as saying the bank has done enough to stimulate the economy. The yen fell against all 16 of its most-traded peers tracked by Bloomberg before fourth-quarter earnings reports this week from companies including Intel Corp. and JPMorgan Chase & Co., which some analysts say will bolster stocks. The dollar slid against the euro for a third time in four days.
“The comments from Sentance gave a sniff of a turn in the U.K. rate cycle, and that lifted the pound,” said Adam Cole, the London-based global head of currency strategy at Royal Bank of Canada. “It’s a bit premature in our view, but the comments moved the markets.”
Trading Levels with WRBs
  • #275
  • Jan 14, 2010 12:45am Jan 14, 2010 12:45am
Quoting Vantage
My market profile is showing 6277 as highest vol for the day, it will be interesting to see how we trade in that area.
That's close to the 38.2% level of the early July range which has been in play ever since. Lots of activity around that level during the mid-December consolidation after the first leg of the post NFP drop.
  • #276
  • Jan 14, 2010 12:47am Jan 14, 2010 12:47am
Quoting Vantage
Great thats what time I try to be around.

Break a leg guys will pop by later.

PS We're in an uptrend!!
We also have a 20 hour 50 pip sideways channel....now is it consolidation or distribution...... TWT
Trading Levels with WRBs
  • #277
  • Jan 14, 2010 12:53am Jan 14, 2010 12:53am
Quoting Islander
This may be part the reason for cable's continued strength.....



Jan. 13 (Bloomberg) -- The pound rose for a fourth day against the dollar, its longest run of gains since November, after Bank of England policy maker Andrew Sentance was cited as saying interest rates may have to increase this year.
The British currency also climbed versus the euro...
Yes, the easing of QE has been talked about ever since the last MPC statement when it was said to be 'under review' feeding speculations that it might be scaled back in February.
  • #278
  • Jan 14, 2010 12:54am Jan 14, 2010 12:54am
Closed both for around B/E after HL in cable and failure to push down in €
Trading Levels with WRBs
  • #279
  • Jan 14, 2010 12:56am Jan 14, 2010 12:56am
Quoting Islander
Closed both for around B/E after HL in cable and failure to push down in €
Same, but keeping Euro for a bit. Not unlikely that this move up is just to pick up sell orders around 6290. TWT.
  • #280
  • Jan 14, 2010 1:21am Jan 14, 2010 1:21am
After the HLs I took a buy in case we get an upside breakout.....
Trading Levels with WRBs
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