Islander and Medici trade the European open | Page 17 | Forex Factory

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Islander and Medici trade the European open

  • #321
  • Jan 15, 2010 1:40am Jan 15, 2010 1:40am
I'm finished for this morning.....banked some nice pips by just trading the range, I'm leaving another sell order under MR1 ......back for early NY.....
Trading Levels with WRBs
  • #322
  • Jan 15, 2010 1:45am Jan 15, 2010 1:45am
Quoting Islander
I'm finished for this morning.....banked some nice pips by just trading the range, I'm leaving another sell order under MR1 ......back for early NY.....
OK, see you then
  • #323
  • Edited 7:28am Jan 15, 2010 7:13am | Edited 7:28am
Since 8am est I've been concentrating on trading the Euro between its support at its MS3 level of 4361 and its S2 at 4390, taking four trades for 7 to 15 pips profit per trade, easier than trading cable.....

I also took a sell in cable when its DP at 6304 held as a LH......here I'm looking for a retest of its S1 at 6263.....

Edit - all of the data has been close to expectations and thus has not triggered any larger moves....
Trading Levels with WRBs
  • #324
  • Jan 15, 2010 7:26am Jan 15, 2010 7:26am
Its always nice when trades go according to plan.....that was a nice 35 pips to finish a very profitable day - and cable's range today is only 90 pips....so far.

A good weekend to all......back on Monday for FO.....
Trading Levels with WRBs
  • #325
  • Jan 15, 2010 7:32am Jan 15, 2010 7:32am
Quoting Islander
Since 8am est I've been concentrating on trading the Euro between its support at its MS3 level of 4361 and its S2 at 4390, taking four trades for 7 to 15 pips profit per trade, easier than trading cable.....

I also took a sell in cable when its DP at 6304 held as a LH......here I'm looking for a retest of its S1 at 6263.....

Edit - all of the data has been close to expectations and thus has not triggered any larger moves....
Well done. I have only managed a short in cable from under the pivot.


In addition to the data - it's option expiry today.
  • #326
  • Jan 15, 2010 7:34am Jan 15, 2010 7:34am
Quoting Islander
Its always nice when trades go according to plan.....that was a nice 35 pips to finish a very profitable day - and cable's range today is only 90 pips....so far.

A good weekend to all......back on Monday for FO.....


See you Monday. Have a nice weekend.
  • #327
  • Jan 17, 2010 4:58am Jan 17, 2010 4:58am
Quoting Islander
The action since NYO 1

I didnt take the last possible sell at the ?? as the R1 had just held and also € had made a small HL, with Swissy holding under its S1 level, so I'm now seeing mixed signals and so its time to pop a patience pill.....
hi Islander
Nice thread. I always follow your analysis btw .. recently i see you added bolligerband two of them what settings you have used?

cheers
  • #328
  • Jan 17, 2010 10:15pm Jan 17, 2010 10:15pm
GM all. Speaking of Bollinger Bands, should anybody be interested, I modified the Bands indicator that comes with MT4 to produce Bollinger Bands around EMA and LWMA instead of the usual SMA.
Attached File(s)
File Type: mq4 EMA Bands.mq4   3 KB | 339 downloads
File Type: mq4 WMA Bands.mq4   3 KB | 315 downloads
  • #329
  • Jan 17, 2010 10:15pm Jan 17, 2010 10:15pm
Long cable from 6275, that old fib level and today supported by the daily pivot.

Edit...out at 6290. Looking for further tests of same level.
  • #330
  • Jan 17, 2010 10:28pm Jan 17, 2010 10:28pm
GM all - I sold after the break of the 6300 level, now closed after the spike down to the DP at 6273.
Trading Levels with WRBs
  • #331
  • Jan 17, 2010 10:30pm Jan 17, 2010 10:30pm
That level I mentioned is actually at 6272. Draw Fibonacci levels between the 30 June high and 8 July low, and take a look at subsequent price action at those levels. 6272 is the 38.2% level. Check back to the mid December consolidation period after the initial post NFP drop and notice how 6272 is the pivot for those days with many good trades taken from that level.

In addition 6275 is 50% of December. One scenario for today is consolidation around these levels.
  • #332
  • Jan 17, 2010 10:35pm Jan 17, 2010 10:35pm
Quoting hoichoi
hi Islander
Nice thread. I always follow your analysis btw .. recently i see you added bolligerband two of them what settings you have used?

cheers
Hi - thanks for passing by.....the bands are just levels added to an EMA.

On the 5 min chart for cable I'm using the 30 ema with +/- 75 bands. These are a simple guide to OB/OS levels.

On the 1 min chart I've been using +/- 35 levels off the 30 ema......this is work in progress....

Cheers
Trading Levels with WRBs
  • #333
  • Jan 17, 2010 10:43pm Jan 17, 2010 10:43pm
Sold again after the pull back to the 61% of the fall / 30 ema which has rolled over and is now at 6298
Trading Levels with WRBs
  • #334
  • Jan 17, 2010 10:52pm Jan 17, 2010 10:52pm
Quoting Islander
Sold again after the pull back to the 61% of the fall / 30 ema which has rolled over and is now at 6298
Hmm. My directional bias is still bullish. Bought again at 6285.

Edit...this is a classic pattern. Breakout of the Asian early range and then retracement to support level within the range.
  • #335
  • Edited 11:17pm Jan 17, 2010 11:02pm | Edited 11:17pm
Quoting medici
Hmm. My directional bias is still bullish. Bought again at 6285.

Edit...this is a classic pattern. Breakout of the Asian early range and then retracement to support level within the range.

Whist I agree with a bullish bias in Euro - on its 15 min chart there was a triple bottom around Friday afternoons low - I dont yet have confirmation in cable as the 30 ema has pointed both ways.....TWT

Edit - also the old resistance from 6300 up to 6318 has held.....so far
Trading Levels with WRBs
  • #336
  • Jan 17, 2010 11:13pm Jan 17, 2010 11:13pm
Quoting Islander
Whist I agree with a bullish bias in Euro - on its 15 min chart there was a triple bottom around Friday afternoons low - I dont yet have confirmation in cable as the 30 ema has pointed both ways.....TWT
Whereas I read all this in terms of price action and order flow. First, classic pattern that has repeated itself countless times. Second, dealer push down to pick up orders in accordance with pattern. So what now remains to be seen is if there's follow-through, and my bet is consolidation rather than upside breakout.

Edit...Now out. And would consider Euro short.
  • #337
  • Jan 17, 2010 11:30pm Jan 17, 2010 11:30pm
Interesting how patterns repeat themselves. Somebody had to try for a breakout in cable.


Small Euro short from 4383.
  • #338
  • Jan 17, 2010 11:33pm Jan 17, 2010 11:33pm
http://cdn.forexfactory.com/nfs/cust...tar97967_1.gifGeppyg
Member
Member Since Mar 2009
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http://cdn.forexfactory.com/images/icons/icon1.gif For Any Newbies---Times to Trade
Times To Trade
Look for Entry points between 24:00 GMT through to 14:00 GMT on new Signals. Outside of those times the market historically offers very little in the way of opportunity to catch momentum. Full momentum normally does not hit before the European markets open around 06:00 GMT. Market sentiment runs in waves, 24:00 GMT (Japan), 06:00 GMT (Germany), and 11:00 GMT (Chicago), and outside of those times a forex trader is unlikely to see too much sustainable movement.


Global Forex Order Flow Times, And Regional Percentages:
U.K. and Euro-zone 52.6% (05:00 GMT-15:00GMT)
Asia 21.1%. (22:00 GMT-07:00 GMT)
U.S. 16.6% (11:00 GMT-20:00GMT)
Other 9.7%.
The above is the International Bank for Settlement numbers that analyze the global flow of forex trade. It reveals the reason that we do not expect too much to happen, (and we are usually correct), from 14:00 GMT until at least 23:00 GMT. It also reveals why the European futures market open, from around 05:00 GMT through until the Chicago reversal at 11:00 GMT are the main times to expect sustainable moves.

New Orders
For maximum forward momentum look to place/instigate new orders around the following times:
03:00 GMT (Tokyo return from lunch)
06:00-07:00 GMT (European Open)
09:00-11:00 GMT (U.S. futures reaction to London oil, gold, and Libor fixings)15:00 GMT (European close)

Bonds, equities, futures, commodities, all dominate in the U.S. session and as a result forex values are pulled from pillar to post as major global markets wind down their trading day just as the largest commodity, bond and stock markets get go from 11:00 GMT. That is the reason that we do not expect too much to happen, (and we are usually correct), from 14:00 GMT until at least 23:00 GMT.

18:30 GMT (Nymex oil market close) The 18:30 GMT time-frame is the exception to the rule, most days anything placed at this time will not follow through too far, and will very likely drift aimlessly through until swap interest at 21:00 GMT. If traders are looking to get involved in this period it should be done with reduced lot and only if the S&P market is moving hard. 20:00 GMT through to 24:00 GMT is a an absolute no-man's land of forex movement. Anything new that is loaded outside of these times may not follow through with great momentum.
Trading Levels with WRBs
  • #339
  • Jan 17, 2010 11:48pm Jan 17, 2010 11:48pm
Quoting medici
Interesting how patterns repeat themselves. Somebody had to try for a breakout in cable.


Small Euro short from 4383.

I have the highest 5 min volume on that attempted breakout in cable.....I'm out after a small loss.......

I'm waiting for LO before selling Euro, this 4375 area is still holding....
Trading Levels with WRBs
  • #340
  • Jan 18, 2010 12:13am Jan 18, 2010 12:13am
The high at MR1 is a high volume narrow ranged candle - I've taken a small sell.....

Edit; my TP is at MR1 plus spread and 1 pip, BUT I must watch the old 6318 resistance area in case this acts as support for another bounce....
Trading Levels with WRBs
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