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Islander and Medici trade the European open

  • #341
  • Jan 18, 2010 2:15am Jan 18, 2010 2:15am
Quoting Islander
The high at MR1 is a high volume narrow ranged candle - I've taken a small sell.....
Done the same, but in the Euro which seems much weaker. Not impossible with a re-visit to the overnight lows.
  • #342
  • Jan 18, 2010 2:23am Jan 18, 2010 2:23am
Quoting medici
Done the same, but in the Euro which seems much weaker. Not impossible with a re-visit to the overnight lows.
I agree about Euro's lack of interest in retracing Fridays wide range down day....it hasnt yet got to its 38% level at 1.4400....I've also taken a couple of small € trades for a few pips using the 1 min 30 ema as I did on Friday....more work in progress.... http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #343
  • Jan 18, 2010 2:44am Jan 18, 2010 2:44am
I have posted almost identical charts here before. This is a classic. Breakout of the early Asian range and retracement back into it to pick up orders before continuation.
Attached Image (click to enlarge)
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  • #344
  • Jan 18, 2010 2:44am Jan 18, 2010 2:44am
I've now sold € after its last little bounce up to its 5m 30 ema / falling 1m 30 too....

I'm looking to take another small sell in cable ~Fridays highs....my last was closed by my stop at B/E +1
Trading Levels with WRBs
  • #345
  • Jan 18, 2010 2:51am Jan 18, 2010 2:51am
Quoting Islander
I've now sold € after its last little bounce up to its 5m 30 ema / falling 1m 30 too....

I'm looking to take another small sell in cable ~Fridays highs....my last was closed by my stop at B/E +1

I did after the last spike up which was with lower momentum - the MFI volume indy showed bearish divergence after hitting the 80 levels on both TFs....this just confirmed what the PA was showing......
Trading Levels with WRBs
  • #346
  • Jan 18, 2010 3:11am Jan 18, 2010 3:11am
Quoting Islander
I've now sold € after its last little bounce up to its 5m 30 ema / falling 1m 30 too....

I'm looking to take another small sell in cable ~Fridays highs....my last was closed by my stop at B/E +1
Closed € for a few pips after it failed to push on down......

Whilst cable makes new highs which are < ~10 pips higher - i.e. with lower momentum, I'm continuing to take small sized sells and quickly exiting for ~10 pips.....I'm seeing good volume in cable and as its so far contained under Fridays high, I'm assuming that this is more distribution......TWT
Trading Levels with WRBs
  • #347
  • Jan 18, 2010 3:14am Jan 18, 2010 3:14am
Quoting Islander
I did after the last spike up which was with lower momentum - the MFI volume indy showed bearish divergence after hitting the 80 levels on both TFs....this just confirmed what the PA was showing......
Which would seem to indicate that this is a push up to take out sell orders, making a reversal at or slightly above Friday's high likely.

Note also the bearish MFI14 divergence on M5 during the late Asian session, indicating distribution as Asian day-traders take profits before the European reload at lower levels.
  • #348
  • Jan 18, 2010 3:16am Jan 18, 2010 3:16am
Quoting Islander
Closed € for a few pips after it failed to push on down......

Whilst cable makes new highs which are < ~10 pips higher - i.e. with lower momentum, I'm continuing to take small sized sells and quickly exiting for ~10 pips.....I'm seeing good volume in cable and as its so far contained under Fridays high, I'm assuming that this is more distribution......TWT
Did the same which in retrospect seems to be a mistake. Well, well, the trend is your friend so maybe possibilities for re-entry confirmed by those 1min MAs...
  • #349
  • Jan 18, 2010 3:24am Jan 18, 2010 3:24am
Quoting medici
Did the same which in retrospect seems to be a mistake. Well, well, the trend is your friend so maybe possibilities for re-entry confirmed by those 1min MAs...

Agreed - I forgot my Patience Pills http://cdn.forexfactory.com/images/icons/icon11.gif

CAble has put in a LH.....now waiting for confirmation via a LL and for the 5m 30ema to head south....with the US on holiday we may have a narrow ranged day......
Trading Levels with WRBs
  • #350
  • Jan 18, 2010 3:49am Jan 18, 2010 3:49am
Quoting Islander
...with the US on holiday we may have a narrow ranged day......
That seems to be where things are heading now.... Consolidation around 6337 in cable and possible slow slide or consolidation in the Euro. Time for a little break I think. In spite of a not so alert start, I managed to scrape together an acceptable amount of pips. Coffee to celebrate, I think.
  • #351
  • Jan 18, 2010 4:01am Jan 18, 2010 4:01am
Islander, I find that the 200 LWMA on the 1 min. chart picks up the tops and bottoms better than the 150 EMA. They are quite close to each other of course but the 200 LWMA outshines. I am also using 30 LWMA instead of the EMA version. It's very effective.
Another suggestion, Fibonacci Channels are uncanny on lower timeframe charts as well.
Just my 2 pips ))
  • #352
  • Jan 18, 2010 4:03am Jan 18, 2010 4:03am
Quoting medici
That seems to be where things are heading now.... Consolidation around 6337 in cable and possible slow slide or consolidation in the Euro. Time for a little break I think. In spite of a not so alert start, I managed to scrape together an acceptable amount of pips. Coffee to celebrate, I think.

Well done, your buy off the DP area was a great trade and following the trend provided other opportunities, as has selling the slightly higher highs up to the retest of Fridays high. I'm taking a break and will take another look after lunch....
Trading Levels with WRBs
  • #353
  • Jan 18, 2010 4:06am Jan 18, 2010 4:06am
Quoting Islander
Well done, your buy off the DP area was a great trade and following the trend provided other opportunities, as has selling the slightly higher highs up to the retest of Fridays high. I'm taking a break and will take another look after lunch....
Thanks, and your 6am sell was spot on. A bit cross that I wasn't alert enough to catch that one.

And, yes, the trend is your friend...

See you later.
  • #354
  • Jan 18, 2010 4:12am Jan 18, 2010 4:12am
Quoting okfx
Islander, I find that the 200 LWMA on the 1 min. chart picks up the tops and bottoms better than the 150 EMA. They are quite close to each other of course but the 200 LWMA outshines. I am also using 30 LWMA instead of the EMA version. It's very effective.
Another suggestion, Fibonacci Channels are uncanny on lower timeframe charts as well.
Just my 2 pips ))
Great that you're researching other MAs, although please remember that my main use of the 5m 30ema is for trend continuation.

Please post a chart as I'd like to see exactly what you mean by Fib Channels....


LOL - just look at that Buy off the 30 ema.....pity I'd finished for the morning.....
Trading Levels with WRBs
  • #355
  • Jan 18, 2010 4:32am Jan 18, 2010 4:32am
I had to post a 15 min. chart to show the lines better. They work on 5 or 1 min. charts just as well, for smaller moves.
Points taken on Monday usually produce lines that are in play throughout the week.
Attached Image (click to enlarge)
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  • #356
  • Jan 18, 2010 5:10am Jan 18, 2010 5:10am
Quoting okfx
I had to post a 15 min. chart to show the lines better. They work on 5 or 1 min. charts just as well, for smaller moves.
Points taken on Monday usually produce lines that are in play throughout the week.

Thanks - could you please post the fib channel indy and also explain how you are setting it up.....
Trading Levels with WRBs
  • #357
  • Jan 18, 2010 5:37am Jan 18, 2010 5:37am
Quoting Islander
Thanks - could you please post the fib channel indy and also explain how you are setting it up.....
It is a standard MT4 tool, one of the fib tools.
The way I set it up :

levels = descriptions
0.62 = 62
1.00 = 100
1.62 = 162
2.62 = 200
2.62 = 262
3.00 = 300
3.62 =362
4.00 = 400
-2.62 = -62
-3.00 = -100
-3.62 = -162
-4.00 = -200
-4.62 = -262
-5.00 = -300
-5.62 = -362
-6.00 = -400

If you don't want to see so many lines, you can delete or maybe even add other levels.
It's a backtest project for me.
  • #358
  • Jan 18, 2010 5:39am Jan 18, 2010 5:39am
The channel is formed in UP Trend between 2 or more bottoms and in DOWN Trend is formed between 2 or more tops.
Interpreting Fibonacci channels is just like horizontal Fibonacci retracements. When one line is crossed in an uptrend it becomes support and above line becomes resistance. Similarly when one diagonal channel line is crossed in a downtrend it becomes resistance and below line becomes support. Most traders use Fibonacci channels with Fibonacci retracements and the price levels when they cross are given significant importance.
  • #359
  • Jan 18, 2010 5:51am Jan 18, 2010 5:51am
LOL - I forgot to look under "Channels"....http://cdn.forexfactory.com/images/icons/icon11.gif......I'll try it on a few charts.....obviously expecting to see a confluence of levels and other fibo tools....
Trading Levels with WRBs
  • #360
  • Jan 18, 2010 5:56am Jan 18, 2010 5:56am
Quoting okfx
The channel is formed in UP Trend between 2 or more bottoms and in DOWN Trend is formed between 2 or more tops.
Very interesting thanks.
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