Islander and Medici trade the European open | Page 19 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Highest Open / Lowest Open Trade 21,151 replies

As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

Getting a handle to open trades in the open trade tab 3 replies

EA to open trade on Next Candle open (help please) 4 replies

Medici trades the London open 435 replies

Attachments: Islander and Medici trade the European open
Exit Attachments

Islander and Medici trade the European open

  • #361
  • Jan 18, 2010 5:59am Jan 18, 2010 5:59am
The most recent top on GU was 200 fib channel and 200 fib extension from Friday's low to today's first high. Let's see if it will hold.
  • #362
  • Jan 18, 2010 6:01am Jan 18, 2010 6:01am
From Fri. I think when you have decent range say from 100 pips on these seem to give decent targets when combined with other important levels/pivots etc.

Thanks once again.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 21 KB
  • #363
  • Jan 18, 2010 6:12am Jan 18, 2010 6:12am
The action so far......

A HL at the DP with pull backs towards the rising 30 ema.....price stalled around Fridays high before bouncing up off the 30 ema into a high volume harami high.

Now after a 50% retrace I'll be watching to see how far it bounces.....

The pivots have been well respected......now to see if any fib channels lined up with any of the grey circles.....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 18 cable 5m 1200 gmt.gif Size: 21 KB
Trading Levels with WRBs
  • #364
  • Jan 18, 2010 8:34am Jan 18, 2010 8:34am
Hello all,

I have been to the gym instead of practising patience in front of the screens...plenty of good shorting opportunities in cable...

I was struck earlier by how MFI divergence signalled that the move up was an exhausted pick-up trip to the last sell orders before the journey down.

And I have been looking around for an MFI/RSI divergence indicator, but none of those I found suited my palate. So I have developed a prototype indicator, that somebody may want to take a look at - attached. It is not at all optimised, so takes a lot of computer power - developed for testing purposes only so far.

What the indicator does is to compute the regression slope for both price and MFI over a specified number of bars. The divergence indicator is then the difference between those slopes, normalised so that the indicator should give readings between 100 and -100.
Attached Image (click to enlarge)
Click to Enlarge Name: mfi divergence 18jan.jpg Size: 141 KB
Attached File(s)
File Type: mq4 MFI Divergence.mq4   4 KB | 347 downloads
  • #365
  • Jan 18, 2010 9:35am Jan 18, 2010 9:35am
Agreed, I've taken several profitable short trades.

Thanks, I'll try your indicator and also watch what happens to my CPU usage......
Trading Levels with WRBs
  • #366
  • Jan 19, 2010 1:18am Jan 19, 2010 1:18am
GM - cable's 100 pip rally during the Asian Session was on low volume and I dont know if this is significant.

However, staying with the trend, the pull back to the 6400 level half an hour before FO offered 20+ pips in the spike up to new highs....

Looking at the daily chart its difficult to see any reason for this rally to stop, the 61.8% retrace is at 1.6477.

I have seen a comment that this move may be a pre election rally for political motives.....
Trading Levels with WRBs
  • #367
  • Jan 19, 2010 1:21am Jan 19, 2010 1:21am
Quoting Islander
GM - cable's 100 pip rally during the Asian Session was on low volume and I dont know if this is significant.

However, staying with the trend, the pull back to the 6400 level half an hour before FO offered 20+ pips in the spike up to new highs....

Looking at the daily chart its difficult to see any reason for this rally to stop, the 61.8% retrace is at 1.6477.

I have seen a comment that this move may be a pre election rally for political motives.....
GM. More than anything, I think this is behind the move up:

http://www.bloomberg.com/apps/news?p...a49HGAQA&pos=1

So front-running in anticipation of M&A flows.
  • #368
  • Jan 19, 2010 1:27am Jan 19, 2010 1:27am
A rally this early, around the Tokyo fix, and then consolidation in a channel, seldom retraces but is usually bound for continuation. But the low volume and the hesitant price action make me wary, so I'll practice some patience until 8am.
  • #369
  • Jan 19, 2010 1:30am Jan 19, 2010 1:30am
The 6428 level, by the way, is the 38.2% retracement of the drop of 2008. Not insignificant.

Edit...and 6410 is the high of the mid December consolidation after the first leg of the post NFP drop.
  • #370
  • Jan 19, 2010 1:35am Jan 19, 2010 1:35am
Quoting medici
GM. More than anything, I think this is behind the move up:

http://www.bloomberg.com/apps/news?p...a49HGAQA&pos=1

So front-running in anticipation of M&A flows.
LOL - I was about to post this link too........so could be a combination of both theories....
Trading Levels with WRBs
  • #371
  • Jan 19, 2010 1:47am Jan 19, 2010 1:47am
Yet another thing underpinning the move:

http://www.bloomberg.com/apps/news?p...2YLllAJA&pos=6

Definitive conclusion on that at 9.30.
  • #372
  • Jan 19, 2010 2:01am Jan 19, 2010 2:01am
6425 ish a key top from 16 Dec also.
  • #373
  • Jan 19, 2010 2:21am Jan 19, 2010 2:21am
I've bought after the push down towards the 6400 level resulted in a 5 min HL.....
Trading Levels with WRBs
  • #374
  • Jan 19, 2010 2:35am Jan 19, 2010 2:35am
Quoting Islander
I've bought after the push down towards the 6400 level resulted in a 5 min HL.....
Banked a few pips as price stalled at the earlier highs ~ 6420
Trading Levels with WRBs
  • #375
  • Jan 19, 2010 2:38am Jan 19, 2010 2:38am
Quoting Islander
Banked a few pips as price stalled at the earlier highs ~ 6420
Well done. I wouldn't bet on a breakout after 8.30 when volumes usually start to decrease. Even more so today with the news coming up. I am still enjoying my patience pill...there were some easy ones in Euro and Aussie, but I had my eyes elsewhere.
  • #376
  • Jan 19, 2010 2:59am Jan 19, 2010 2:59am
Quoting medici
Well done. I wouldn't bet on a breakout after 8.30 when volumes usually start to decrease. Even more so today with the news coming up. I am still enjoying my patience pill...there were some easy ones in Euro and Aussie, but I had my eyes elsewhere.
Thanks....I'm just looking to pirate a few pips before the data.....I took a short too, but clucked early and missed this push under the R1 level
Trading Levels with WRBs
  • #377
  • Jan 19, 2010 3:05am Jan 19, 2010 3:05am
I've bought the spike down to yesterdays high....I'll exit at R1 or 6400

Edit - closed just above R1....
Trading Levels with WRBs
  • #378
  • Jan 19, 2010 3:15am Jan 19, 2010 3:15am
Quoting Islander
I've bought the spike down to yesterdays high....I'll exit at R1 or 6400

Edit - closed just above R1....
Another good one! Missed it as I was away to get a cup of tea and something to nibble on.
  • #379
  • Jan 19, 2010 3:23am Jan 19, 2010 3:23am
Quoting medici
Another good one! Missed it as I was away to get a cup of tea and something to nibble on.
Thanks - the entry was good and I decided to bank my pips after it stalled ~R1.....the prior bounce lasted for 17 bars and I should have given this one more time, given that it was off an important level....
Trading Levels with WRBs
  • #380
  • Jan 19, 2010 3:26am Jan 19, 2010 3:26am
Quoting Islander
Thanks - the entry was good and I decided to bank my pips after it stalled ~R1.....the prior bounce lasted for 17 bars and I should have given this one more time, given that it was off an important level....
Yes, I would expect good sized orders to be placed at yesterday's high after the breakout, but I wouldn't expect follow through before the news.
27 traders viewing now