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Islander and Medici trade the European open

  • #401
  • Jan 20, 2010 1:36am Jan 20, 2010 1:36am
Quoting Islander
The Euro has had a big fall with hardly any retraces. The 15 min chart has many long downside wicks, some with high volume, including the last closed candle, so I'm long after a HL, looking for a decent retrace.

I have two fibs, the narrower from the small pull back high at 4305.

This has 38 = 4217 (Dec 22 L 4215) the 50 = 4234 and the 61 = 4251

The wide fib from yesterday high has its 38 at 4258 and yesterdays low was also at 4250.....
A retrace to 4250 should happen, but I wonder whether it will be this morning...doesn't look like it to me, but 8am may prove me wrong.
  • #402
  • Jan 20, 2010 1:40am Jan 20, 2010 1:40am
The big picture..
Attached Image (click to enlarge)
Click to Enlarge Name: fibchannels.gif Size: 20 KB
  • #403
  • Jan 20, 2010 1:43am Jan 20, 2010 1:43am
Quoting medici
Thank you! I noted that it's from CompassFX. Do you have experience with their products?
No, I found this indie on a forum. It was in a huge package of indicators for MT4.
  • #404
  • Jan 20, 2010 1:53am Jan 20, 2010 1:53am
Quoting medici
A retrace to 4250 should happen, but I wonder whether it will be this morning...doesn't look like it to me, but 8am may prove me wrong.

LOL, I hope so......but comparing the PAs I'm seeing that cable is currently holding € down, so I'm hoping that cable will bounce up from its new low ~MS2......TWT
Trading Levels with WRBs
  • #405
  • Jan 20, 2010 2:05am Jan 20, 2010 2:05am
Closed cable short at 6250 level......now will € bounce??
Trading Levels with WRBs
  • #406
  • Jan 20, 2010 2:10am Jan 20, 2010 2:10am
Mrs V did a sell at 6313 after the 5 min shooting stars.

My target is the M Pivot 6232 area, we'll see.
  • #407
  • Jan 20, 2010 2:11am Jan 20, 2010 2:11am
6250 is a whole bunch of lows going back to last Oct, could be tough to break.
  • #408
  • Jan 20, 2010 2:19am Jan 20, 2010 2:19am
Quoting Islander
Closed cable short at 6250 level......now will € bounce??

It hasnt, so out for a wash....
Trading Levels with WRBs
  • #409
  • Jan 20, 2010 2:30am Jan 20, 2010 2:30am
M1 at 6263 held and had nice move down, stop moved to 6265 which just got taken out after big bounce.

We are trying to focus on good entries and targeting W and M pivots. All those D lows from Oct/Nov 6250 areas just too much, for now at least.
  • #410
  • Jan 20, 2010 2:35am Jan 20, 2010 2:35am
Quoting Vantage
6250 is a whole bunch of lows going back to last Oct, could be tough to break.
Exactly my thinking. And the drop beneath 6270 was stop hunting rather than selling, so long again from the bottom to close for about 20 at the good old 6272 level.
  • #411
  • Jan 20, 2010 2:37am Jan 20, 2010 2:37am
A fib from the pre FO high at 6325 has its 38 at 6278 which was the earlier low, also the 30ema is ~there, so I'll be looking to sell again in that area.....the 50 = 6286 and 61 = 6295
Trading Levels with WRBs
  • #412
  • Jan 20, 2010 2:41am Jan 20, 2010 2:41am
Quoting Islander
A fib from the pre FO high at 6325 has its 38 at 6278 which was the earlier low, also the 30ema is ~there, so I'll be looking to sell again in that area.....the 50 = 6286 and 61 = 6295
Hmm...my interpretation of things is that the selling is over, so now I'd be looking for long entries.
  • #413
  • Jan 20, 2010 2:46am Jan 20, 2010 2:46am
Quoting medici
Exactly my thinking. And the drop beneath 6270 was stop hunting rather than selling, so long again from the bottom to close for about 20 at the good old 6272 level.

Nice one....I've sold again at the 50% retrace that I mentioned....this may have been a few minutes early.....TWT
Trading Levels with WRBs
  • #414
  • Jan 20, 2010 2:49am Jan 20, 2010 2:49am
Quoting medici
Hmm...my interpretation of things is that the selling is over, so now I'd be looking for long entries.


My thoughts are that it should drop into a HL before any larger retrace......
Trading Levels with WRBs
  • #415
  • Jan 20, 2010 2:58am Jan 20, 2010 2:58am
Quoting Islander
My thoughts are that it should drop into a HL before any larger retrace......
Sure, but that drop may not be significant, so I'd rather wait for a long.
  • #416
  • Jan 20, 2010 3:08am Jan 20, 2010 3:08am
Quoting medici
Sure, but that drop may not be significant, so I'd rather wait for a long.
Took a long on that drop....but I don't have high hopes on the upside.

Edit...and out.
  • #417
  • Jan 20, 2010 3:18am Jan 20, 2010 3:18am
Quoting medici
Sure, but that drop may not be significant, so I'd rather wait for a long.

You're correct, but I was being rather pedantic and trading these price / time boxes based on fibonacci for price and lucas for time.....

I banked a few pips on the short and reversed to long....

The blue and red lines are the voice price alerts that I mentioned

Important news in ~10 minutes....

Edit - as you can see, I'm testing your MFI Indy.....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 20 cable 1m 0905 gmt.gif Size: 14 KB
Trading Levels with WRBs
  • #418
  • Jan 20, 2010 3:23am Jan 20, 2010 3:23am
Quoting Islander
You're correct, but I was being rather pedantic and trading these price / time boxes based on fibonacci for price and lucas for time.....

I banked a few pips on the short and reversed to long....

The blue and red lines are the voice price alerts that I mentioned

Important news in ~10 minutes....

Edit - as you can see, I'm testing your MFI Indy.....
Thanks. So you got an alert on that drop just after 9am?

MFI Divergence seems to have done a good job on M1 this morning...what do you think?
  • #419
  • Jan 20, 2010 3:26am Jan 20, 2010 3:26am
Quoting Islander
Important news in ~10 minutes....

.
Won't stay around much longer as I have a few things to do today.

Another profitable morning. Thanks to all, and have a good day.
  • #420
  • Jan 20, 2010 3:30am Jan 20, 2010 3:30am
Quoting medici
Thanks. So you got an alert on that drop just after 9am?

MFI Divergence seems to have done a good job on M1 this morning...what do you think?

I actually had it on the top of the green box and then moved it for the screen shot.....as its just click and drag I'm continually moving them.....

Agreed, the MFI has been useful, I'll keep testing it.....
Trading Levels with WRBs
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