Islander and Medici trade the European open | Page 22 | Forex Factory

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Islander and Medici trade the European open

  • #421
  • Jan 20, 2010 3:34am Jan 20, 2010 3:34am
Quoting medici
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.
You too - I'll be back for NYO......

Great spike up to the wider 50% level / falling TL and on another time line too http://cdn.forexfactory.com/images/icons/icon12.gif ....BFN
Trading Levels with WRBs
  • #422
  • Jan 20, 2010 7:15am Jan 20, 2010 7:15am
Another interesting € chart.....

First - look at the MFI Divergence after the LO - its heading slightly downwards whilst € bounces ~45 pips up to the fib / S1 / 4225 confluence.....classic bearish divergence....

Then there's the actual high - a confluence of numerous levels and two time lines....followed by a clean 85 pip fall.....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 20 euro 5m 0800 est.gif Size: 17 KB
Trading Levels with WRBs
  • #423
  • Jan 20, 2010 8:57am Jan 20, 2010 8:57am
After the open of NYSE I bought the HL ~the rising 5m 30ema, target 6300 - 6310.....S1 at 6306 and yesterdays low at 6310
Trading Levels with WRBs
  • #424
  • Jan 20, 2010 9:04am Jan 20, 2010 9:04am
Closed in first target zone
Attached Image (click to enlarge)
Click to Enlarge Name: jan 20 cable 1m 1005 est.gif Size: 12 KB
Trading Levels with WRBs
  • #425
  • Jan 20, 2010 5:42pm Jan 20, 2010 5:42pm
Great trading Islander, I was looking at that same trade, but didnt have the balls to take it.. Even though on the news feeds it was said heavy orders were layin around the 6250 and 40 level. Btw, my pivots don't show the mid lines, yours seem to do that, or is it something else? If you have the pivots with mids on it, id be glad if you can post it. Thank you sir.

Regards,

Ron
Quoting Islander
Closed in first target zone
  • #426
  • Jan 20, 2010 10:46pm Jan 20, 2010 10:46pm
Hi,

Thanks for the answers on my previous questions, now I have another

When you guys enter at "a line", how big is your stop loss or when/how do you decide that the SR line is not going to work.

Is it a flat 5 or 10 pips or 2 or 3 mins or experience that tells you Nope, that ain't going my way, bail out !!

This is where I have the most problems, when do I kill a loser ?

thanks
Money grows on the tree of persistence
  • #427
  • Jan 21, 2010 12:33am Jan 21, 2010 12:33am
Quoting megamo
Great trading Islander, I was looking at that same trade, but didnt have the balls to take it.. Even though on the news feeds it was said heavy orders were layin around the 6250 and 40 level. Btw, my pivots don't show the mid lines, yours seem to do that, or is it something else? If you have the pivots with mids on it, id be glad if you can post it. Thank you sir.

Regards,

Ron
GM - NP I'm using these....taking entries like that just require screen time and practice.....a pull back to the area of the 150 ema is a classic entry

Cheers

Islander
Attached File(s)
File Type: ex4 SDX-TzPivots.ex4   20 KB | 202 downloads
Trading Levels with WRBs
  • #428
  • Jan 21, 2010 12:47am Jan 21, 2010 12:47am
Quoting ozmacca
Hi,

Thanks for the answers on my previous questions, now I have another

When you guys enter at "a line", how big is your stop loss or when/how do you decide that the SR line is not going to work.

Is it a flat 5 or 10 pips or 2 or 3 mins or experience that tells you Nope, that ain't going my way, bail out !!

This is where I have the most problems, when do I kill a loser ?

thanks
LOL - that's a difficult one to start the day......I always place a wide hard stop of ~50 pips in case of conection failure, sudden bad news etc.

I'm then normally trading with a soft (mental) stop of ~ 15 pips, but I'll close a trade if I see fresh information that changes my thinking.

One way to do this automatically is to use a fast MA on the 1 min chart and just let this "take the strain"...I hope this helps....http://cdn.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #429
  • Jan 21, 2010 12:57am Jan 21, 2010 12:57am
The 6250 area has held overnight and the HL 45 mins ago was a clear buy for a run up towards the 6300 - 310 area which is currently holding as the top of the overnight range.

I'm watching PA in this area for a possible sell

Edit......now after a 1 min LH I'm short
Trading Levels with WRBs
  • #430
  • Jan 21, 2010 1:00am Jan 21, 2010 1:00am
Quoting Islander
The 6250 area has held overnight and the HL 45 mins ago was a clear buy for a run up towards the 6300 - 310 area which is currently holding as the top of the overnight range.

I'm watching PA in this area for a possible sell

Edit......now after a 1 min LH I'm short
Closed for ~8 pips as price stalled and € started to bounce...
Trading Levels with WRBs
  • #431
  • Jan 21, 2010 1:07am Jan 21, 2010 1:07am
Quoting Islander
Closed for ~8 pips as price stalled and € started to bounce...

Sold again after the bounce was into a LH and FO didnt push on up

Closed at MS1 6263 and reversed to long, €'s trying to breakout, so I expect a good bounce in cable.....
Trading Levels with WRBs
  • #432
  • Jan 21, 2010 1:08am Jan 21, 2010 1:08am
Quoting Islander
Sold again after the bounce was into a LH and FO didnt push on up
GM...ditto...
  • #433
  • Edited 1:24am Jan 21, 2010 1:18am | Edited 1:24am
Quoting Islander
Sold again after the bounce was into a LH and FO didnt push on up

Closed at MS1 6263 and reversed to long, €'s trying to breakout, so I expect a good bounce in cable.....

€ didn't breakout, so the larger bounce didnt happen - closed for a couple of pips
Trading Levels with WRBs
  • #434
  • Jan 21, 2010 2:32am Jan 21, 2010 2:32am
Here's a very simple way to keep the right side of the market and have a visual line to use as a dynamic stop.....its the 30 ema and its outer bands act as OB / OS levels
Attached Image (click to enlarge)
Click to Enlarge Name: jan 21 cable 1 min 0820 gmt kiss.gif Size: 14 KB
Trading Levels with WRBs
  • #435
  • Jan 21, 2010 2:39am Jan 21, 2010 2:39am
The Euro's put in a HL and is now trying hard to get back above its 4100 level - this will confirm its inverse head and shoulders on the 15 min chart.

Cable is still making new lows with the 6200 level and MS2 just under as its next downside targets.
Trading Levels with WRBs
  • #436
  • Jan 21, 2010 2:52am Jan 21, 2010 2:52am
Islander, you must be having a field day with the pivotal 6250 line being broken, i went short there too.. With the daily showing a doji and bearish close yesterday, this gbp shorts may have some room of going south.
Btw Islander, how many different MA's are you looking at, and which one do you use for what timeframe and what purpose?
The reason being, is I trade very similar to how you trade, but more looking at the levels in the GBP, but havent used MAs as much. Last few days however have had some trouble but yesterday and today, trades were more crisp and ran smoothly, so wondering if MAs would help me a little.
  • #437
  • Jan 21, 2010 3:02am Jan 21, 2010 3:02am
Quoting megamo
Islander, you must be having a field day with the pivotal 6250 line being broken, i went short there too.. With the daily showing a doji and bearish close yesterday, this gbp shorts may have some room of going south.
Btw Islander, how many different MA's are you looking at, and which one do you use for what timeframe and what purpose?
The reason being, is I trade very similar to how you trade, but more looking at the levels in the GBP, but havent used MAs as much. Last few days however have had some trouble but yesterday and today, trades were...

Please read post # 5 on the first page of this thread....
Trading Levels with WRBs
  • #438
  • Jan 21, 2010 3:08am Jan 21, 2010 3:08am
Cable's just hit the 50% retrace of its rally off the Jan 7th low at 6173.....


Edit - if we use the Dec 30 low, then the 50% is at 6143....
Trading Levels with WRBs
  • #439
  • Jan 21, 2010 3:15am Jan 21, 2010 3:15am
[quote=Islander;3385924]

I'm then normally trading with a soft (mental) stop of ~ 15 pips, but I'll close a trade if I see fresh information that changes my thinking.

Hi Islander,

Thanks for your time here, I really appreciate what you and Medici are doing for us learners each day.

As far as stops go, I am similar to you so it must just be my trade selection

My biggest problem is I used to trade mean reversion on the ASX index and I find it VERY hard to stop looking for retraces. I am trying to create rules that I can follow to stop this very costly habit.

Your envelopes on the MA are they 30 pips either side ?

Are you guided by the colour of the 30MA or do you go long above and short below ?

When the envelopes are touched do you either close your current trade or if looking for an entry take the retrace trade.

thanks
Money grows on the tree of persistence
  • #440
  • Jan 21, 2010 3:27am Jan 21, 2010 3:27am
What a morning, just exited last trade at 6175. I have a guy here painting so am prob done for the day.

5 min chart.

1st trade 5 min HL buy 6267 after 2nd 1hr hammer. Nice call Mrs V. This was going against the daily and 4 hr trend so we were looking for 20-30 pip exit which came at confluence of todays open and fib of Y's range.

At that point 6290 ish we had a shooting star and then 2 hammers that did not push on. Went to 1 min for what I'll name an Islander entry, a LH there 6284. Now we are trending in line with daily. Nice call V. Not so nice was the exit, we didn't like the bounce off D M2 green line 6266.

Trade 3 got in another sell just below 6275 after the green shooting star, exited 6232 our target from yesterday. We were just glad we had a chance for this today and it wasn't reached overnight in late US/Asian session as does happen sometimes. Eyevoltage would have been all over those, shooting stars in downtrends and hammers in uptrend.

Not shown Mrs V called a bounce trade off M Pivot which I disagreed with as we hadn't run far enough for a bounce trade as far as I was concerned, no damage out at BE. I personally like to see 125 or more pip moves before I'll consider buying a 'level'. Just me.

Last sell coincided with a 5 and 15 min hammer closing at the same time, gotta love those, 6225. Exit D S2, 6175 psych level combo.

We may still go lower next targets W M2 6150 ish and W S1 6086.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 18 KB
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