Islander and Medici trade the European open | Page 24 | Forex Factory

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Islander and Medici trade the European open

  • #461
  • Jan 22, 2010 12:58am Jan 22, 2010 12:58am
Quoting Islander
Sold a half position after a LH......
Out for 1 pip after placing a tight stop after cable stalled at the 6225 level.....now for FO....
Trading Levels with WRBs
  • #462
  • Jan 22, 2010 1:00am Jan 22, 2010 1:00am
Euro was a sell ~ 4133 after a LH and a break of its fast EMA....
Trading Levels with WRBs
  • #463
  • Jan 22, 2010 1:22am Jan 22, 2010 1:22am
I bought after the HL and bounce off the 5m 30 ema...now tight stop in case the earlier high holds....
Trading Levels with WRBs
  • #464
  • Jan 22, 2010 1:37am Jan 22, 2010 1:37am
Notice how the simple-minded strategy of simply buying at the open, i.e. 7am, and then hold would have given you a drawdown of 5-6 pips in both babies. No need to analyse the charts beyond "it's an up day".

Which makes me think of a former bank trader I met this week, who said that more important than analysing charts is to have a good information network, i.e. letting your mates tell where the orders are placed rather than trying to figure it out looking at charts...An easy life, eh?
  • #465
  • Jan 22, 2010 1:40am Jan 22, 2010 1:40am
this is definitely true, however the hard question is, how do you build this network if you're just a retail trader?


Quoting medici
Notice how the simple-minded strategy of simply buying at the open, i.e. 7am, and then hold would have given you a drawdown of 5-6 pips in both babies. No need to analyse the charts beyond "it's an up day".

Which makes me think of a former bank trader I met this week, who said that more important than analysing charts is to have a good information network, i.e. letting your mates tell where the orders are placed rather than trying to figure it out looking at charts...An easy life, eh?
  • #466
  • Jan 22, 2010 1:41am Jan 22, 2010 1:41am
Quoting Islander
I bought after the HL and bounce off the 5m 30 ema...now tight stop in case the earlier high holds....

Out at mid point of last wide 1 min candle after price failed to break above.....that candle was also on a time line....
Trading Levels with WRBs
  • #467
  • Jan 22, 2010 1:45am Jan 22, 2010 1:45am
Late to the party this am. After move up which we missed couldn't get entry after the 1 min doji 6232. Got 1 min hl so we were comfortable buying after the 4th hammer on 5 min chart.

Out at +20 when 6268 failed 2nd time.

Whilst + 20 is fine we are both a little miffed that we missed entry around 6232. Having said that we have forgiven ourselves and looking for NEEEEEXXXXXXXXT trade please.
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  • #468
  • Jan 22, 2010 1:47am Jan 22, 2010 1:47am
Quoting greenBarret
this is definitely true, however the hard question is, how do you build this network if you're just a retail trader?

As an expat I wouldn't be able to do this, so I have to work on reading the short term PA and being a good "reaction trader"......today I was one....
Trading Levels with WRBs
  • #469
  • Jan 22, 2010 2:02am Jan 22, 2010 2:02am
Quoting Islander
Euro was a sell ~ 4133 after a LH and a break of its fast EMA....

After this and just after FO, Euro retested its HL of 4116 and turned up, crossing its 5m 30ema a few minutes later for a buy at ~ 4126......later it tested its rising 30 ema at 4130 giving a safe pull back entry for an easy ~20 pips.....
Trading Levels with WRBs
  • #470
  • Jan 22, 2010 2:13am Jan 22, 2010 2:13am
The pull back from the mid Frankies Hour high stopped at the earlier highs ~6242, also the 50% retrace of the FH rally......as LO didnt sell off, it was rude not to buy.....
Trading Levels with WRBs
  • #471
  • Jan 22, 2010 2:23am Jan 22, 2010 2:23am
Quoting Islander
The pull back from the mid Frankies Hour high stopped at the earlier highs ~6242, also the 50% retrace of the FH rally......as LO didnt sell off, it was rude not to buy.....
The next target is the R1 / 6300 area and I'll trail a stop behind the fast EMA....
Trading Levels with WRBs
  • #472
  • Jan 22, 2010 2:30am Jan 22, 2010 2:30am
Quoting greenBarret
this is definitely true, however the hard question is, how do you build this network if you're just a retail trader?
You take the tube to the City or Canary Wharf and buy somebody a pint, and failing that you don't. Still, these levels can - as far as the open is concerned - usually be easily figured out from confluence of price and time around certain hours, and that's what we are trying to do in this thread.

This morning 4117 was an easy one in the Euro, and cable had a breakout which will almost always be pushed back to the range it broke out of before take-off. Then by being alert at 7am you can pinpoint them with good accuracy.
  • #473
  • Jan 22, 2010 2:33am Jan 22, 2010 2:33am
Quoting Islander
The pull back from the mid Frankies Hour high stopped at the earlier highs ~6242, also the 50% retrace of the FH rally......as LO didnt sell off, it was rude not to buy.....
And we wouldn't be rude would we. I took that one too. A classic 8am entry. Right after 8am, usually there's a move to pick up orders - this time around 6242.
  • #474
  • Jan 22, 2010 2:40am Jan 22, 2010 2:40am
Quoting Islander
The next target is the R1 / 6300 area and I'll trail a stop behind the fast EMA....

Closed by the stop......this is always a dilemma.....close as soon as price stalls, here after the 8:24 moderate sized harami, or put in a stop and allow the action to decide.....the difference here was ~10 pips.....more "work in progress"
Trading Levels with WRBs
  • #475
  • Jan 22, 2010 2:41am Jan 22, 2010 2:41am
Quoting medici
And we wouldn't be rude would we. I took that one too. A classic 8am entry. Right after 8am, usually there's a move to pick up orders - this time around 6242.

LOL - of course not....
Trading Levels with WRBs
  • #476
  • Jan 22, 2010 2:45am Jan 22, 2010 2:45am
Aha !! Finally I have taken the same trade as you guys before I read about it here
Money grows on the tree of persistence
  • #477
  • Jan 22, 2010 2:50am Jan 22, 2010 2:50am
Quoting medici
You take the tube to the City or Canary Wharf and buy somebody a pint, and failing that you don't. Still, these levels can - as far as the open is concerned - usually be easily figured out from confluence of price and time around certain hours, and that's what we are trying to do in this thread.

This morning 4117 was an easy one in the Euro, and cable had a breakout which will almost always be pushed back to the range it broke out of before take-off. Then by being alert at 7am you can pinpoint them with good accuracy.


LOL - a long time ago when there was floor trading I remember doing just that......the only problem was that they were big guys and drinking Grolsch and I didnt remember much after the fourth round.....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #478
  • Jan 22, 2010 2:51am Jan 22, 2010 2:51am
Quoting ozmacca
Aha !! Finally I have taken the same trade as you guys before I read about it here

Well done, I hope you've banked some nice pips.....
Trading Levels with WRBs
  • #479
  • Jan 22, 2010 2:57am Jan 22, 2010 2:57am
Quoting Islander
Closed by the stop......this is always a dilemma.....close as soon as price stalls, here after the 8:24 moderate sized harami, or put in a stop and allow the action to decide.....the difference here was ~10 pips.....more "work in progress"

FYI, for me, the "heads up" that price would probably pull back after that candle was the fact that the dollar - aka Swissy - was strengthening and thus not helping cable's move.....this time I decided to let the trailed stop work....
Trading Levels with WRBs
  • #480
  • Jan 22, 2010 3:06am Jan 22, 2010 3:06am
Quoting Islander
FYI, for me, the "heads up" that price would probably pull back after that candle was the fact that the dollar - aka Swissy - was strengthening and thus not helping cable's move.....this time I decided to let the trailed stop work....
This could also be read from the Euro chart, i.e. that the Euro was weakening, no?
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