Islander and Medici trade the European open | Page 33 | Forex Factory

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Islander and Medici trade the European open

  • #641
  • Jan 28, 2010 10:36pm Jan 28, 2010 10:36pm
GM - I've just sold cable after a 5m LH at todays open line
Trading Levels with WRBs
  • #642
  • Jan 28, 2010 10:41pm Jan 28, 2010 10:41pm
Quoting Islander
GM - I've just sold cable after a 5m LH at todays open line
GM, I missed the 6am long which I would have closed where you entered.
  • #643
  • Jan 28, 2010 10:44pm Jan 28, 2010 10:44pm
Quoting medici
GM, I missed the 6am long which I would have closed where you entered.

Yes, that was good for ~20 pips....and I now see a 5 min tweezers that may mean my sell gets closed for a small loss......TWT
Trading Levels with WRBs
  • #644
  • Jan 28, 2010 10:47pm Jan 28, 2010 10:47pm
FO should be interesting this morning with this due out....

Nationwide HPI m/m expected 0.4%
Trading Levels with WRBs
  • #645
  • Jan 28, 2010 10:50pm Jan 28, 2010 10:50pm
Quoting Islander
FO should be interesting this morning with this due out....

Nationwide HPI m/m expected 0.4%
Maybe, but don't you find that the HPI data are a bit of non-events?

The big one for today is the GDP data at 8am EST, which might also have an impact on the morning session in that people may be cautious taking positions ahead of that.
  • #646
  • Jan 28, 2010 10:59pm Jan 28, 2010 10:59pm
Quoting medici
Maybe, but don't you find that the HPI data are a bit of non-events?

The big one for today is the GDP data at 8am EST, which might also have an impact on the morning session in that people may be cautious taking positions ahead of that.

We'll see, but I agree that the US GDP at 8:30 est is the big one,,,,,and I've taken a small loss on my short after those tweezers made a HL...
Trading Levels with WRBs
  • #647
  • Jan 28, 2010 11:21pm Jan 28, 2010 11:21pm
I've also started to monitor EJ .....this morning it was a buy off a HL at 6:30 gmt for a clean 40+ pips....
Trading Levels with WRBs
  • #648
  • Jan 28, 2010 11:21pm Jan 28, 2010 11:21pm
Quoting medici
Maybe, but don't you find that the HPI data are a bit of non-events?

The big one for today is the GDP data at 8am EST, which might also have an impact on the morning session in that people may be cautious taking positions ahead of that.
Told you so...
  • #649
  • Jan 28, 2010 11:22pm Jan 28, 2010 11:22pm
Quoting Islander
I've also started to monitor EJ .....this morning it was a buy off a HL at 6:30 gmt for a clean 40+ pips....
I've had similar thoughts about both euro-yen and aussie...
  • #650
  • Jan 28, 2010 11:29pm Jan 28, 2010 11:29pm
Quoting medici
Told you so...
LOL....AND data a lot better than expected and cable dropped.....that fooled me....I didnt even get the sell.... http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #651
  • Jan 28, 2010 11:31pm Jan 28, 2010 11:31pm
Quoting Islander
LOL....AND data a lot better than expected and cable dropped.....that fooled me....I didnt even get the sell.... http://cdn.forexfactory.com/images/icons/icon11.gif
And nothing on the order books it seems...and cable is as usual a lot choppier that the Euro which has provided some clean trades.
  • #652
  • Jan 28, 2010 11:46pm Jan 28, 2010 11:46pm
Here's some consolation in the form of wise words from seasoned dealer/trader Jamie Coleman:

I hate cable…I’ve said it before and I’m sure I’ll say it again…I goes down when it should go up and it goes up when it should go down…It goes the way you want just long enough to suck you into an ill-advised punt. It’s the Devil’s currency.
  • #653
  • Jan 29, 2010 12:17am Jan 29, 2010 12:17am
did I just miss something medici, any idea about the spike?
  • #654
  • Jan 29, 2010 12:19am Jan 29, 2010 12:19am
Quoting megamo
did I just miss something medici, any idea about the spike?
It's BP buying as they have been all week...
  • #655
  • Jan 29, 2010 12:27am Jan 29, 2010 12:27am
That spike was on the highest volume today and the following candle was a small green spinning top with slightly lower volume.

As GBPCHF is not showing similar strength, I've taken a small sell off the DP / 6175 confluence.

There is also a 15 min bearish harmonic pattern with a narrow time range and its high at 6193....
Trading Levels with WRBs
  • #656
  • Jan 29, 2010 12:35am Jan 29, 2010 12:35am
Quoting medici
It's BP buying as they have been all week...
Here's my take on what the sweetheart dealers have been up to this morning.

Nothing on the order books but BP who have end of month needs to buy today.

The choppiness between 7 and 8 am was dealers trying to fool people into selling or covering longs, and then dealers stock up on longs for their own accounts.

Then they let the BP order go off triggering the spike because of thin markets and then they sell back the longs to BP 40-50 pips higher.

A nice way to end the week for some, and hard to figure out for the rest of us before the fact. Typical cable behaviour...
  • #657
  • Jan 29, 2010 12:46am Jan 29, 2010 12:46am
Quoting Islander
That spike was on the highest volume today and the following candle was a small green spinning top with slightly lower volume.

As GBPCHF is not showing similar strength, I've taken a small sell off the DP / 6175 confluence.

There is also a 15 min bearish harmonic pattern with a narrow time range and its high at 6193....
6175 is a strong R level now, 138% extension of asian session, 38% retracement of yesterday's range and DP of course
  • #658
  • Jan 29, 2010 12:50am Jan 29, 2010 12:50am
Quoting medici
Here's my take on what the sweetheart dealers have been up to this morning.

Nothing on the order books but BP who have end of month needs to buy today.

The choppiness between 7 and 8 am was dealers trying to fool people into selling or covering longs, and then dealers stock up on longs for their own accounts.

Then they let the BP order go off triggering the spike because of thin markets and then they sell back the longs to BP 40-50 pips higher.

A nice way to end the week for some, and hard to figure out for the rest of us before the fact....

Thanks for the explanation....as you say, it was a difficult Frankies Hour and I failed to buy the HL just after LO as it held ~the MS1 level.....

I've just banked a few pips as cable touched its 6150 level - earlier resistance.....now I'll look for a bounce into a LH to sell again....or I might just give up for the morning and come back for NYO!
Trading Levels with WRBs
  • #659
  • Jan 29, 2010 12:54am Jan 29, 2010 12:54am
Quoting okfx
6175 is a strong R level now, 138% extension of asian session, 38% retracement of yesterday's range and DP of course
yes, I didnt mention the fibos, but then that's what harmonic patterns are all about....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 29 cable 15m 0850 gmt.gif Size: 16 KB
Trading Levels with WRBs
  • #660
  • Jan 29, 2010 1:07am Jan 29, 2010 1:07am
Quoting Islander
Thanks for the explanation....as you say, it was a difficult Frankies Hour and I failed to buy the HL just after LO as it held ~the MS1 level.....

I've just banked a few pips as cable touched its 6150 level - earlier resistance.....now I'll look for a bounce into a LH to sell again....or I might just give up for the morning and come back for NYO!
Let's also add the observation that the Euro and euro-yen provided some nice opportunities while some of us were staring at the cable charts...

I took a short at the retest of the highs when Euro hit its daily pivot. TWT...
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