Islander and Medici trade the European open | Page 34 | Forex Factory

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Islander and Medici trade the European open

  • #661
  • Jan 29, 2010 3:12am Jan 29, 2010 3:12am
Quoting medici
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...
Agreed.....€ also has a similar harmonic pattern to cable....I sold cable again after its DP held....

EJ is todays best opportunity, now up > 100 from its 6am low.....
Trading Levels with WRBs
  • #662
  • Jan 29, 2010 3:19am Jan 29, 2010 3:19am
Took a short in euro-yen at 126.25 for a return to 125.64. TWT.

Edit...reason for the trade is that 126.25 was yesterday's morning low, and 125.64 is today's Asian high.
  • #663
  • Jan 29, 2010 3:23am Jan 29, 2010 3:23am
Unless they take out their highs soon, there is huge negative hidden divergence on both EU and GU charts.
  • #664
  • Jan 29, 2010 3:28am Jan 29, 2010 3:28am
I've banked a few more off that cable short and I'm finished for this morning, back for NY....BFN
Trading Levels with WRBs
  • #665
  • Jan 29, 2010 3:29am Jan 29, 2010 3:29am
Quoting Islander
I've banked a few more off that cable short and I'm finished for this morning, back for NY....BFN
Well done. See you later.
  • #666
  • Jan 29, 2010 4:01am Jan 29, 2010 4:01am
Quoting okfx
Unless they take out their highs soon, there is huge negative hidden divergence on both EU and GU charts.
Agreed, but I'd be cautious shorting cable given the corporate flow. Might be plenty of buying at the bottom of the range.
  • #667
  • Jan 29, 2010 4:08am Jan 29, 2010 4:08am
Quoting medici
Took a short in euro-yen at 126.25 for a return to 125.64. TWT.

Edit...reason for the trade is that 126.25 was yesterday's morning low, and 125.64 is today's Asian high.
Now closed. Good one
  • #668
  • Jan 29, 2010 5:46am Jan 29, 2010 5:46am
Shorted Aussie at today's high around 8955. If risk-aversion continues Aussie may slide more than others. And there's the CB buying in the Euro and corporate flows and 6100 to pass for cable. Aussie broke its 8900 support during the Asian session and may end up below there again.
  • #669
  • Jan 29, 2010 5:59am Jan 29, 2010 5:59am
Quoting medici
Shorted Aussie at today's high around 8955. If risk-aversion continues Aussie may slide more than others. And there's the CB buying in the Euro and corporate flows and 6100 to pass for cable. Aussie broke its 8900 support during the Asian session and may end up below there again.
The earlier high in Aussie was another 15m bearish Gartley.
  • #670
  • Jan 29, 2010 6:11am Jan 29, 2010 6:11am
Quoting medici
Shorted Aussie at today's high around 8955. If risk-aversion continues Aussie may slide more than others. And there's the CB buying in the Euro and corporate flows and 6100 to pass for cable. Aussie broke its 8900 support during the Asian session and may end up below there again.
Out when it stalled for 10.
  • #671
  • Jan 29, 2010 6:20am Jan 29, 2010 6:20am
Remember that it is end of month. There may be firework displays come afternoon fix time, i.e. 4pm London time.
  • #672
  • Jan 29, 2010 6:30am Jan 29, 2010 6:30am
@ Islander and Medici,

Thanks a lot for taking the time to address my questions, and for doing so in such level of detail. I appreciate it enormously and will be keeping an eye on your thread, there is a lot to learn here.

PA
  • #673
  • Feb 1, 2010 12:43am Feb 1, 2010 12:43am
GM all - I took a buy in € after the 3875 level / 5m 30 ema held as a HL.....
Trading Levels with WRBs
  • #674
  • Feb 1, 2010 12:48am Feb 1, 2010 12:48am
Quoting Islander
GM all - I took a buy in € after the 3875 level / 5m 30 ema held as a HL.....


and closed after the 3894 level held for the second time .....this is the hourly 20 ema....
Trading Levels with WRBs
  • #675
  • Feb 1, 2010 12:57am Feb 1, 2010 12:57am
Those of us that have read the book that Medici recommended will have noticed the follow on fall after Fridays afternoon action......good for 40 or so pips, although IF I'd been thinking about this trade, I would have sold earlier off the falling 5m 30 ema.....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #676
  • Feb 1, 2010 2:25am Feb 1, 2010 2:25am
Quoting Islander
Those of us that have read the book that Medici recommended will have noticed the follow on fall after Fridays afternoon action......good for 40 or so pips, although IF I'd been thinking about this trade, I would have sold earlier off the falling 5m 30 ema.....http://cdn.forexfactory.com/images/icons/icon12.gif

Funny you mention that, I read the book this very Sunday and it was one of my first thoughts when I read that chapter, "after friday's drop this is likely to be one of those weekends". Incidentally, one could have made money that way and then on the way back to close the gap.

On another note... I have started trying to trade the FO/LO like you guys (fake money obviously, I assume it'll take a few months to get the hang of this) and couldn't have been luckier picking the day, I sold the bounce on the asian high with a 15-pip stop (after it made a pin bar in M5, no predictions there) and was able to follow thorugh the whole asian range, even scaled in on the way down... by the time it broke the asian low and bounced back, taking out my stops, the account was already up by 2.5% (after having scaled in, taken partial profits, progressively moved the stops... the usual).

Somehow I doubt cable is going to behave so well every day.
  • #677
  • Feb 1, 2010 4:23am Feb 1, 2010 4:23am
My last trade of the morning. Got a couple of nice 20 odd pip trades in but two losing trades also, so no great shakes so far.

After the news 5 min shooting star that rejected M M2 at 5937. Sold the next 1 min lh see chart. Exited at W S1, D M1 75 psych level combo, also as run down has hit 100 pips for 37 pips.

Have got daily target though could have/should have been better though. Not totally happy with mornings trading missed out on some great ej trades that were easy hl's.
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  • #678
  • Feb 1, 2010 4:34am Feb 1, 2010 4:34am
Mrs V suggested I post this one quickly as we have a storm coming in and I'm switching everything off.

The big shooting star is clear, entry from the 1 min above. The reason we held on through 5900 was the big downtrend Fri and the news spike was very low. The small bounce from key level idea.

Some key month lows from Dec 5830 if you are still in.
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  • #679
  • Feb 2, 2010 12:55am Feb 2, 2010 12:55am
GM - a slow start.....I have a small buy off the rising 5m 30 ema / HL and a similar small trade in Euro, looking for both to push up into the Frankfurt Open......
Trading Levels with WRBs
  • #680
  • Feb 2, 2010 1:01am Feb 2, 2010 1:01am
Cable's stuck around its days open level.....I now have a tight stop, ditto in Euro which has broken its DOL and now at yesterdays high....
Trading Levels with WRBs
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