Islander and Medici trade the European open | Page 35 | Forex Factory

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Islander and Medici trade the European open

  • #681
  • Feb 2, 2010 1:02am Feb 2, 2010 1:02am
Quoting Islander
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....


Both closed for a few pips.....low volumes and little action into FO......so far the Frankfurters are sellers
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  • #682
  • Feb 2, 2010 1:23am Feb 2, 2010 1:23am
Quoting Islander
Both closed for a few pips.....low volumes and little action into FO......so far the Frankfurters are sellers


I joined them, exiting at the DP and am now long after that held as a HL....Euro's hardly moved and the volumes are still low.....
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  • #683
  • Feb 2, 2010 1:34am Feb 2, 2010 1:34am
Quoting Islander
I joined them, exiting at the DP and am now long after that held as a HL....Euro's hardly moved and the volumes are still low.....
closed as the 5950 level held ....I'll now wait for LO
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  • #684
  • Feb 2, 2010 1:47am Feb 2, 2010 1:47am
Quoting Islander
closed as the 5950 level held ....I'll now wait for LO

LOL - I should have taken a patience pill .....after the rejection at the 5950 level, the pull back was 50% and then € held and bounced up off its TDO level and so cable joined it for the best move of this tight morning.....http://cdn.forexfactory.com/images/icons/icon11.gif
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  • #685
  • Feb 2, 2010 1:56am Feb 2, 2010 1:56am
Quoting Islander
LOL - I should have taken a patience pill .....after the rejection at the 5950 level, the pull back was 50% and then € held and bounced up off its TDO level and so cable joined it for the best move of this tight morning.....http://cdn.forexfactory.com/images/icons/icon11.gif
I got most of the cable move upwards, but I wonder how much of it was luck... When I saw the sudden drop down to 1.5927 in a matter of minutes it reeked of dealer manipulation, trying to trip stops (and then re-buy from the people being stopped out, to top it off) before starting to move prices up, so I waited for the fall to stall and then went long. I still don't know whether I got the reasoning right and should feel really smart or just stumbled onto the move and should feel really lucky.
  • #686
  • Feb 2, 2010 2:00am Feb 2, 2010 2:00am
Quoting PipAdder
I got most of the cable move upwards, but I wonder how much of it was luck... When I saw the sudden drop down to 1.5927 in a matter of minutes it reeked of dealer manipulation, trying to trip stops (and then re-buy from the people being stopped out, to top it off) before starting to move prices up, so I waited for the fall to stall and then went long. I still don't know whether I got the reasoning right and should feel really smart or just stumbled onto the move and should feel really lucky.


Well done, that was my thinking too and as the highest 1 min volume was on a small doji at the DP, the buyers were there....now for The Brits....let's hope they're awake....
Trading Levels with WRBs
  • #687
  • Edited 2:47am Feb 2, 2010 2:32am | Edited 2:47am
The high in Frankies Hour at the MR1 level was a LH and was confirmed as a sell when price broke the fast and then slow EMAs.

Now price is close to the MS1 level after a wide ranged high volume candle with a good downside wick....i.e. some buyers present......so this is looking like a possible stop sweep and I've taken a small buy.....the timimg is correct for this to have been a "Big Ben" fakeout, but TWT.....the 61% retrace off the 15 min charts is just under the MS1 level./ 5900 confluence...
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  • #688
  • Feb 2, 2010 2:53am Feb 2, 2010 2:53am
So far so good......the low was a nice hammer with reasonable volume......now we need price to break above the DP / 5925 level - earlier support - and 30 ema and I'll add to my long....
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  • #689
  • Feb 2, 2010 3:18am Feb 2, 2010 3:18am
A second failure to break above the DP so I banked my profits and will buy again IF I get another signal.....news due in 10 mins......
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  • #690
  • Feb 2, 2010 3:22am Feb 2, 2010 3:22am
Quoting Islander
A second failure to break above the DP so I banked my profits and will buy again IF I get another signal.....news due in 10 mins......

A small pull back into a HL, so I bought again.....now broken above DP....
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  • #691
  • Feb 2, 2010 3:40am Feb 2, 2010 3:40am
Construction PMI slightly better than expected, so should be positive for cable....I'm finished for this morning having banked reasonable pips in a tight session.

I'm leaving my long open with stop at BE +5 and TP a little below the earlier high at the MR1 level.....BFN
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  • #692
  • Feb 2, 2010 4:17am Feb 2, 2010 4:17am
Thanks Islander...Hope you are well - is Medici alright too?

Thread has been quiet - appreiciate what you are doing.

I can't read market right at all just now, yesterday morning, I didn't take the initial sell, then I kept trying to sell rallies, expecting price to return to lows and took a few losses. Then today, I was buying dips - till London open, when the down move caught me and cost me - It went down more than I expected, so I cut my long, frustrating, it seems to go down that bit more than my stop comfort level, then turn round. Given up now.

Thanks a lot
  • #693
  • Feb 2, 2010 7:32am Feb 2, 2010 7:32am
Quoting annieb
Thanks Islander...Hope you are well - is Medici alright too?

Thread has been quiet - appreiciate what you are doing.

I can't read market right at all just now, yesterday morning, I didn't take the initial sell, then I kept trying to sell rallies, expecting price to return to lows and took a few losses. Then today, I was buying dips - till London open, when the down move caught me and cost me - It went down more than I expected, so I cut my long, frustrating, it seems to go down that bit more than my stop comfort level, then turn round. Given...
I too hope Medici's OK.....and thanks, I hope my comments help http://cdn.forexfactory.com/images/icons/icon7.gif

I've got the T Shirt for being on the wrong side.....now after re-reading "The Book" I'm starting to see it Medici's way and I'm being more patient and also not crowding my trades with tight stops

Take care

Islander

PS I have to go out this afternoon, so I'm not trading ....my last posted buy didnt reach my TP, so out for +5 on stop. I got back about an hour ago and promptly sold €s LH as it held under the fast EMA......banked some nice pips to finish my day...
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  • #694
  • Feb 2, 2010 8:26am Feb 2, 2010 8:26am
I found this wonderful currency strength tool and it's free. In case anybody is interested, here is the link.

http://www.currencystrengthmeter.com/
  • #695
  • Feb 2, 2010 4:35pm Feb 2, 2010 4:35pm
Hi Islander,

My monthly/weekly pivots are different to yours, could you post your MQ4 indicator please.

Thanks for sharing your trades, very educational
Money grows on the tree of persistence
  • #696
  • Feb 3, 2010 12:34am Feb 3, 2010 12:34am
I bought after the 1 min pull back to the 6000 level just after 6am gmt, exiting at 6025 after the green harami.

Price went 5 pips higher tp the MR2 level which is in the hourly fib decision zone and also in a bearish butterfly harmonic pattern on the 15 min, so I've now taken a small short and wll add if price gets under the EMAs
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  • #697
  • Feb 3, 2010 12:42am Feb 3, 2010 12:42am
Islander, that gartley has leeway up to 6075. The strength meter is showing extreme strength. And the 50% retracement of last move is at 6060. Definitely has more room to go.
  • #698
  • Feb 3, 2010 12:44am Feb 3, 2010 12:44am
So far this is looking like a typical move up into FO when it has a high probability of reversing ......TWT

Euro has also put in a high at its 3975 level / yesterdays high and has already broken its fast ema and MR1 level.....I'm short € too
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  • #699
  • Feb 3, 2010 12:49am Feb 3, 2010 12:49am
Quoting okfx
Islander, that gartley has leeway up to 6075. The strength meter is showing extreme strength. And the 50% retracement of last move is at 6060. Definitely has more room to go.

Agreed, the harmonic box is a large one and also timewise it lasts until 13:30 gmt.....so far I just have small initial positions which need the PA to confirm.....TWT....

Edit: both are now under the fast ema.....and both put in LHs
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  • #700
  • Feb 3, 2010 12:56am Feb 3, 2010 12:56am
Quoting Islander
Agreed, the harmonic box is a large one and also timewise it lasts until 13:30 gmt.....so far I just have small initial positions which need the PA to confirm.....TWT....

Edit: both are now under the fast ema.....and both put in LHs

Stops now to BE +1 in case of an FO spike....
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