Islander and Medici trade the European open | Page 38 | Forex Factory

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Islander and Medici trade the European open

  • #741
  • Feb 5, 2010 2:37am Feb 5, 2010 2:37am
Quoting Islander
LOL - another "Medici Special"......a fast sell off before LO....¿¿ to take out stops and allow the Big Dogs to buy at a better price??......well I'm long for the second time, looking to bank another ~10 pips.....

That was done and twice again since as I have bullish momentum and there has been no real follw through after the pre LO drop......so I'm still thinking that the BDs are buying, but I prefer to just bank pips as soon as I have 10 or so.....
Trading Levels with WRBs
  • #742
  • Feb 5, 2010 2:40am Feb 5, 2010 2:40am
Quoting Vantage
Hi guys
Currency meter was close most of FH/LO, the big push down was already signalled in advance by usd moving up to 7 and gbp weakening.

GM V.....does this meter give any form of historical info, or just the real time reading that I've seen posted....
Trading Levels with WRBs
  • #743
  • Feb 5, 2010 3:30am Feb 5, 2010 3:30am
Quoting Islander
GM V.....does this meter give any form of historical info, or just the real time reading that I've seen posted....
Hi Islander
Unfortunately it doesn't. I've just opened a thread and hopefully as the idea for it is freely available some of the genius coders here will do something that can give history.
  • #744
  • Feb 5, 2010 3:36am Feb 5, 2010 3:36am
Quoting Vantage
Hi Islander
Unfortunately it doesn't. I've just opened a thread and hopefully as the idea for it is freely available some of the genius coders here will do something that can give history.
Thanks V....I'll pop by your new thread...http://cdn.forexfactory.com/images/icons/icon7.gif



Not much reaction to the data and as I've banked reasonable pips, I'm finished until ~8am est on NFP.....http://cdn.forexfactory.com/images/icons/icon11.gif.....BFN

Edit: memo to self......watch for a fakedout move into LO......I missed this morning's and an easy 30 / 40 pips....Grrrrrrr
Trading Levels with WRBs
  • #745
  • Feb 5, 2010 5:25am Feb 5, 2010 5:25am
hi guys,

medici thanks for the explanation about the asia range thing, that was new to me. and thanks islander for your posts, a great trading style you have. enjoy all of your posts...keep it up
  • #746
  • Feb 5, 2010 10:47am Feb 5, 2010 10:47am
Thanks Islander and Vantage...I tried out the currency meter, not sure of its potential other than a general rule of current strength/weakness, as it reacts to price movement as it happens, it may be helpful for entering on pullbacks at s&r, pivots, etc to get into a trending market if you have missed initial move?

Today I noticed that the 10ema on the hourly chart acted as trend resistance, and was a good entry point to get back into downtrend.

Also as well as the classic Asian set up Medici has posted, from the book medici recommended, selling (fading?) the up move after NFP worked well too...

Now all I have to do is recognise the set ups more often (and get bias right!!) to gain confidence trading them...

Thanks again and have a good weekend.
  • #747
  • Feb 5, 2010 7:59pm Feb 5, 2010 7:59pm
Quoting annieb
Thanks Islander and Vantage...I tried out the currency meter, not sure of its potential other than a general rule of current strength/weakness, as it reacts to price movement as it happens, it may be helpful for entering on pullbacks at s&r, pivots, etc to get into a trending market if you have missed initial move?

Today I noticed that the 10ema on the hourly chart acted as trend resistance, and was a good entry point to get back into downtrend.

Also as well as the classic Asian set up Medici has posted,...
Hi, I would add here one of the most important imho - retracements of price to moving averages, when the trend is clear. Because of that trend that emerges very often, it's enough to look for symptoms of beginning of a trend (HL/LH), take a small position with good R/R, and after breaking through slower MA and/or S/R add to it on MA's retracements (the more reasons for price to bounce off to continue the trend the higher probability of a good trade).

Most difficult to me is to exit properly. Either I exit, price moves much more in my favour or i loose big part of profits because of late close of a trade. Imho here are crucial correct readings of PA, and banking pips near important levels, because better is to be safe than sorry

Also we can't forget, that trying to guess what dilers are trying to do is the basis of the thread. Pushing prices to levels, where rapid counter trend is born, sweeping stops near 6, 7 and 8 gmt, (fading news). It's not that easy, but I think "practice makes perfect" apply here. However I doubt it's possible to be accurate to a pip. Perfection here is to enter with good R/R, build up a position, take partial profits and trade what you see. Take profits and enter again on retracements or in opposite direction, if trend has changed. It's not that difficult We can make it :>
  • #748
  • Feb 6, 2010 10:52am Feb 6, 2010 10:52am
Quoting okrutny
Hi, I would add here one of the most important imho - retracements of price to moving averages, when the trend is clear. Because of that trend that emerges very often, it's enough to look for symptoms of beginning of a trend (HL/LH), take a small position with good R/R, and after breaking through slower MA and/or S/R add to it on MA's retracements (the more reasons for price to bounce off to continue the trend the higher probability of a good trade).

Most difficult to me is to exit properly. Either I exit, price moves much more in my favour or...
Sorry I don;t fully understand - Having problems seeing things, must be "blind" because of inexperience. Could you please post chart with explanation. Thanks.
  • #749
  • Feb 7, 2010 2:54pm Feb 7, 2010 2:54pm
Quoting laimonk
Sorry I don;t fully understand - Having problems seeing things, must be "blind" because of inexperience. Could you please post chart with explanation. Thanks.
Yep, me too. But practicing Charts with explanations are seen along the thread, you can start to follow it. We have to finish this offtopic, read the thread and be at 6 gmt if you want to learn from the best.
  • #750
  • Feb 8, 2010 12:41am Feb 8, 2010 12:41am
GM all.....after the Asian High ~the 5625 level there were several LHs, I sold after the 6am gmt one as price held under the fast ema / days open level.....now we are testing Fridays low with Euro 40 pips above its FL....as I'm also seeing bullish momentum divergence I've now closed my short and am considering a small buy....
Trading Levels with WRBs
  • #751
  • Feb 8, 2010 12:54am Feb 8, 2010 12:54am
So far we have a HL at the 3625 / MS1 confluence and I've taken a small long.....cable's still holding around its lows and I'm waiting to see if they hold....
Trading Levels with WRBs
  • #752
  • Feb 8, 2010 1:09am Feb 8, 2010 1:09am
Cable had a nice pre FO spike down to new lows ~S1 level of 5532 ....the actual low was a red hammer after a wide ranged red candle....so I bought as I viewed it as a "Medici" type signal
Trading Levels with WRBs
  • #753
  • Feb 8, 2010 1:24am Feb 8, 2010 1:24am
I've now closed both Euro and Cable longs after Cable found resistance at its early Asian lows and € at an earlier high.....banked good pips from both trades and not looking to be greedy in Frankies Hour..... http://cdn.forexfactory.com/images/icons/icon12.gif
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  • #754
  • Feb 8, 2010 2:11am Feb 8, 2010 2:11am
So the FH high was in the expected time zone and the pull back a typical ~ 50% to the Fridays Low......the wider ranged green harami just before LO was a heads up for a buy and so I did and have already exited part in the fast spike up towards cable's special **85 level....http://cdn.forexfactory.com/images/icons/icon12.gif
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  • #755
  • Feb 8, 2010 2:31am Feb 8, 2010 2:31am
Here's my chart with potential entries since 6am gmt.....these were worth around 50 pips, then 40 pips and so far 20 pips for the last one......so more than 100 pips......not bad from Cable alone on a dull Monday morning.........I'm finished for this morning, part of my last long is still open with TP and stops set....back for NYO.....BFN
Attached Image (click to enlarge)
Click to Enlarge Name: feb 8 cable 1m 0820 gmt.gif Size: 17 KB
Trading Levels with WRBs
  • #756
  • Feb 8, 2010 7:29am Feb 8, 2010 7:29am
After LO Cable rallied for 40 mins before stopping at its 5625 level and then spending the next 3 hours falling back to its 5550 level into a HL.

The actual low was on a bullish harami pattern half an hour before NYO 1 - a clear buy signal for the 40 min 65 pip rally.....any alert trader should have banked good pips off that rally....I wasnt by my screen, so I only managed a few pips as I sold the LH off the 5 min descending TL drawn thru the LH by Fridays close and this mornings high
Trading Levels with WRBs
  • #757
  • Feb 8, 2010 8:50am Feb 8, 2010 8:50am
Whilst waiting for the US action to start I've been looking at a possible upside scenario.....we have a potential reverse head and shoulders and IF price breaks upwards AND follows the same angle (speed) as its fall (gold lines are Gann + /- 44 angle) that will put price into the area of the red triangle around FO / LO tomorrow.....i.e. in the fibonacci decision zone and close to several daily lows, including the one maked in red at 5827.....TWT


Meanwhile, I'm watching my 5 min / 1 min charts for a signal....price is currently ~its days open and just under its 5m 30 ema.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 8 cable 30m 0930 est.gif Size: 19 KB
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  • #758
  • Feb 8, 2010 9:12am Feb 8, 2010 9:12am
I bought as the FH high acted as support and price then broke back up thru the days open level.....
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  • #759
  • Feb 8, 2010 9:39am Feb 8, 2010 9:39am
Quoting Islander
I bought as the FH high acted as support and price then broke back up thru the days open level.....
price stalled around the earlier highs and with Swissy at its 700 level I've banked more good pips and will wait to see if Swissy bounces and causes a pull back in cable......
Trading Levels with WRBs
  • #760
  • Edited 10:27am Feb 8, 2010 10:02am | Edited 10:27am
Quoting Islander
price stalled around the earlier highs and with Swissy at its 700 level I've banked more good pips and will wait to see if Swissy bounces and causes a pull back in cable......

Only a small pb, so got back in a same price.....now looking for the 650 / DP area.....this was also Friday morning's low
Trading Levels with WRBs
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