Islander and Medici trade the European open

Target area reached and I've closed out, banking more good pips and I'm finished for this afternoon.

Price has now reached the DP with todays range ~ 125 pips ....with the 50 day ADR currently at 164 pips, there may be more upside, but I've had a very profitable day and I'm not risking any of my hard earned pips.....back for FO.....BFN

seems like you had a very good day islander, congrats !
btw can i contribute to this thread or is it only for you and medici ?

thanks again islander for your contributions - I only traded the early session - everytime I try the NY session I end up giving back morning's gains, so I quit while ahead, when action slowed which was very early today. I had 650 on cable and 700 on euro as areas where I expected price to go to, but as price had been strongly trending down, tho I expected a bounce up today, I thought upside might be coupled with choppy price action, so decided to stand aside. Didn't get many pips, as took profits too early again. been a bit bitten with letting winners turn to losers of late. In these times it is hard not to let recent price behaviour influence immediate trading decisions.

Thanks also orkutny for your reply. I Used the currency meter today, which really just kept me out of trades, where normally I would have taken the set-up, useful today for recognising when price was not going anywhere. I am thinking of using MA's and pivots as areas where I exit trades for a loss, just as a rule of thumb, as, price stops at Ma's/Pivots, then may continue after minor retrace, or reverse. Often the set-up candlestick pattern occurs somewhere between these areas and you are faced with a choice between gain or loss.

If we go back to Medici's statistics, or Islanders 30 Ma as a bias gude and my personal experience trading this time frame, there are many short term trend changes within the early session, one cannot rely on anything other than one hour to next. Greater than 15 pips retrace from a positive trade has me worried as often then it will test S&R and have me wishing I'd taken profit initially, as I'm faced with few pips gain, few pips loss, or losing/winning trade. A trade that goes negative greater than 10 and I have exit finger ready, break-even'ish to bigger loss. depending on how far recent highs/lows are. What we can rely on typically in this early session is momentum.

Often the scenario is up/down at 6am, down/up at 7am, test lows/highs at 8am, then continuation or reversal from there. For me getting the bias right is key.


Good luck tomorrow and thanks for your continied contributions everyone.

Hi Islander,

I find your chart summaries very helpful, it gives us an opportunity to check our work and understand how a trader should be thinking to trade the opening session.

Medici, I understand that posting while trading would be distracting for you, but is it possible that you could post a chart with notes, after you have finished for the day. Even a chart showing the "A" grade setups would be educational for us.

Thanks for this thread, I have learned a lot already, I hope to learn a bit more yet

good morning

looks like R2 level up to 1.575 is into play but maybe we need another day for this... scalping mode for me

All are welcome to post......we just started the thread to focus on the European Open and when I can I also post on the New York Opens....

GM all - a more difficult start to our day.....I've had two small loosers, getting in too late and then finding that price failed to break out of the current ~5630 - 5607 range.....and one small winner...

Euro is currently at its earlier high ~ Yesterdays High and Swissy is ~its 7000 level - again.....the short term trends in Cable and Euro are up, so buying at the lower end of the range I mentioned is the safer trade.....I'm currently flat waiting for FO....

So far, Cable is weaker than Euro as it is still ~15 pips under yesterdays high and its attempted push up has been poor....I've just taken a small sell....



Edit: it also has a bearish harmonic pattern on its 15m chart

I banked a few pips off my sell, but was sidetracked posting and slow to close and also missed buying the HL.....http://cdn.forexfactory.com/images/icons/icon8.gif....I'm not yet seeing any real buying in cable and € is slowly creeping upwards.....now I'll probably wait to see what The Brits do....

Looking at cable its maybe headed to fill the gap at 1.5690 area which is 23% retrace of big downmove from 1.6065 on 3/2 what do others think

An immediate 30 pip drop from LO.....¿ to allow the pros to buy at a lower level?....so far held at the Frankies Hour low.....I've now bought looking to see IF we get a continuation north....TWT......but I'm wary as price is currently under the 5m 30 ema.....

On mornings like this I play the good old Whipsaw Song and just sit back and wait.....or go out and come back for New York!

http://www.forexfactory.com/showpost...&postcount=582

lol... Don't understand everything but great song For me it's short euro under 4hpivot, 5m 30 ema, LH...

Edit: Closed euro at YH, short 2x cable after breaking 5610, closed near DP 5590. Banked some really quick, nice (for me) pips from both.. :]

BTW: Islander, there was a request i would like to remind in case you have overlooked.. Could you post your mt4 daily pivots indicator?

Edit2: I'm done for today, see U tommorow guys

lol...i know that guy from market wizards ...funny

too bad i closed my short from 1m LH with macd hidden divergence at 8:20gmt too early...im curious if DP will hold

Well I was correct about that.....the bounce failed creating a LH and now we are 40 pips lower at the DP with the days open level a few pips below......

Looking at the volumes, the wider red candle that pushed down under the 5600 level to the DP has very high volume and closed off its lows....the following candle had similar volume but was a small spinning top, indicative of buying / profit taking and now we also have a good vol doji......I'm wondering if this push down since LO is one big fakeout.....TWT

Sorry, I missed that, here it is.....you need to set the "DesTimeZone" to 2 if your broker is using GMT....other brokers will be different....

I've taken a small buy after price bounced up off the days open level....

I'm finished for this morning.....I've not been on the ball and have lost a few pips this session....I'm leaving my last buy open with stops and TP set.....back for NYO.....