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Islander and Medici trade the European open

  • #801
  • Feb 10, 2010 1:28am Feb 10, 2010 1:28am
Quoting megamo
got in around 30 ema on the pull back on the 5 min at 5672 on a high volume low range bull candle and exited at the 92 level as it approached the days open. That 30 ema is a nice tool to have trading the pound, thanks to Islander for bringing that out.
Kinda feeling uneasy about any outright long positions on the pound given that its having trouble breaking the 5750-70 range, and its not running as strongly as the euro.

Nice trading - glad you find the 30 ema useful

I also agree about cable's lack of follow through.....my finger's on the sell button.....but I may wait till nearer LO....
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  • #802
  • Feb 10, 2010 1:46am Feb 10, 2010 1:46am
Small sell off the LH after € moved up to a new high and cable didnt....

Edit: now watching € and its 3775 level for further clues....
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  • #803
  • Feb 10, 2010 2:06am Feb 10, 2010 2:06am
Quoting Islander
Small sell off the LH after € moved up to a new high and cable didnt....

Edit: now watching € and its 3775 level for further clues....

and it did after a clear LH it broke the level, confirming a sell in cable....I've just closed after the wide ranged 1 min candle hit the 5650 level and failed to drop further......for now!


€ hit its 3750 level...so a 28 pip drop against cables 35 pip from the LHs
Trading Levels with WRBs
  • #804
  • Edited 3:17am Feb 10, 2010 2:30am | Edited 3:17am
I'm long after 8 fakeout through dp in euro and .50 of yesterday's range in cable, after HL in euro and double bottom in cable.

Edit: 2x cable closed at 5685, one left open, one euro stopped out with small loss, one at be.

Edit2: last cable closed at the same level as others, when price stalled. Short euro, seems like not holding it's dp.. Edit: stopped out, yep, it could look like HL

Edit3: long euro as it's above dp and making HL's with stop at 3750, long cable after 1m EMA retracement. Edit, one cable closed for 20, one open and euro open. Edit: Added to both at R became S, euro above 5m 30 EMA. Edit: Better cable closed for 20, euros closed for a few, cable open. Edit: cable closed for 9, as it stalled / LH at 1m chart.

Was hard morning, but managed to make up for today's loss, a few pips in plus Stick to the plan and pull the trigger Thanks for your input guys and see you tomorrow.

What do we do when the price breaks through babe
  • #805
  • Feb 10, 2010 2:38am Feb 10, 2010 2:38am
Quoting okrutny
I'm long after 8 fakeout through dp in euro and .50 of yesterday's range in cable, after HL in euro and double bottom in cable.
I did think about taking that trade, as I did the sells a few minutes earlier....IMO those sells were a higher probability trades they were held by the falling 30 emas......but I'm close to my daily quota and have to go out soon....good luck....
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  • #806
  • Feb 10, 2010 2:43am Feb 10, 2010 2:43am
Euro is always a cleaner, easier to trade chart.....the slow EMA is the 150 and the fast the 30 and as always, I look at PA around these MAs....the x is a short term reversal and the arrows potential entries....

I'm finised for this morning....important BOE news later....BFN
Attached Image (click to enlarge)
Click to Enlarge Name: feb 10 eur 1m 0830 gmt.gif Size: 19 KB
Trading Levels with WRBs
  • #807
  • Feb 10, 2010 7:06am Feb 10, 2010 7:06am
Just passing bye as I'm tied up this afternoon.....I missed Mr Kings speach and the first part of the sell off that it produced.....the pull back up to the 5700 level / fast & slow MAs was a gift.....I got in a little later and banked a few more pips to complete my daily quota...

Now at NYO 1 (8am est) there has just been a slightly lower low with bullish momentum divergence.....the US Trade Balance is in half an hour...
Trading Levels with WRBs
  • #808
  • Feb 11, 2010 12:23am Feb 11, 2010 12:23am
GM both Cable and Euro had highs about 40 mins ago and I just sold cable as it spiked up to a LH at its DP, now it needs to break its low made 15 mins ago ....there will be support at yesterday afternoons high ~the 5625 area which is the 38% retrace of the overnight rally....€s currently holding ~its 3775 level....
Trading Levels with WRBs
  • #809
  • Feb 11, 2010 12:33am Feb 11, 2010 12:33am
As we can see from the chart, the high I mentioned was ~the 50% retrace of yesterdays range, so some pull back is to be expected.....the lower APF channel is ~5615, so I'm not looking for much pull back IF this is to be a valid APF.......TWT

The larger fib has its 50% level exactly at the 5800 level and the red line at 5828 is an important daily low from December 30th.
Attached Image (click to enlarge)
Click to Enlarge Name: feb 11 cable hrly 0630 gmt.gif Size: 17 KB
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  • #810
  • Feb 11, 2010 12:44am Feb 11, 2010 12:44am
I closed my short for a couple of pips after it failed to push lower with decreasing momentum.....I'm now long € after its 3775 level / MR1 held again....
Trading Levels with WRBs
  • #811
  • Feb 11, 2010 1:03am Feb 11, 2010 1:03am
GM, I'm back after a week's break.

And what a day to return on. Historical EU summit in Brussels keeping everybody in waiting mode. Consequently not much directional movement, so I'm staying on the sidelines until charts and/or news tell otherwise.

If the slow pace bores you here's some reading on the situation:

http://www.telegraph.co.uk/finance/f...scue-deal.html

http://www.dailyspeculations.com/wordpress/?p=4383

And if you think that the pound is unaffected by this, take a look at these:

http://www.telegraph.co.uk/finance/f...ut-Greece.html

http://blogs.telegraph.co.uk/finance...-to-the-piigs/
  • #812
  • Feb 11, 2010 1:12am Feb 11, 2010 1:12am
GM Medici - welcome back.........thanks for the reading material, the TV news is already filled with Euro chatter and I'm expecting some nice swings as different news comes out, but a fudge of some sort that should be positive for €....TWT
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  • #813
  • Feb 11, 2010 1:17am Feb 11, 2010 1:17am
LOL....I needed a patience pill into FO as price finally pushed down to 5615 level that I mentioned....the low was a 5min high volume spinning top and I now have a small buy....
Trading Levels with WRBs
  • #814
  • Feb 11, 2010 1:32am Feb 11, 2010 1:32am
@ Auron.....here's a couple of ADR type indies, the FerruFx is the one that you mentioned....I'll reply to your PM later...

I banked a few pips in cable after price spiked up to the 5m 30 ema....closed € for a wash....
Attached File(s)
File Type: ex4 #(T_S_R)- Range-OTCFX-V1.2.ex4   18 KB | 291 downloads
File Type: ex4 FerruFx_Multi_info+_light_chart_v1[1].1-Ndisc.ex4   81 KB | 271 downloads
Trading Levels with WRBs
  • #815
  • Feb 11, 2010 1:42am Feb 11, 2010 1:42am
Quoting Islander
@ Auron.....here's a couple of ADR type indies, the FerruFx is the one that you mentioned....I'll reply to your PM later...

I banked a few pips in cable after price spiked up to the 5m 30 ema....closed € for a wash....

Appreciate that, Islander.
  • #816
  • Feb 11, 2010 1:43am Feb 11, 2010 1:43am
Hey guys, new to FF but not new to Forex. Ive been trading for about 2 years now. I trade cable during FO and LO also, and use primarily tick charts and a 5 min chart with pivots and psych levels. Thought I might drop in and say hi as it seems we all are looking at the same thing. Always happy to share and learn also
  • #817
  • Edited 1:58am Feb 11, 2010 1:46am | Edited 1:58am
Hi medici, nice to see you again.. I'm long euro as it holds it's 4h pivot and 3775 S.

Edit 8:58: thought euro ready to change the trend.. closed for a few.
  • #818
  • Feb 11, 2010 1:48am Feb 11, 2010 1:48am
Long € as its 3775 / MR1 area held again and another small long on cable off the 5600 level after a very high volume spinning top formed at the low....
Trading Levels with WRBs
  • #819
  • Feb 11, 2010 1:55am Feb 11, 2010 1:55am
Quoting Islander
Long € as its 3775 / MR1 area held again and another small long on cable off the 5600 level after a very high volume spinning top formed at the low....

I've got tight stops on both trades going into LO and I got stopped out of € for a couple of pips.....
Trading Levels with WRBs
  • #820
  • Edited 2:38am Feb 11, 2010 2:09am | Edited 2:38am
My old friend EyeVoltage has just shown how it should have been done this morning.....just trade off the 5 min 30 ema....I was looking more at buying the hourly support and so missed it...

Edit: EV has just reminded me that he's using the 34 and 13 EMAs and not the 30 and 8 that I use on this TF....

http://cdn.forexfactory.com/images/icons/icon10.gif 5m cable.....
Morning, folks.
I'm up waaaay to early for me this morning!! However, it means I managed to catch this little trade in between the FO and the LO. Both MA's heading down and widening, price below the Main Pivot line, a lower high candle forming just above the xx25 psych-line and inside the MA "zone". Perfect. Entry and exit as shown. Nice and simple. http://cdn.forexfactory.com/images/s...m/thumbsup.gif
Attached Imageshttp://cdn.forexfactory.com/attachme...1&d=1265875109
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