Islander and Medici trade the European open | Page 59 | Forex Factory

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Islander and Medici trade the European open

  • #1,161
  • Mar 12, 2010 2:32am Mar 12, 2010 2:32am
Quoting Islander
I closed the remainder in the spike up to the 5100 level./ R1.....that's what I call a good morning's work......daily quota banked over my first coffee

I was watching to se how much it pulled back, and it soon became obvious that it was not going to drop into a fib retrace, so I bought again and waited to see if it broke out ......and it did.....http://cdn.forexfactory.com/images/icons/icon6.gif......stop to B/E +5 and I'll see how far it goes.....
Trading Levels with WRBs
  • #1,162
  • Mar 12, 2010 2:33am Mar 12, 2010 2:33am
Quoting Vantage
Congrats on 5000 posts, a great contributor to FF.

Yeeks.....I hadnt noticed - thanks V.....hope you pirated a few pips too....
Trading Levels with WRBs
  • #1,163
  • Mar 12, 2010 2:41am Mar 12, 2010 2:41am
Quoting Islander
Yeeks.....I hadnt noticed - thanks V.....hope you pirated a few pips too....
No I missed those 2 trades posted above, see 1159, so trade rules giving me a problem at the moment ie getting entry after such a big move for this session. getting in with 50+ pips in the bank is one thing, taking trade with zippo after this run is another.

I'm also steaming a little at the mo at my poor performance this am. A classic mistake got something in my head and stuck to it.

There are only 2 good things here (clutching at straws for a positive spin). At least I haven't lost money today that would have been a crime, secondly its been a good month cosidering.

But maaannn that was not good this am.
  • #1,164
  • Mar 12, 2010 3:18am Mar 12, 2010 3:18am
Here is my take on things today...

I missed the great pivot bounce buy around the 25 level today as i was out of the room having dinner with the missus. (expensive dinner )
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  • #1,165
  • Mar 12, 2010 3:25am Mar 12, 2010 3:25am
Quoting Ausie_Trader
Here is my take on things today...

I missed the great pivot bounce buy around the 25 level today as i was out of the room having dinner with the missus. (expensive dinner )
Hi Ausie trader, my eyes aren't playing tricks, you trade off a 4 tick chart?
  • #1,166
  • Mar 15, 2010 2:05am Mar 15, 2010 2:05am
1st trade of day. Everything suggesting up, fri's close, 2nd weekly hammer (NB if that does not follow through properly we could have some big downside) 4hr shooting star could not follow lower, 1hr small move up and 15 min just before entry there was a lower close and shooting star both on low vol/no follow through.

5 min hl close. Exit on MM2 for +26.
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  • #1,167
  • Mar 15, 2010 2:07am Mar 15, 2010 2:07am
Quoting Vantage
1st trade of day. Everything suggesting up, fri's close, 2nd weekly hammer (NB if that does not follow through properly we could have some big downside) 4hr shooting star could not follow lower, 1hr small move up and 15 min just before entry there was a lower close and shooting star both on low vol/no follow through.

5 min hl close. Exit on MM2 for +26.
Oh there were no trades early in this pre FH so that meant likelihood of trade was 6.45 gmt.
  • #1,168
  • Mar 15, 2010 3:40am Mar 15, 2010 3:40am
GM - the mid FH push up failed just above the 5200 level, thus under Fridays high. It was a HV 1m candle, immediatly followed by a long red bearish engulfing candle and momentum had been falling - a clear sell.......or wait for the close of the 5m candle which was a grave-yard doji with the highest volume of the morning....either entry gave a good part of the nice 75 pip fall....

Now, price has stalled at the 5120 level which was where it started its final push up on Friday afternoon - also the 50% retrace of Fridays range.....next support is the 5100 area / MS1 / 61% retrace....
Trading Levels with WRBs
  • #1,169
  • Mar 15, 2010 3:44am Mar 15, 2010 3:44am
PMs noted, I'll reply later after things settle down - I'm currently busy pirating pips....http://cdn.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #1,170
  • Mar 15, 2010 3:44am Mar 15, 2010 3:44am
Quoting Islander
GM - the mid FH push up failed just above the 5200 level, thus under Fridays high. It was a HV 1m candle, immediatly followed by a long red bearish engulfing candle and momentum had been falling - a clear sell.......or wait for the close of the 5m candle which was a grave-yard doji with the highest volume of the morning....either entry gave a good part of the nice 75 pip fall....

Now, price has stalled at the 5120 level which was where it started its final push up on Friday afternoon - also the 50% retrace of Fridays range.....next support is...
The 5120 area also has 50% of Fri's range, a W P and D M2 so a good area for a bounce but only 90 pip fall from top, can do a little more down?
  • #1,171
  • Mar 15, 2010 3:45am Mar 15, 2010 3:45am
Quoting Vantage
NB if that does not follow through properly we could have some big downside.
Really not sure if this is it and if we're going back up now.
  • #1,172
  • Mar 15, 2010 4:25am Mar 15, 2010 4:25am
We didn't get the top Islander yet again great trading.

There were 3 lovely lh's. Didn't take the last one due to the W P 5115 although we hadn't yet had the often mentioned 125 pip run. So decent pips today but missed out a a very nice trade.

5 min chart.
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  • #1,173
  • Mar 15, 2010 5:10am Mar 15, 2010 5:10am
Quoting Vantage
We didn't get the top Islander yet again great trading.

There were 3 lovely lh's. Didn't take the last one due to the W P 5115 although we hadn't yet had the often mentioned 125 pip run. So decent pips today but missed out a a very nice trade.

5 min chart.
Thanks.....I guess that you've noticed that since price broke under the 30 ema at 7:26 gmt / 5186, 2 candles after the high, it has not yet been able been able to close above it.......

Now, after 157 minutes and a fall of ~175 pips, the low was in a high volume tweezers......that's time to bank pips and watch to see what happens....
Trading Levels with WRBs
  • #1,174
  • Mar 15, 2010 5:21am Mar 15, 2010 5:21am
Quoting Islander
Thanks.....I guess that you've noticed that since price broke under the 30 ema at 7:26 gmt / 5186, 2 candles after the high, it has not yet been able been able to close above it.......

Now, after 157 minutes and a fall of ~175 pips, the low was in a high volume tweezers......that's time to bank pips and watch to see what happens....
Decent enough pips today but when the top failed as sure as eggs are eggs it was headed for a decent fall. Should have carried on selling the 5 min lh's. When pa hits a key pivot and you cannot break above an 8 lwma then that also tells a story.

Anyway we continue to live, learn and apply what we already know LOL!!
  • #1,175
  • Mar 16, 2010 3:23am Mar 16, 2010 3:23am
GM - I was long into FO off the 1m HL. Cable then stalled at an equal high and after eight mins turned south, my stop closed me out for a small loss and put me short as the 30 and 150 MAs were broken.

The drop was 80 pips in 21 mins - so a fib move rather than a lucas one http://www.forexfactory.com/images/icons/icon12.gif

The low was at the S1 / 4975 level in a high vol harami.

Now to see if the 150 ema holds the retrace - also the 61% level....
Trading Levels with WRBs
  • #1,176
  • Mar 16, 2010 3:38am Mar 16, 2010 3:38am
Mrs V not happy with amount of posting in last few days, so I have to back off a little. Making outright mistakes/missing trades.

Anyway had a couple of trades on the way down and two on the way up. These are the last of the trades on way down. Missed my 75 exit by a pip or so and exited with a few.

Last buy exited at +17.

Had a 10 pip loss also today.
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  • #1,177
  • Mar 16, 2010 3:41am Mar 16, 2010 3:41am
OK - the first retrace was to the 50% level, followed by a drop to the 5000 level / rising 30 ema which held and bounced cable back up to the FH high.....I guess we're winding up for the FOMC later....
Attached Image
Trading Levels with WRBs
  • #1,178
  • Mar 16, 2010 4:07am Mar 16, 2010 4:07am
Hi,

Thank you both for the charts, still waiting for this to click in my head

Vantage, no need to interrupt your trading for us, I get just as much from a summary chart when you have finished for the day.

I am struggling to be consistent, at least now I do have up days as well as down days, just have to change the ratio
Money grows on the tree of persistence
  • #1,179
  • Mar 16, 2010 5:28am Mar 16, 2010 5:28am
Mrs V is of the firm opinion that FH has 1 strong move. 5060 was a line in the sand it didn't want to break through. We had 1 of the set ups we like, after drifting up but getting nowhere over 4 x 5 min candles a strong move down to the end of the range and no lower wick. So even though it hadn't gone below the low of the range at that point we were happy to sell. Had 2 trades on way down.

We discussed buying right on the pivot but with missing our exit on the sell didn't get that right.

OK we had a decent fall followed by an inside bar on 15 min. We also discussed that ivo the decent fall likely target though was 125 pips up from 4975 ie 5100 area.

3 decent hl's shown we had 2 nice trades but we still bank to early, especially when our analysis/thoughts prove correct, ie the FH drop and stop at a W pivot and 125 pip move up.

A positive day but I'm not happy with pips banked when the amount of pips on offer is taken into account.
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  • #1,180
  • Mar 16, 2010 10:42am Mar 16, 2010 10:42am
I was asked if I would post my chart of the FO / LO action, so here's this mornings.....the aqua / orange arrows around the 30 ema are an alert that I use - its both audio and visual and helpful whilst I'm doing other things....
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Trading Levels with WRBs
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