Islander and Medici trade the European open | Page 60 | Forex Factory

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Islander and Medici trade the European open

  • #1,181
  • Mar 16, 2010 6:22pm Mar 16, 2010 6:22pm
Quoting Vantage
Congrats on 5000 posts, a great contributor to FF.
Agree..
"Pip Pirate"
  • #1,182
  • Mar 16, 2010 7:40pm Mar 16, 2010 7:40pm
Come back Medici! I miss your input, and congrats islander.
The greatest force on earth is compound interest.
  • #1,183
  • Edited 4:06am Mar 17, 2010 3:45am | Edited 4:06am
Pre UK news summary. 15 min chart above, 5 min below.

Trades from 5 min chart, left x. From 15 min chart we had 3 low vol neg close candles (also see x there) then a slightly higher vol higher pos close. That had an upper wick but still closed in upper half of range ie a pos close candle. So we did NOT want to sell the lh 5 min candle marked with x.

We were waiting for a move up hl which duly came. Sometimes these decisions don't work and that we live with ie vol picks up and price carries on falling. The 15 min low vol closes was a very mixed picture after the pos close yesterday (closing above prev range) suggested up today. A nice run up came through.

The strong reject 5270, also marked x, was too quick for us (exiting the buy).

15 min chart. The oversize red candle closing 5225 ish, but not that oversize vol, did not add up so we bought the top of the 5 min doji. Was almost taken out at BE, price moved up again but then had a very sharp fall. At about +5 there was no point in closing the trade, it'll either keep us in or it won't. Taken out at BE.

We then were around an hour or so from news and took a break.
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  • #1,184
  • Edited 4:13am Mar 17, 2010 3:56am | Edited 4:13am
Post news summary.

News jumped above prev high. Entered at 5273. As I mentioned several times if we get in on moves like this we are prepared to re-enter risking 10 pips of markets money as it were.

There were 3 other good entries where price in uptrend comes down to a level and kicks on from there. We traded 2.

Basically the same methods we use on other time frames. Here price must trade above the key level, come back and test, have a pos close candle with little or no upper wick, price must continue on above candle high.

The first x, pure luck we were on the verge of entering and price fell a touch. We then decided we'd had enough. The 2nd x price has now had a lh on this 1 min and so we've definitely had enough.
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  • #1,185
  • Mar 17, 2010 4:16am Mar 17, 2010 4:16am
In summary a BE trade some nice winners, no losing trades today, always grateful for that.

After a couple of disappointing days much happier with today.
  • #1,186
  • Mar 17, 2010 4:17am Mar 17, 2010 4:17am
Quoting Vantage
Pre UK news summary. 15 min chart above, 5 min below.

Trades from 5 min chart, left x. From 15 min chart we had 3 low vol neg close candles (also see x there) then a slightly higher vol higher pos close. That had an upper wick but still closed in upper half of range ie a pos close candle. So we did NOT want to sell the lh 5 min candle marked with x.

We were waiting for a move up hl which duly came. Sometimes these decisions don't work and that we live with ie vol picks up and price carries on falling. The 15 min low vol closes was a very mixed...
Just wanted to say Vantage that these summaries are excellent. I think having the extra time to be a bit more descriptive about your thought process (rather than posting real time) shows in these posts and I hope you keep at it.
  • #1,187
  • Mar 17, 2010 4:20am Mar 17, 2010 4:20am
Quoting Auron112
Just wanted to say Vantage that these summaries are excellent. I think having the extra time to be a bit more descriptive about your thought process (rather than posting real time) shows in these posts and I hope you keep at it.
I am ssooooo glad its of help really, 'cos I kept on posting wrong charts with the narrative, that took about 20 mins to fix up!!!!!!!!!!!!
  • #1,188
  • Mar 17, 2010 4:31am Mar 17, 2010 4:31am
V, I second what Auron says. I have had cable on the screens today as well as EU, and can see why you concentrate on that pair. So far, 172 pips range vs 59 for EU and EU still stuck in a range. The charts and text are very good at describing what you are doing, a great learning tool, and so helpful. One question, what does the M2/M4 mean on most charts (sometimes M1/M3)?
  • #1,189
  • Mar 17, 2010 4:46am Mar 17, 2010 4:46am
Quoting Royston
V, I second what Auron says. I have had cable on the screens today as well as EU, and can see why you concentrate on that pair. So far, 172 pips range vs 59 for EU and EU still stuck in a range. The charts and text are very good at describing what you are doing, a great learning tool, and so helpful. One question, what does the M2/M4 mean on most charts (sometimes M1/M3)?
The pivot indi I use (a great tool, has adjustable start times if you are in diff time zone to UK session, prev days high/low, days open and some fibs on y's range) has a calc that suggests what todays range may be m2m4 or m1m3 etc. I don't use it, I'd get rid of it if I could.
  • #1,190
  • Mar 17, 2010 5:01am Mar 17, 2010 5:01am
Quoting Vantage
I don't use it, I'd get rid of it if I could.
Is it SDX-TzPivots.mq4?

And did your third blue arrow on the 1 min get taken out with a 10 pip stop?

Sorry, red arrow, not blue...
  • #1,191
  • Mar 17, 2010 5:50am Mar 17, 2010 5:50am
Quoting Royston
Is it SDX-TzPivots.mq4?

And did your third blue arrow on the 1 min get taken out with a 10 pip stop?

Sorry, red arrow, not blue...
It came within a pip of my stop. The other day I had a trade come to 0.00001 of my stop, now that was close.

Not sdx, same one as per hl/lh thread.
  • #1,192
  • Mar 17, 2010 6:00am Mar 17, 2010 6:00am
Quoting Royston
V, I second what Auron says. I have had cable on the screens today as well as EU, and can see why you concentrate on that pair. So far, 172 pips range vs 59 for EU and EU still stuck in a range. The charts and text are very good at describing what you are doing, a great learning tool, and so helpful. One question, what does the M2/M4 mean on most charts (sometimes M1/M3)?
I have eu up along with uc like Islander does, wanting those to confirm trades as much as poss, ie eu going up uc falling for buys and vice versa. Thats for 1st trade in a move, once gu has done its move in a certain direction we seem to concerntrate on that alone. Like in those post news trades off above chart, I wasn't considering what eu was doing at all!! If you hadn't have said what eu range was I'd have had no idea!!
  • #1,193
  • Mar 18, 2010 12:44am Mar 18, 2010 12:44am
GM - the first HL a little before FO ran up 40 pips to the days open level.

I'm now long off the second HL after price broke the flat 30 ema and waiting to see if it will hold the HL and head north.....the problem will be IF € breaks down.....
Trading Levels with WRBs
  • #1,194
  • Mar 18, 2010 12:49am Mar 18, 2010 12:49am
After nice 15 min shooting star, good vol. often a good move 15 mins before LO.
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  • #1,195
  • Mar 18, 2010 1:02am Mar 18, 2010 1:02am
Quoting Vantage
After nice 15 min shooting star, good vol. often a good move 15 mins before LO.
Exited just above 5250 when it failed to go through for 3rd time.
  • #1,196
  • Mar 18, 2010 1:02am Mar 18, 2010 1:02am
Quoting Islander
GM - the first HL a little before FO ran up 40 pips to the days open level.

I'm now long off the second HL after price broke the flat 30 ema and waiting to see if it will hold the HL and head north.....the problem will be IF € breaks down.....
€ broke down and I took a small loss and the sold as the HL broke....I'm now looking to buy for a pull back after the small high volume 5 min hammer, followed by a no demand bar
Trading Levels with WRBs
  • #1,197
  • Mar 18, 2010 1:14am Mar 18, 2010 1:14am
Quoting Islander
€ broke down and I took a small loss and the sold as the HL broke....I'm now looking to buy for a pull back after the small high volume 5 min hammer, followed by a no demand bar
I didn't actually take this one because I was looking at that 15min shooting star off the open but I was considering it for a bit. However, if I took it I'm not so sure I would have gotten out for a small loss.

I'm curious what got you to exit the trade and when. I think I would have exited after the next 5min candle closed without breaking above the pin but I'm interested in your perspective on it if you would be so kind.
  • #1,198
  • Mar 18, 2010 1:22am Mar 18, 2010 1:22am
Quoting Islander
€ broke down and I took a small loss and the sold as the HL broke....I'm now looking to buy for a pull back after the small high volume 5 min hammer, followed by a no demand bar
I took a buy and exited at the 50% retrace ....this high was a 5m low vol spinning top, just under the 30 ema, so I reversed to short....I do have a bullish gartley pattern on my 15 min chart .....
Trading Levels with WRBs
  • #1,199
  • Mar 18, 2010 1:25am Mar 18, 2010 1:25am
Shooting star in downtrend. Exited +23 when move below 50 level struggled.

Daily target reached.

3 trades 2 wins, 1 BE.
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  • #1,200
  • Mar 18, 2010 1:35am Mar 18, 2010 1:35am
The break to a new low was in a good ranged 1min candle, with no follow thru - so I closed. The low was also a 5m average vol hammer.

I reversed to long with a TP at +20, just under the 5275 level and pirated a few more pips.....with important news due at 9:30 gmt, I'm thinking we're just going to get chop till its out, so its a hard work "hit and run2 morning.....
Trading Levels with WRBs
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