Islander and Medici trade the European open | Page 61 | Forex Factory

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Islander and Medici trade the European open

  • #1,201
  • Mar 18, 2010 1:36am Mar 18, 2010 1:36am
Quoting Vantage
Shooting star in downtrend. Exited +23 when move below 50 level struggled.

Daily target reached.

3 trades 2 wins, 1 BE.
Nice trading V......
Trading Levels with WRBs
  • #1,202
  • Mar 18, 2010 1:42am Mar 18, 2010 1:42am
Quoting Islander
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.....
With nice rsi divergence, missed that one, posting. Mrs V's not gonna be happy - Mr V you got a lotta explaining to do .................
  • #1,203
  • Mar 18, 2010 2:10am Mar 18, 2010 2:10am
Quoting Auron112
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.

Whilst I start off with a ~ 50 pip "fire stop" I'm always looking to move it and as soon as the trade was +ve, I moved it to under the HL....I was also watching both € and Swissy and Swissy started to bounce a couple of minutes before CAble and € fell giving warning of a possible fall....

At this time of the day, I'm trading off the 1 min chart and taking a look at the 5min for volume and confirmation. Whilst I do have the 15 min open on another monitor, I'm rarely looking at it, although my Zup indy has put up this big bright blue bullish gartley, which does "hit me in the face"
Trading Levels with WRBs
  • #1,204
  • Mar 19, 2010 12:27am Mar 19, 2010 12:27am
GM - the early break down 1 1/4 hrs before FO was an easy sell as price held under the then falling 5m 30 ema and then under the 1m 30 ema, with the first move haolding ~the 5185 level. I bought the 1m HL and pirated a few pips and then sold the LH as the 30 ema held again, exiting as the 5175 / MS2 held.

I then bought, looking for a bounce towards the still falling 5m 30 ema....
Trading Levels with WRBs
  • #1,205
  • Mar 19, 2010 12:44am Mar 19, 2010 12:44am
Quoting Islander
GM - the early break down 1 1/4 hrs before FO was an easy sell as price held under the then falling 5m 30 ema and then under the 1m 30 ema, with the first move haolding ~the 5185 level. I bought the 1m HL and pirated a few pips and then sold the LH as the 30 ema held again, exiting as the 5175 / MS2 held.

I then bought, looking for a bounce towards the still falling 5m 30 ema....
The bounce was into mid FH and the 1m 150 ema / yesterdays low area.....I ve exited and reversed to short looking for a "Medici" fall into LO.....TWT....
Trading Levels with WRBs
  • #1,206
  • Mar 19, 2010 1:17am Mar 19, 2010 1:17am
Quoting Islander
The bounce was into mid FH and the 1m 150 ema / yesterdays low area.....I ve exited and reversed to short looking for a "Medici" fall into LO.....TWT....

Isnt it nice when the market agrees with you.....

The low was on time at LO and I bought immediatly after the the green doji....still small size as the 150 ema is still falling - as is the 30.....
Trading Levels with WRBs
  • #1,207
  • Mar 19, 2010 1:30am Mar 19, 2010 1:30am
Quoting Islander
Isnt it nice when the market agrees with you.....

The low was on time at LO and I bought immediatly after the the green doji....still small size as the 150 ema is still falling - as is the 30.....

I've just closed this long after price made a second LH at the 150 ema .....as this trade was against the higher TFs down-trend as well as the falling 150ema its better to bank pips quickly.....

My 5 min chart shows the low at LO to be a high volume harami which is bullish and with bullish momentum divergence, so as long as the low holds I'll be thinking of it as a fake-out / stop sweep.....TWT.....

However, as I've already reached my daily target, I'll be waiting for a very clear signal before trading again - if I actually do.....
Trading Levels with WRBs
  • #1,208
  • Mar 19, 2010 1:36am Mar 19, 2010 1:36am
Quoting Islander
The bounce was into mid FH and the 1m 150 ema / yesterdays low area.....I ve exited and reversed to short looking for a "Medici" fall into LO.....TWT....
What would you consider a "Medici" fall exactly? I know he talked a lot about dealer behaviour which makes me think you were expecting dealers to push price back down to the FH lows to pick up some more orders there when London opens. Is that what you mean?

I also got into the same short but my short was mostly based on the failure at yesterday's low and the resultant 5min doji and break below 30EMA. I was hoping for a quick movement in price based on what I wrote above but I was betting more on the price action rather than the timing of the move.
  • #1,209
  • Mar 19, 2010 1:50am Mar 19, 2010 1:50am
Some interesting 15 min action this am.

Left arrow down. We had a high vol hammer and another hammer on much lower vol with a lower close. After the first hammer you'd expect a move up, when that didn't happen we changed from potential buyers to sellers. Exited when the break below 5200 didn't want to follow through.

Arrow up. Higher vol inside bar, when that failed to go through we were again sellers exiting at the 75.

Middle arrow down, an engulfing candle we were sellers.

Right side arrow down. Had neighbours call to give us keys etc whilst they are on holiday and missed this one. But another perfect set up. Move down, attempt up on higher vol, green spinning top couldn't break above prev candle top. Like to think thats an easy sell off 5/1 min.

15 min attached, 5 min showing entries coming.
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  • #1,210
  • Mar 19, 2010 1:53am Mar 19, 2010 1:53am
Quoting Auron112
What would you consider a "Medici" fall exactly? I know he talked a lot about dealer behaviour which makes me think you were expecting dealers to push price back down to the FH lows to pick up some more orders there when London opens. Is that what you mean?

I also got into the same short but my short was mostly based on the failure at yesterday's low and the resultant 5min doji and break below 30EMA. I was hoping for a quick movement in price based on what I wrote above but I was betting more on the price action rather than the timing of the...
Medici talked a lot about the moves around LO and the way price was often pushed to give the dealers a better price for entry.....today its looking as if they pushed it up ~ 20 pips and then slowly fed in their sells until it broke down.....

Nice catch on the 5 min doji....http://cdn.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #1,211
  • Mar 19, 2010 1:56am Mar 19, 2010 1:56am
1st sell arrow left. 2nd sell below 5200. 3rd sell again below 5200.

The arrow up is a missed opportunity, nice rsi divergence also.
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  • #1,212
  • Mar 19, 2010 2:03am Mar 19, 2010 2:03am
Quoting Islander
Medici talked a lot about the moves around LO and the way price was often pushed to give the dealers a better price for entry.....today its looking as if they pushed it up ~ 20 pips and then slowly fed in their sells until it broke down.....

Nice catch on the 5 min doji....http://cdn.forexfactory.com/images/icons/icon14.gif
Yeah, that makes more sense looking at the price action. It's pretty much the exact reason I took the doji because there was so much selling in the candle before it based on volume and the close. Seemed extremely likely that price would push down at that point.

I read the book that Medici recommended long ago (Beat The Forex Dealer by Agustin Silvani for those who don't know) and found it really insightful and I made page after page of notes. I think I might need to go back and check that one out again since I don't always relate the price action to what the dealers are doing as well as I should.
  • #1,213
  • Mar 19, 2010 2:05am Mar 19, 2010 2:05am
The ellipses show potential entries....the fast (30) ema makes a good job of showing the short term trend and the slow (150) ema confirmed that short was the way to trade.....the EMAAngleZero indy "allowed" me to buy after FO as it was showing both green and reducing momentum....its only high-lighting waht we can see on a plain chart by the slope of the fast ema......
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #1,214
  • Mar 19, 2010 2:05am Mar 19, 2010 2:05am
Quoting Vantage
1st sell arrow left. 2nd sell below 5200. 3rd sell again below 5200.

The arrow up is a missed opportunity, nice rsi divergence also.
You just posted my exact chart +/- a few pips here and there. Neat.
  • #1,215
  • Mar 19, 2010 2:10am Mar 19, 2010 2:10am
Quoting Auron112
You just posted my exact chart +/- a few pips here and there. Neat.
Now all we have to do is get to Islander standards!!!!!
  • #1,216
  • Mar 19, 2010 2:14am Mar 19, 2010 2:14am
The arrow up, we missed this as we were exiting a sell.

As posted on the hl/lh thread we thought we were in for a down day. We should have got the down arrow lh. When we missed that we had to wait for next good set up 30 pips lower below the even number.

1 day Islander 1 day we'll get there ........................
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  • #1,217
  • Mar 19, 2010 2:15am Mar 19, 2010 2:15am
Quoting Vantage
Now all we have to do is get to Islander standards!!!!!
Hey.....what's to say that you dont make more pips than me...........and I'm NOT suggesting a competition......let's just bank consistant daily pips...http://cdn.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #1,218
  • Mar 19, 2010 2:18am Mar 19, 2010 2:18am
Posted on hl/lh but 4 hr fibs, pa stopped on each fib level virtually to the pip. They were the basis for our exits today as they combined nicely with other key areas.
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  • #1,219
  • Mar 19, 2010 2:20am Mar 19, 2010 2:20am
Quoting Islander
Hey.....what's to say that you dont make more pips than me...........and I'm NOT suggesting a competition......let's just bank consistant daily pips...http://cdn.forexfactory.com/images/icons/icon14.gif
Typo, meant trade entry 'standards'.

Don't want a competition at all, that just messes up your head completely and is a good lesson for any trader. DO NOT think you are competing with anyone. Learn some new tricks yes, but don't try and compete.
  • #1,220
  • Mar 19, 2010 2:27am Mar 19, 2010 2:27am
Quoting Islander
...let's just bank consistant daily pips...http://cdn.forexfactory.com/images/icons/icon14.gif
With you there, 3 trades today all in and around the 20-25 pip range. With the 4 th potential trade missed when we had visitors that is a massive day by any standards (I'm not going to repeat my MM again).

We had assessed today as a down day (daily chart on hl/lh thread) and that gave nice opportunities.
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