Islander and Medici trade the European open | Page 63 | Forex Factory

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Islander and Medici trade the European open

  • #1,241
  • Mar 25, 2010 1:38am Mar 25, 2010 1:38am
Intermediate target at the MR1 level of 4958 was hit somewhat earlier than expected...
Trading Levels with WRBs
  • #1,242
  • Mar 25, 2010 2:02am Mar 25, 2010 2:02am
Quoting Islander
Intermediate target at the MR1 level of 4958 was hit somewhat earlier than expected...

Probably the Euro M3 news caused a larger pull back in Cable.....I'm long again off the 5m 30 ema, expecting a run up into the UK data....
Trading Levels with WRBs
  • #1,243
  • Mar 25, 2010 2:37am Mar 25, 2010 2:37am
Pulling a fib off my 15m chart from this weeks high, the 50% level is at 4980. I also have a market profile POC level for this week at 4986 and with Mondays low at 4975 I'm looking at this area for my next target.....

Plan your trade and trade your plan and its always great when it works according to the plan BFN
Trading Levels with WRBs
  • #1,244
  • Mar 25, 2010 4:12am Mar 25, 2010 4:12am
Hi Islander,

I'm starting to get an understanding of your method in terms of levels and price action you look at to enter and targets to exit. You also say that you read price action at these levels on 1 min to fine tune entry however I notice you use limit orders to enter?

As per your post #1240 you say your long limit order was hit on the pullback.

In this instance when you place the limit order are you still watching the 1 min chart as price is approaching your limit order?

Do you pull the order if price does not act as you would like on the pullback?

How far is your stop from your limit order?

And last one I promise, once the limit order is hit, do you have a time limit in the trade to prove you correct, i.e if after 10 min it remains sideways do you exit. Basically how do you manage the initial part of the trade once you have been triggered?

Sorry about all the questions in one go, they have been building up over time.

Excellent trading today, well done.
  • #1,245
  • Mar 25, 2010 5:04am Mar 25, 2010 5:04am
As per your post #1240 you say your long limit order was hit on the pullback.

In this instance when you place the limit order are you still watching the 1 min chart as price is approaching your limit order?

I dont always watch as I have very good audio alerts and that enables me to do other things - I wasnt watching this one.

Do you pull the order if price does not act as you would like on the pullback?

Essentially, if I felt that PA changed my view on the structure of the overall move in progress, then yes, I'd pull it

How far is your stop from your limit order?

As I've said before, I start with ~ a 50 pip hard fire stop and then work with a soft (mental) stop

And last one I promise, once the limit order is hit, do you have a time limit in the trade to prove you correct, i.e if after 10 min it remains sideways do you exit. Basically how do you manage the initial part of the trade once you have been triggered?

IMO the most important discipline is Patience and whilst I do use time lines, PA around the fast and slow MAs is more important.

Hope this helps.

Islander
Trading Levels with WRBs
  • #1,246
  • Mar 25, 2010 5:17am Mar 25, 2010 5:17am
Much appreciated Islander.

Have a great day.

Cheers
  • #1,247
  • Mar 25, 2010 8:27am Mar 25, 2010 8:27am
Chart for todays trades....I missed the last sell as price held under the 4900 level as I was tied up with a technical problem - otherwise a pretty good day at the office.....3 hours this morning and another 3 this afternoon... BFN
Attached Image (click to enlarge)
Click to Enlarge Name: mar 25 cable 5m 11am est.gif Size: 31 KB
Trading Levels with WRBs
  • #1,248
  • Mar 25, 2010 8:39am Mar 25, 2010 8:39am
Quoting Islander
Chart for todays trades....I missed the last sell as price held under the 4900 level as I was tied up with a technical problem - otherwise a pretty good day at the office.....3 hours this morning and another 3 this afternoon... BFN
Very nice Islander, I had some nice trades this morning after a small initial loss.

I suspect my entries were a little after yours though and I missed the spike up to 5000.
  • #1,249
  • Mar 25, 2010 8:56am Mar 25, 2010 8:56am
Quoting Islander
Cable's low on the 4 hrly and above was on March 1, since when its been consolidating in a ~ 500 pip range and its currently back at the bottom of this range.

I have no idea which way it will break out of this sideways range - but I do know that our short term signals will catch the trade - and I'll be there - as long as it happens around FO / LO or NYO1 / 2......http://cdn.forexfactory.com/images/icons/icon12.gif
Thanks for your answer.
Time flies like an arrow; fruit flies like a banana.
  • #1,250
  • Mar 25, 2010 10:14am Mar 25, 2010 10:14am
Hi Islander,

Thanks for the indy. Will have a look at it, I generally use a Stochastic.

Will post a chart soon for comment, if that's ok?

M
To keep trading, even when it gets hard.
  • #1,251
  • Mar 28, 2010 11:52pm Mar 28, 2010 11:52pm
GM - an hour before FO there was a clear buy when the 4900 level held for the second time as a HL. Just before FO, Fridays High - earlier resistance - was tested as support for the early Frankies Hour move, which was a ~50 pip rally - halted at the MR2 level at 4969, a nice start to the week for those of us who got long.....

Now I'm short for the retrace into LO.....
Trading Levels with WRBs
  • #1,252
  • Mar 29, 2010 12:37am Mar 29, 2010 12:37am
The retrace was smaller than I expected, just missing my first target at the 4950 level / 38% retrace. My trade was a wash as LO spiked up hard in 2 wide ranged high volume candles and I banked a few pips off a quick buy.

Looking at the 5 min, the wide ranged high vol candle has so far had no follow thru, with the 2 following candles also with high vols, the actual high was a red shooting star. So far I'm thinking that this area is being sold after a LO fakeout......TWT and a confirmed break above the 5000 level will change my view....
Trading Levels with WRBs
  • #1,253
  • Mar 29, 2010 1:22am Mar 29, 2010 1:22am
After half an hour sideways, cable made another small push up into a new high at 5012. 15 mins later, Euro finally managed to hits its 3500 level and immediatly turned south and "allowing" cable to follow, triggering my sell just under the fast EMA which promptly rolled over....now to see what happens at the slow ema, currently at 4975 and flattening.....
Trading Levels with WRBs
  • #1,254
  • Mar 29, 2010 1:58am Mar 29, 2010 1:58am
Another push above 3500 by Euro pulled Cable back up to also make a slightly HH.. As soon as € failed to follow thru I sold cable again.....I had already closed my previous short ~the slow ema as I had suggested
Trading Levels with WRBs
  • #1,255
  • Mar 29, 2010 2:31am Mar 29, 2010 2:31am
As I said earlier, I'm viewing the 5000 area as distribution and thus am trading shorts and banking 30 - 40 pips a swing whilst the slower MA is rolling over. My last entry was a limit sell at 4995 and again I'm looking to bank pips this morning and will review the PA at NYO. Stop and TP set, so its now a question of how much I get out of this trade........BFN
Trading Levels with WRBs
  • #1,256
  • Mar 29, 2010 5:44am Mar 29, 2010 5:44am
Quoting Islander
As I said earlier, I'm viewing the 5000 area as distribution and thus am trading shorts and banking 30 - 40 pips a swing whilst the slower MA is rolling over. My last entry was a limit sell at 4995 and again I'm looking to bank pips this morning and will review the PA at NYO. Stop and TP set, so its now a question of how much I get out of this trade........BFN
I'm back to find that price missed my TP by 2 pips, so stopped out for just a few positive pips.

Sold again in yet another spike up to the 5000 level. The high was in both 1 min and 5m tweezers, with the 1min high candle a Marubozo on ultra low volume and the 5m on a high volume Marubozo, with no follow thru - so plently of hidden selling.....again, until the slower MA rolls over I'll continue just banking 20 / 30 pips each time its hit
Trading Levels with WRBs
  • #1,257
  • Mar 29, 2010 9:28pm Mar 29, 2010 9:28pm
Nice trading Islander

We have house guests until after Easter and my trading time here in Oz is at dinner time so I won't be very active this week. I am also a bit apprehensive about trading the run into a short week followed by a long break in the markets.

I continue to follow your trades and am definitely getting better, I am amazed that more traders don't follow this thread.

Perhaps it is too complicated for the gamblers, and we don't have lots of fancy indicators too impress them.

Thanks once again for sharing.
Money grows on the tree of persistence
  • #1,258
  • Mar 29, 2010 11:14pm Mar 29, 2010 11:14pm
GM - rising 30 ema was tested as a HL half an hour before FO, so I took the buy and exited just after the better than expected UK data....now short for the retrace into mid FH.
Trading Levels with WRBs
  • #1,259
  • Mar 29, 2010 11:18pm Mar 29, 2010 11:18pm
Quoting ozmacca
Nice trading Islander

We have house guests until after Easter and my trading time here in Oz is at dinner time so I won't be very active this week. I am also a bit apprehensive about trading the run into a short week followed by a long break in the markets.

I continue to follow your trades and am definitely getting better, I am amazed that more traders don't follow this thread.

Perhaps it is too complicated for the gamblers, and we don't have lots of fancy indicators too impress them.

Thanks once again for sharing.
Hi Macca - glad its going well and I wish you a Happy Easter with your friends.

Personally, after my last rather active thread, I'm happy to be in a less active one, with fewer, more interested and competent traders....http://cdn.forexfactory.com/images/icons/icon12.gif

Islander
Trading Levels with WRBs
  • #1,260
  • Mar 29, 2010 11:21pm Mar 29, 2010 11:21pm
Quoting Islander
GM - rising 30 ema was tested as a HL half an hour before FO, so I took the buy and exited just after the better than expected UK data....now short for the retrace into mid FH.
Took the buy just above even number. Didn't like the 15 min shooting star. Didn't sell as eur and chf seeming to want up/down respectively.

Standing to 1 side for mo.
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