Islander and Medici trade the European open | Page 65 | Forex Factory

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Islander and Medici trade the European open

  • #1,281
  • Mar 31, 2010 5:17am Mar 31, 2010 5:17am
Quoting Auron112
Islander might do this for you but to be honest you'll probably find it more beneficial to go through your charts and figure it out yourself. All the terms are included (marubozu, tweezers, etc) and the various pivots and numbers are too so you shouldn't need a chart other than your own.

Not trying to be rude or anything but you will gain a lot more by doing a Google search for the candle formations and applying it to your own charts rather than looking at a picture with entries and exits marked.
No offence Auron, I only ask because I found todays price action difficult to read clearly from 30min into FO up to 30min after LO just priot to the break up.

Also in Islanders post #1262 I think i understood him to say that he went long after a 1min marubozo formed, the range of this bar was 18 pips. Price then retraced 13 pips before making a high at 1.5082 which was a 19 pip move. The R:R on the trade seemed low to me.

Just trying to improve my market reading is all
  • #1,282
  • Mar 31, 2010 5:25am Mar 31, 2010 5:25am
Quoting Vantage
Hi Royston needs to be 20 on fxpro, ie 2 full pips on 4 digit broker.
Thanks Mr V. I think that was the problem. The MT4 logs say trade was removed as soon as it was placed, so that would also agree.
  • #1,283
  • Edited 8:26am Mar 31, 2010 7:04am | Edited 8:26am
As I said earlier, I too found this morning's action from mid FH difficult to trade - and I took a loss on my last short and only got a few pips out of the breakout - my least favourite type of trade....

The gold crosses are Marubozo type candles and these can turn into tweezers. Where these happen - both price and timewise is important.

The red / green arrows were trades that I took.

The ellipses are time zones and I am very cross that I was too late to interpret what was actually happening in the 38 minutes after LO as we've all seen this type of action before and I was looking for a deeper retrace.

Next I'll post my 5 min chart....

Edit: As I'm using a new live broker and posted my chart off another broker with a different time, I put FO / LO incorrectly, hence the modified post.....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 31 cable 1m folo.gif Size: 29 KB
Trading Levels with WRBs
  • #1,284
  • Edited 8:30am Mar 31, 2010 8:00am | Edited 8:30am
This chart has my usual fast and slow EMAs - 8 & 30 - plus Market Profile running from FO, pivots, sweet spots, volume and a wide candle indy - this has placed a blue arrow on any candle with a body > 15 pips - it also has alerts.

We can see how after each WR candle - all with high volume - there was negligible follow thru' AND price stalled before the next push up.....IMO a laboured rally.

The last WR candle - induced by slightly better than anticipated ADP report - has just managed a HH in a small red high vol doji.....

Whilst the trend remains up, VSA implies that there has been profit taking / distribution since the mid morning high......will this confirm the potential shampoo that I'm seeing on the 4 hour chart......TWT.....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 31 cable 5m nyo 1.gif Size: 31 KB
Trading Levels with WRBs
  • #1,285
  • Mar 31, 2010 8:32am Mar 31, 2010 8:32am
My thanks to FOURX for pointing out my error with my FO / LO lines - LOL, posting with hindsight is usually clearer than in real time.....http://cdn.forexfactory.com/images/icons/icon7.gif

PS - I sold after the 5m doji......
Trading Levels with WRBs
  • #1,286
  • Mar 31, 2010 5:25pm Mar 31, 2010 5:25pm
Hi,

Just checking in while emailing

More houseguests have just arrived for Easter, meanwhile I am suffering withdrawal symptoms from trading.

Islander we have to get you a skull and crossbones avatar, you have earned it
Money grows on the tree of persistence
  • #1,287
  • Apr 1, 2010 2:25am Apr 1, 2010 2:25am
GM - Frankies Hour should be renamed Frankies Chop Shop!

The overnight range was from the days open level 5180 up to R1 at 5243.

Before FO there was fast spike up into a LH which then fell to the MR1 level, bounced 30 pips into another LH and then fell to ~ the DOL/5175 into LO.

I bought at LO after the low held and have already banked some pips after the spike up stalled...holding the remainder whilst price is supported by the fast MA as the swing should go further pricewise and timewise.....TWT
Trading Levels with WRBs
  • #1,288
  • Apr 1, 2010 2:37am Apr 1, 2010 2:37am
Quoting Islander
GM - Frankies Hour should be renamed Frankies Chop Shop!

The overnight range was from the days open level 5180 up to R1 at 5243.

Before FO there was fast spike up into a LH which then fell to the MR1 level, bounced 30 pips into another LH and then fell to ~ the DOL/5175 into LO.

I bought at LO after the low held and have already banked some pips after the spike up stalled...holding the remainder whilst price is supported by the fast MA as the swing should go further pricewise and timewise.....TWT

And it did up to my target zone for this swing - the R1 / 5250 area http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,289
  • Apr 1, 2010 2:45am Apr 1, 2010 2:45am
The high was in a 5 min high volume graveyard doji.....indecision, so will this be a reversal OR a measuring doji which would imply a breakout to higher prices.....TWT

Euro has had a strong bounce up off its DP / 3475 level, BUT it remains well below its overnight high....
Trading Levels with WRBs
  • #1,290
  • Apr 1, 2010 3:11am Apr 1, 2010 3:11am
Looks like we'll drift into the news at 8:30 gmt....

Manufacturing PMI 56.8 and BOE Credit Conditions Survey
Trading Levels with WRBs
  • #1,291
  • Apr 1, 2010 4:13am Apr 1, 2010 4:13am
Signals for today as mentioned earlier. The slightly better than expected news was not sufficient to give a break to new highs, so I sold after the wide ranged marubozo didnt follow thru'.....I've now banked those pips too aftter exceeding my daily quota......back for NY.....BFN
Attached Image (click to enlarge)
Click to Enlarge Name: apr 1 cable 1m folo.gif Size: 23 KB
Trading Levels with WRBs
  • #1,292
  • Apr 1, 2010 4:32am Apr 1, 2010 4:32am
Quoting Islander
Signals for today as mentioned earlier. The slightly better than expected news was not sufficient to give a break to new highs, so I sold after the wide ranged marubozo didnt follow thru'.....I've now banked those pips too aftter exceeding my daily quota......back for NY.....BFN
Great trading on a pretty rubbish day. I've had 3 trades, 3 smallish wins, no-where near daily target. I missed the best trade of day the hl just above 5200 on 5 min. That'll teach me to go walkabout!!

Great trading once again.
  • #1,293
  • Apr 1, 2010 7:16am Apr 1, 2010 7:16am
Quoting Islander
As I said earlier, I too found this morning's action from mid FH difficult to trade - and I took a loss on my last short and only got a few pips out of the breakout - my least favourite type of trade....

The gold crosses are Marubozo type candles and these can turn into tweezers. Where these happen - both price and timewise is important.

The red / green arrows were trades that I took.

The ellipses are time zones and I am very cross that I was too late to interpret what was actually happening in the 38 minutes after LO as we've all seen this...
Thanks Islander, much appreciated.
  • #1,294
  • Apr 6, 2010 1:52am Apr 6, 2010 1:52am
GM - FO held ~the S1 level and I sold after the wider ranged marabuzo stalled there....three candles later the red marubozo turned it into a tweezers.

The earlier low at the MS2 level of 5210 held again so I banked a few pips and went long after price crossed up thru' the fast ema. Now I'm waiting to see if S1 will break into LO......TWT...
Trading Levels with WRBs
  • #1,295
  • Apr 6, 2010 2:10am Apr 6, 2010 2:10am
Quoting Islander
GM - FO held ~the S1 level and I sold after the wider ranged marabuzo stalled there....three candles later the red marubozo turned it into a tweezers.

The earlier low at the MS2 level of 5210 held again so I banked a few pips and went long after price crossed up thru' the fast ema. Now I'm waiting to see if S1 will break into LO......TWT...

And it did in a red spinning top after a wide green marubozo, so I banked and reversed as S1 broke back.....how far will this pull back go????.....a new low as a fakeout.....TWT
Trading Levels with WRBs
  • #1,296
  • Apr 6, 2010 3:29am Apr 6, 2010 3:29am
Quoting Islander
And it did in a red spinning top after a wide green marubozo, so I banked and reversed as S1 broke back.....how far will this pull back go????.....a new low as a fakeout.....TWT
We got a new low in an ultra wide ranged, high vol marubozo that came 80 pips and 15 mins after the LO high.....I banked early and now have a small long as I wait to see IF price will break above the 5200 level / slow ema.....perhaps the UK data will help ....TWT
Trading Levels with WRBs
  • #1,297
  • Apr 7, 2010 1:49am Apr 7, 2010 1:49am
GM - five minutes after FO cable turned south around its slow EMA and dropped 27 pips in 8 mins, making a new low for this morning just above the 5225 level and a few pips under its DP. This was also a few pips above a 38% retrace of yesterday afternoons rally.

After the low there was a nice HL at the DP and I bought, exiting after the spike back up in the wide marubozo. As there was no follow thru', I then sold for a quick ~10 pips fall back towards the DP.

Now to see what happens at LO.....
Trading Levels with WRBs
  • #1,298
  • Apr 7, 2010 2:15am Apr 7, 2010 2:15am
GM Islander. I have had trouble reading the market, but managed to get 4 good scalping trades = +6 +5 +14 and +20. The last was a long of the double bottom just before LO. Still can't read the market the way you do, but am trying hard. Hope you can keep up your posts, as we all learn so much.
  • #1,299
  • Apr 7, 2010 2:22am Apr 7, 2010 2:22am
So far we've had 4 tradeable swings in the 30 pip channel thats around the 5250 / 5225 levels and currently we are in the 5th swing. I'm happy taking 10 - 15 pips a swing whilst looking for clues as to which way it will breakout.....as there are long tails / wicks both above and below on the 5 min chart I'm non the wiser.....IF this 5 th swing stays as a HL above the DP this would suggest an upside break.....TWT....
Trading Levels with WRBs
  • #1,300
  • Apr 7, 2010 2:48am Apr 7, 2010 2:48am
Yes, there are wicks/tails all over the place - 60M, 15M, 5M and the 1M is a real mess. Guess this means a lot of indecision. We also have news in 45 mins.
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