Islander and Medici trade the European open | Page 67 | Forex Factory

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Islander and Medici trade the European open

  • #1,321
  • Apr 13, 2010 1:53am Apr 13, 2010 1:53am
Quoting Islander
GM - the Asian Session made a double bottom at 5334 - just below the 38% retrace and above last weeks high of 5319.

For the earlybirds there was a nice HL an hour before FO, then around FO price held around the days open level of 5364 and I bought off this level, exiting after the wide ranged green marubozo for a good 20+ pips to start my day.

I'm now waiting for the mid FH pull back....
This duely arrived and I pirated a few more pips. However, I've been looking at the Euro and its its 50 pip range for the past 20 hours that has its lows just below last weeks high. This is leaving a brokers gap on my charts down to its hourly 50% retrace at 3487.

I'm wondering IF € will be able to get much above its 3600 level without heading towards the 3500 area first and IF it does go there, that will be negative for cable......TWT....
Trading Levels with WRBs
  • #1,322
  • Apr 13, 2010 2:19am Apr 13, 2010 2:19am
Hi,

Gaps are a worry aren't they, it is uncanny how they almost always fill on any instrument in any market.
Money grows on the tree of persistence
  • #1,323
  • Edited 2:51am Apr 13, 2010 2:26am | Edited 2:51am
Quoting ozmacca
Hi,

Gaps are a worry aren't they, it is uncanny how they almost always fill on any instrument in any market.
The problem with forex is that the gap is more about platform opening times than the true PA from the NZ open.....but then there's not a lot of real FX trading in NZ!! In the pre Globex days, it was a great trade on any contract that you looked at....

Edit: I sold Euro after it held again at its DP and put in a 1min LH - also sold cable after LHs in FH and another after LO....
Trading Levels with WRBs
  • #1,324
  • Apr 13, 2010 2:55am Apr 13, 2010 2:55am
I closed € after it bounced off its days open level of 3590 and cable after its 5350 / yesterdays low held.....its hard work banking pips today - lets hope the UK Trade Balance data out in half an hour brings some action....
Trading Levels with WRBs
  • #1,325
  • Apr 13, 2010 3:20am Apr 13, 2010 3:20am
The action so far.....
Attached Image (click to enlarge)
Click to Enlarge Name: apr 13 cable 1m folo2.gif Size: 27 KB
Trading Levels with WRBs
  • #1,326
  • Edited 4:42am Apr 13, 2010 4:06am | Edited 4:42am
[quote=Islander;3633113]I closed € after it bounced off its days open level of 3590 and cable after its 5350 / yesterdays low held.....its hard work banking pips today - lets hope the UK Trade Balance data out in half an hour brings some action....[/quote]

Better than anticipated data was signaled by price rallying 2 mins before the release.....insider trading anyone http://cdn.forexfactory.com/images/icons/icon11.gif......

The push up stopped at the 50% retracement off the hourly chart and as the 1 min candles were decreasing in range with highish vols, I took a sell for a few more pips.....with € still under its falling slow ema I dont see any larger upside move in cable until € gets more positive. As €s just held its MS1 level at 3577 for the second time, this may be happening.....TWT

Either way, I've finally banked my morning's quota.....BFN
Trading Levels with WRBs
  • #1,327
  • Apr 13, 2010 8:50am Apr 13, 2010 8:50am
Since my last post, cable has continued its slow retrace of yesterdays fall, several times pulling back to the 5m 30ema before moving on up.

After the US data at 14:30 gmt it again bounced up off the 30 ema to put in a new high at the R1 / 5450 / 78% retrace confluence in a high volume 1 min red graveyard doji......a sign of considerable profit taking....I sold and again later after the LH as the main US markets opened.

Now price is around the 5425 level / flat 30 ema and I'm waiting to see which way it breaks....
Trading Levels with WRBs
  • #1,328
  • Apr 14, 2010 12:36am Apr 14, 2010 12:36am
Hello Medici...I am new to your thread (just found it earlier today). I took a trade tonight (chart attached) that I was trying to base on your strategy. Can you take a look and see if I've got the right idea?

On chart (15 min GU), price broke upward out of a range during Asia, retraced a bit (although not back into the range), then went back up for a few pips. I closed for +11 pips. Not much, but I figured good enough for my first night.

But can you take a look at the chart (with relevant points noted) and offer any comments? Am I getting this part of it right, or did I just get lucky?

Also, for exits, do you typically hold until 7am London, exit at support/resistance, once a target is met, etc.? Also, do you and Islander sometimes come to the thread before the session to discuss possible setups, direction, etc.?

Thanks for any comments you can provide; I look forward to learning from you!

P.S. I was going to send a PM as I'm not sure if it's ok to post charts here (don't think I qualify per your guidelines), but I couldn't include the chart attachment there so am posting it here. If however this violates the rules, please feel free to delete it (or I can if you want).
Attached Image (click to enlarge)
Click to Enlarge Name: euro open.jpg Size: 276 KB
  • #1,329
  • Apr 14, 2010 12:57am Apr 14, 2010 12:57am
Quoting TC East
Hello Medici...I am new to your thread (just found it earlier today). I took a trade tonight (chart attached) that I was trying to base on your strategy. Can you take a look and see if I've got the right idea?

On chart (15 min GU), price broke upward out of a range during Asia, retraced a bit (although not back into the range), then went back up for a few pips. I closed for +11 pips. Not much, but I figured good enough for my first night.

But can you take a look at the chart (with relevant points noted) and offer any comments? Am I getting...
GM - thanks for the post. Medici is currently taking a vacation from posting, so I'm replying. I have no problem with your chart or your trade - I too was long having gone to bed with an open trade and just got up to a nice profit

Whilst we are really about the Frankfurt and London Opens, I do often post other setups / charts based on reading Price Action, Higher Lows / Lower Highs etc.

Currently we are having a pre FO breakout in cable, which has yet to be followed by the euro.......volumes are low....

Edit: my posts around this time of day are often delayed as I'm busy trading.....
Trading Levels with WRBs
  • #1,330
  • Apr 14, 2010 1:05am Apr 14, 2010 1:05am
Quoting Islander
GM - thanks for the post. Medici is currently taking a vacation from posting, so I'm replying. I have no problem with your chart or your trade - I too was long having gone to bed with an open trade and just got up to a nice profit

Whilst we are really about the Frankfurt and London Opens, I do often post other setups / charts based on reading Price Action, Higher Lows / Lower Highs etc.

Currently we are having a pre FO breakout in cable, which has yet to be followed by the euro.......volumes are low....

Edit: my posts around this time of...
Thank you Islander I appreciate it Obviously I exited that trade too soon, but was good experience to see this type of strategy in real time...

I'll keep reading and learning; thanks again...
  • #1,331
  • Apr 14, 2010 1:10am Apr 14, 2010 1:10am
It looks as if that was a classic fakeout - a push up on low volume in an average ranged green marubozo, followed by a new high in a small higher volumed small red doji close to R1 and then a higher vol red candle followed by an green doji down to MR1 - a nice 10 pips to start my day....
Trading Levels with WRBs
  • #1,332
  • Apr 14, 2010 1:20am Apr 14, 2010 1:20am
The green 5 min doji that just got down to MR1 was also with high volume, which suggests some hidden buying, so whilst price remains above the still rising 30 ema currently at 5418, I'm wary of taking another short.

Also, €s trying to roll over, but holding above its R1 of 3645......

I'll wait till the middle of the hour....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,333
  • Apr 14, 2010 1:28am Apr 14, 2010 1:28am
Quoting TC East
Hello Medici...I am new to your thread (just found it earlier today). I took a trade tonight (chart attached) that I was trying to base on your strategy. Can you take a look and see if I've got the right idea?
Hello, and welcome to the thread. Yes, you've got the right idea. Early breakout during the Asian session and then retracement to key levels.

Quote

On chart (15 min GU), price broke upward out of a range during Asia, retraced a bit (although not back into the range), then went back up for a few pips. I closed for +11 pips. Not much, but I figured good enough for my first night.

But can you take a look at the chart (with relevant points noted) and offer any comments? Am I getting this part of it right, or did I just get lucky?

You got it right, but these set-ups are usually good for 20-100+ pips so getting out at 11 was a bit early.

As said by Islander, I have taken a break from posting. I found that posting short-term trades interfered with my trading, so no more of that. And my initial intention with the thread was not to post trades but to post analysis, and to devote attention to the kind of longer-term patterns that you have successfully spotted.

So I plan to get back to posting but in line with my original intentions instead of positing short-term trades, which Islander does so well anyway. That way I hope we can complement each other and make for a more useful thread for all participants.

Quote
Also, for exits, do you typically hold until 7am London, exit at support/resistance, once a target is met, etc.?

That depends on the setup, and some entries are good for longer-term (i.e. hours or days) trades, but I usually have a profit target and stick to it. For your entry the target would have been 1.5450, but the 5 min doji under 1.5440 would have made me exit.

Quote
Also, do you and Islander sometimes come to the thread before the session to discuss possible setups, direction, etc.?

That was my original intention, i.e. to post pre-session analysis. I intend to get back to that with brief pointers before the session and more thorough analysis after the session.

Quote

Thanks for any comments you can provide; I look forward to learning from you!

P.S. I was going to send a PM as I'm not sure if it's ok to post charts here (don't think I qualify per your guidelines), but I couldn't include the chart attachment there so am posting it here. If however this violates the rules, please feel free to delete it (or I can if you want).

Your post is more than welcome. The guidelines are referring to regular posting.
  • #1,334
  • Apr 14, 2010 1:34am Apr 14, 2010 1:34am
Welcome back, Medici. It's great to hear that you'll be providing some analysis to the thread again.


Quoting medici
Hello, and welcome to the thread. Yes, you've got the right idea. Early breakout during the Asian session and then retracement to key levels.

You got it right, but these set-ups are usually good for 20-100+ pips so getting out at 11 was a bit early.

As said by Islander, I have taken a break from posting. I found that posting short-term trades interfered with my trading, so no more of that. And my initial intention with the thread was not to post trades but to post analysis, and to devote attention to the kind of longer-term patterns that you have...
  • #1,335
  • Apr 14, 2010 1:36am Apr 14, 2010 1:36am
GM Islander. I also went short for pretty much the same reasons and out at +13. First time I have ever got more pips than you, so it's a bottle of Louis Roederer Cristal tonight. LOL. Still thinking about a bounce long off the 30 ema but probably not.
  • #1,336
  • Apr 14, 2010 1:44am Apr 14, 2010 1:44am
Went short off the LH and break of the 30 ema. Exit at todays open for +27.
  • #1,337
  • Apr 14, 2010 1:45am Apr 14, 2010 1:45am
Quoting Auron112
Welcome back, Medici. It's great to hear that you'll be providing some analysis to the thread again.

Seconded......as usual, your analysis is much better than mine and helps me see things that I've missed.....
Trading Levels with WRBs
  • #1,338
  • Apr 14, 2010 1:46am Apr 14, 2010 1:46am
Quoting medici
Hello, and welcome to the thread. Yes, you've got the right idea. Early breakout during the Asian session and then retracement to key levels.



You got it right, but these set-ups are usually good for 20-100+ pips so getting out at 11 was a bit early.

As said by Islander, I have taken a break from posting. I found that posting short-term trades interfered with my trading, so no more of that. And my initial intention with the thread was not to post trades but to post analysis, and to devote attention to the kind of longer-term patterns that you...
Thank you very much! A lot of great knowledge here to be sure, and I look forward to continued learning and putting the principles and strategies into practice...thanks again
  • #1,339
  • Apr 14, 2010 1:48am Apr 14, 2010 1:48am
Quoting Islander
The green 5 min doji that just got down to MR1 was also with high volume, which suggests some hidden buying, so whilst price remains above the still rising 30 ema currently at 5418, I'm wary of taking another short.

Also, €s trying to roll over, but holding above its R1 of 3645......

I'll wait till the middle of the hour....http://cdn.forexfactory.com/images/icons/icon12.gif
Euro led the way down as it broke its R1 support and one minute later cable followed....hope we had some alert traders.......http://cdn.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #1,340
  • Apr 14, 2010 1:48am Apr 14, 2010 1:48am
Quoting orientos
Went short off the LH and break of the 30 ema. Exit at todays open for +27.
Well done.....
Trading Levels with WRBs
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