Islander and Medici trade the European open | Page 68 | Forex Factory

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Islander and Medici trade the European open

  • #1,341
  • Apr 14, 2010 1:54am Apr 14, 2010 1:54am
When cable's MR1 support broke, both the 1 min and 5 min made their lows at the days open level in wide ranged, high volume marubozos.....a classic pattern that often tells me that its time to bank my pips.....

Now for LO......
Trading Levels with WRBs
  • #1,342
  • Apr 14, 2010 2:04am Apr 14, 2010 2:04am
Hmmm...again I find myself questioning if I'm just getting lucky, but I went long on that GU dip into the prior Asian range, then exited at +20 barely 5 minutes later on that pop at the open...
  • #1,343
  • Apr 14, 2010 2:06am Apr 14, 2010 2:06am
Quoting Islander
When cable's MR1 support broke, both the 1 min and 5 min made their lows at the days open level in wide ranged, high volume marubozos.....a classic pattern that often tells me that its time to bank my pips.....

Now for LO......

Yeeks.....some shakeout.....an ultra wide ranged - 40 pips - UHV 1 min candle.....just what a pirate needs to top up his bank.....http://cdn.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #1,344
  • Apr 14, 2010 2:07am Apr 14, 2010 2:07am
I was "thinking" about that dip, but that's all I did. Nice trade.
  • #1,345
  • Apr 14, 2010 2:11am Apr 14, 2010 2:11am
Quoting Islander
Yeeks.....some shakeout.....an ultra wide ranged - 40 pips - UHV 1 min candle.....just what a pirate needs to top up his bank.....http://cdn.forexfactory.com/images/icons/icon6.gif
Money on a plate, wasn't it!? I caught 35 of those.
  • #1,346
  • Apr 14, 2010 2:12am Apr 14, 2010 2:12am
Quoting orientos
I was "thinking" about that dip, but that's all I did. Nice trade.
Thanks I think I'll call it quits for the session actually...

One question: what is "LH" please? lower high?
  • #1,347
  • Apr 14, 2010 2:14am Apr 14, 2010 2:14am
Quoting medici
Money on a plate, wasn't it!? I caught 35 of those.

LOL - I'm glad that you haven't lost your touch.....I only managed 29.....
Trading Levels with WRBs
  • #1,348
  • Apr 14, 2010 2:16am Apr 14, 2010 2:16am
Quoting TC East
Thanks I think I'll call it quits for the session actually...

One question: what is "LH" please? lower high?
Correct - it just saves time for us older traders who dont type so well....http://cdn.forexfactory.com/images/icons/icon11.gif


PS I sold the 1 min LH after that big spike.....
Trading Levels with WRBs
  • #1,349
  • Apr 14, 2010 2:23am Apr 14, 2010 2:23am
So far the pre FO high is a LH and IF it holds, it suggests a test of yesterdays lows.

The current 20 day Average Daily Range is 128 pips and I'm interested in using my short term entries to capture as much of this potential as possible and thus I often have other longer term intra day trades open......work in progress that may be of interest to others who find my 1 min approach too intense.....
Trading Levels with WRBs
  • #1,350
  • Apr 14, 2010 2:26am Apr 14, 2010 2:26am
Quoting TC East
Hmmm...again I find myself questioning if I'm just getting lucky, but I went long on that GU dip into the prior Asian range, then exited at +20 barely 5 minutes later on that pop at the open...
Can't be luck as I did the same thing More seriously, this was the completion of the breakout pattern discussed earlier. When there's an early breakout, the rate almost always returns back into the early Asian range before take-off. I purposely waited for that, and the confluence with the 8am fix was a complete give-away - free money!

So why exit after a minute? Today's volumes are light even though the sentiment is very bullish. Why? Bullish because of he Singaporean revaluation, which indicates that concerns about global growth may be over-rated, but at the same time thin order books as there are concerns about a possible US rate hike which would make things go the other way, and consequently nobody is placing big bets ahead of Bernanke's testimony later today.

So with light order books and thin volumes, small orders will cause big moves - such as the 40 pip spike - but little follow-through is to be expected because of the light order books.

On a positive note, it is likely that there will be big moves in the days to come, i.e. after Bernanke's testimony, and in addition to the pairs traded here Euro-yen looks like a candidate for some serious action.
  • #1,351
  • Apr 14, 2010 2:26am Apr 14, 2010 2:26am
Same trade on the M1 LH also Islander and out for +11. Think I'll call it quits and grab some dinner.
  • #1,352
  • Apr 14, 2010 2:31am Apr 14, 2010 2:31am
Quoting orientos
Same trade on the M1 LH also Islander and out for +11. Think I'll call it quits and grab some dinner.
Nice trading.....so far the days open / 5375 confluence is holding.....bon proveche as they say here.....
Trading Levels with WRBs
  • #1,353
  • Apr 14, 2010 2:35am Apr 14, 2010 2:35am
Quote
Originally Posted by Auron112
Welcome back, Medici. It's great to hear that you'll be providing some analysis to the thread again.

Quoting Islander
Seconded......as usual, your analysis is much better than mine and helps me see things that I've missed.....
Thanks Auron112 and Islander, it's good to be back!
  • #1,354
  • Apr 14, 2010 2:50am Apr 14, 2010 2:50am
Aha, the old team is back together

I was concerned that the most factual and eductional thread on FF may die a horrible death.

My education shall continue, getting better but not there yet !
Money grows on the tree of persistence
  • #1,355
  • Apr 14, 2010 2:51am Apr 14, 2010 2:51am
I closed my last short after the days open level held as a HL....

Whilst I mentioned this mornings LH, I should also say that IF this days open / 5375 confluence holds, it will be a HL thus forming a narrowing triangle / wedge clearly seen on the 15 min chart.....

As Medici has reminded us, Bernanke testifies at 10am est and with no UK news this morning we should not expect any significent move before then.....as I've banked my daily quota, I'm finished for now, back for US open, CPI etc.....BFN
Trading Levels with WRBs
  • #1,356
  • Apr 14, 2010 2:53am Apr 14, 2010 2:53am
Quoting medici
Can't be luck as I did the same thing More seriously, this was the completion of the breakout pattern discussed earlier. When there's an early breakout, the rate almost always returns back into the early Asian range before take-off. I purposely waited for that, and the confluence with the 8am fix was a complete give-away - free money!

So why exit after a minute? Today's volumes are light even though the sentiment is very bullish. Why? Bullish because of he Singaporean revaluation, which indicates that concerns about global growth may be over-rated,...
Great explanation...thank you. It did seem like a classic example of the pattern you explained in your first post.

This is a great thread and very helpful; plus it really fits well with the preference I have for shorter term trades. I am interested in learning Islander's 1 min chart trading also. I have a lot of reading to do tomorrow...thanks again.
  • #1,357
  • Apr 14, 2010 3:11am Apr 14, 2010 3:11am
My 5m / 1m charts with potential entries as posted earlier....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: apr 14 cable folo 5m.gif Size: 22 KB
Click to Enlarge Name: apr 14 cable folo 1m.gif Size: 27 KB
Trading Levels with WRBs
  • #1,358
  • Apr 14, 2010 9:01am Apr 14, 2010 9:01am
The news kicked up the volume with a very high vol spinning top that made a HL and so I bought and pirated a few pips in the ride back up to the earlier highs in the 5450 area.

The first high was in a wide ranged high vol maubozo that didnt follow thru'.....there were several more high vol candles over the next half hour after which price turned south triggering me into a sell which I exited in the time window around the open of the NYSE, later buying again for another test of the highs.....
Trading Levels with WRBs
  • #1,359
  • Apr 14, 2010 9:14am Apr 14, 2010 9:14am
The run up into the end of the hour again halted ~the 5450 level - actually a LH - the high candle was on average volume, but the following red doji had ultra high volume, so there's loads of supply up there and I'm thinking distribution and so got short again....twt
Trading Levels with WRBs
  • #1,360
  • Apr 14, 2010 10:09am Apr 14, 2010 10:09am
Quoting Islander
The run up into the end of the hour again halted ~the 5450 level - actually a LH - the high candle was on average volume, but the following red doji had ultra high volume, so there's loads of supply up there and I'm thinking distribution and so got short again....twt
Exited when price held above the 5425 area as a HL....took another long for a few more pips at the MR2 level - and now I'll stop before I give any back.
Trading Levels with WRBs
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