Islander and Medici trade the European open | Page 70 | Forex Factory

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Islander and Medici trade the European open

  • #1,381
  • Apr 19, 2010 1:32am Apr 19, 2010 1:32am
Quoting orientos
GM. I also sold the HL at FO but held too long and lost 6 pips.
....notice that all of the 1 min red candles in that pull back were small and then halted ~5325 where price had consolidated earlier... that's where I exited...

I did buy that HL......there was another opportunity on a retest about 5 mins ago....
Trading Levels with WRBs
  • #1,382
  • Apr 19, 2010 1:43am Apr 19, 2010 1:43am
Quoting Islander
....notice that all of the 1 min red candles in that pull back were small and then halted ~5325 where price had consolidated earlier... that's where I exited...

I did buy that HL......there was another opportunity on a retest about 5 mins ago....
Again. after a wider ranged candle, the next ones were smaller into a LH on a small green doji - as soon as price broke under that I exited.....I'm happy to bank 10 - 15 pips a time until the volumes pick up and the candles get wider.....
Trading Levels with WRBs
  • #1,383
  • Apr 19, 2010 1:57am Apr 19, 2010 1:57am
As there had been two HLs , I waited after that last LH in the green doji and when the next attempted bounce failed at the 5250 level / 150 ema it was a sellsignal....I've now closed after the wider ranged candles made a new low.....now to see what the LO brings.....
Trading Levels with WRBs
  • #1,384
  • Apr 19, 2010 2:14am Apr 19, 2010 2:14am
After LO there was no attempt to move down to retest the lows and I bought on the break of the fast ema, exiting after the wide ranged marubozo hit the slow ema and halted......
Trading Levels with WRBs
  • #1,385
  • Apr 19, 2010 2:36am Apr 19, 2010 2:36am
Another wide green marubozo up to the 5250 level a LH at a 5 min down trend line was turned into tweezers - going with the trend I sold again and will watch the action towards the lows as IMO the PA suggests a larger retrace......TWT
Trading Levels with WRBs
  • #1,386
  • Apr 19, 2010 4:16am Apr 19, 2010 4:16am
Quoting reflex
Hi
Are there any other tips you can give me to help me find the direction of the morning or a change of direction. Thanks in advance
Hello Reflex, and welcome to the thread.

I rarely rely on indicators to find the direction, as short-term trading often is more about support and resistance levels than longer term trends.

This morning, for example, orders around 1.5270 had been executed in early interbank trade yesterday with a low at 1.52647. Cable had broken down below that area, which now would act as resistance - so direction down.

Possible levels for entry would be in the 1.5264-80 area for a short entry around 6am. Following that I would consider the direction down, and enter short on retracements, until indications of change of direction appear.

At the 8am fix there was no selling, and the retracement up was slow and deep enough to indicate change of direction. From now on trades would be long on retracements.

Close trades before 9.30 when regime/direction change often happens. Indeed, the direction did change at 9.30 - a trade I didn't take.

Hope that helps.
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  • #1,387
  • Apr 19, 2010 7:01am Apr 19, 2010 7:01am
hi medici

Thanks for your reply its helped me alot and it seems the 9.30 trade was the only one I managed to get right this morning! As I said before I have been trading since Christmas and maybe one of the reasons I am struggling to just break even most weeks is that I try and find a trend on a longer time frame and trade to it from 6 in the morning. I will try and change my way of thinking being 19 Ill probably have to do that a few times ha. Looking at a short at the mo off AS low but don't trade the afternoon as I am learning but good to watch.

Thanks again for your reply.
  • #1,388
  • Apr 20, 2010 1:09am Apr 20, 2010 1:09am

GM - the pre FO move dropped ~40 pips to the DP at 528. I took a small buy when it held in the retest at FO.....

Edit: and banked a quick few pips as it stalled > the 5300 level.....

Trading Levels with WRBs
  • #1,389
  • Apr 20, 2010 1:23am Apr 20, 2010 1:23am
Quoting Islander

GM - the pre FO move dropped ~40 pips to the DP at 528. I took a small buy when it held in the retest at FO.....

Edit: and banked a quick few pips as it stalled > the 5300 level.....

GM. ditto, but still holding.
  • #1,390
  • Apr 20, 2010 1:25am Apr 20, 2010 1:25am
Quoting medici
GM. ditto, but still holding.
I bought again off the DP....
Trading Levels with WRBs
  • #1,391
  • Apr 20, 2010 1:31am Apr 20, 2010 1:31am
The 38% retrace of the rally from yesterdays lows is at 5284 and the 50% at 5265, just above the MS1 level at 5263.....IF the DP breaks, these are the next supports.....this first half of FH has had a narrower than usual range and so far has failed to turn the fast MA positive....
Trading Levels with WRBs
  • #1,392
  • Apr 20, 2010 1:32am Apr 20, 2010 1:32am
Hi,

this is carrying a handicap, I am in this trade too
Money grows on the tree of persistence
  • #1,393
  • Apr 20, 2010 1:33am Apr 20, 2010 1:33am
Quoting ozmacca
Hi,

this is carrying a handicap, I am in this trade too

LOL....
Trading Levels with WRBs
  • #1,394
  • Apr 20, 2010 1:35am Apr 20, 2010 1:35am
Quoting Islander
The 38% retrace of the rally from yesterdays lows is at 5284 and the 50% at 5265, just above the MS1 level at 5263.....IF the DP breaks, these are the next supports.....this first half of FH has had a narrower than usual range....
I'm with you there, and I would add 3450 in the Euro as a level to watch, then 3443. Solid support area. In addition, there are rumours of big Euro flows over the next couple of days, so long is the way to be.
  • #1,395
  • Apr 20, 2010 1:36am Apr 20, 2010 1:36am
Quoting ozmacca
Hi,

this is carrying a handicap, I am in this trade too
A no-brainer: Buy/sell a retracement at 7am.
  • #1,396
  • Apr 20, 2010 1:37am Apr 20, 2010 1:37am
Medici,

I just love your "rumours" long is good from down under !
Money grows on the tree of persistence
  • #1,397
  • Apr 20, 2010 1:38am Apr 20, 2010 1:38am
The wide green marubozo was close to the earlier support ~the 5309 level and the slow ema....I exited as soon as price started to pull back from that resistance area....
Trading Levels with WRBs
  • #1,398
  • Apr 20, 2010 1:48am Apr 20, 2010 1:48am
Quoting Islander
The wide green marubozo was close to the earlier support ~the 5309 level and the slow ema....I exited as soon as price started to pull back from that resistance area....
I'm going to hold this one for a bit, until 1.5550 or so , adding to it along the way....
  • #1,399
  • Apr 20, 2010 1:54am Apr 20, 2010 1:54am
Hi,

Medici that call is a long way from here, glad you are back, it adds a longer term view to Islanders current up to the minute posts.

ps. I must order some patience pills
Money grows on the tree of persistence
  • #1,400
  • Apr 20, 2010 1:56am Apr 20, 2010 1:56am
Quoting medici
I'm going to hold this one for a bit, until 1.5550 or so , adding to it along the way....

I bought the small retrace to the 5300 level / now positive fast ema.....

IF the DP is todays low, that will imply a high around the 400 level.....TWT
Trading Levels with WRBs
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