Islander and Medici trade the European open | Page 71 | Forex Factory

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Islander and Medici trade the European open

  • #1,401
  • Apr 20, 2010 1:58am Apr 20, 2010 1:58am
Quoting ozmacca
Hi,

Medici that is a long way from here, glad you are back, it adds a longer term view to Islanders current up to the minute posts.
Thanks, that's the intention, that we complement each other. No need for both to do short-term posts, so better to add different perspectives. I do short-term trading as well, but no need to confuse the picture, I think.

Note the sizeable Euro order at 1.3450. To be continued...
  • #1,402
  • Apr 20, 2010 2:00am Apr 20, 2010 2:00am
Quoting Islander

IF the DP is todays low, that will imply a high around the 400 level.....TWT
5365 and 5390 are leves to watch as well, but 5400 would be nice.
  • #1,403
  • Apr 20, 2010 2:05am Apr 20, 2010 2:05am
Quoting medici
5365 and 5390 are leves to watch as well, but 5400 would be nice.
So off I go to see why 5365 is important, found it already marked

I am getting better !!
Money grows on the tree of persistence
  • #1,404
  • Apr 20, 2010 2:07am Apr 20, 2010 2:07am
Quoting ozmacca
So off I go to see why 5365 is important, found it already marked

I am getting better !!
It's the 138.2% extension of the drop from 5204 to 4780, and as past price action shows we're not the only ones noticing it.
  • #1,405
  • Apr 20, 2010 2:09am Apr 20, 2010 2:09am
A beautiful sunny day and simple-minded trading does the job:

Sell at 6am, buy at 7am, buy more at 8am, and now the Euro is breaking up through last week's low at 3472 - promising more to come.
  • #1,406
  • Apr 20, 2010 2:11am Apr 20, 2010 2:11am
I love skyrockets.

I had it as a previous fractal SR from Friday as Fridays low at 5366.
Money grows on the tree of persistence
  • #1,407
  • Apr 20, 2010 2:15am Apr 20, 2010 2:15am
Quoting ozmacca
I love skyrockets.

I had it as a previous fractal SR from Friday as Fridays low at 5366.
Inserted Video
  • #1,408
  • Apr 20, 2010 2:15am Apr 20, 2010 2:15am
I exited my 1 min trade after the last marubozo stalled just under the 5350 level - also an ultra wide ranged, high voll 5 min candle....I'll buy again on a pull back.....my other intra day swing trade is still open....
Trading Levels with WRBs
  • #1,409
  • Apr 20, 2010 2:20am Apr 20, 2010 2:20am
Hi Islander,

I snatched it as well, beggars can't be choosers, a winning day

ps Medici has gone all musical again, I hope he doesn't expect me to sing, the cat always cries when I do
Money grows on the tree of persistence
  • #1,410
  • Apr 20, 2010 2:20am Apr 20, 2010 2:20am
Quoting Islander
I exited my 1 min trade after the last marubozo stalled just under the 5350 level - also an ultra wide ranged, high voll 5 min candle....I'll buy again on a pull back.....my other intra day swing trade is still open....
Good idea. DJ futures too shy to break through 11100 in fair value, Euro going down below 3472, cable stops above 5350 taken out with a high close to the 5365 level. Time for a breather, I think.
  • #1,411
  • Apr 20, 2010 2:28am Apr 20, 2010 2:28am
Great that we all banked some good pips.........I was a little early, failing to hold for the Lucas TL (47) that is the high for that swing.

Data in an hour and I now have to go out for a bit.....TP on my remaining long set just under the R1 level of 5386....
Trading Levels with WRBs
  • #1,412
  • Apr 20, 2010 3:03am Apr 20, 2010 3:03am
Quoting ozmacca
Medici,

I just love your "rumours" long is good from down under !
What would life be without gossip! As for this particular one, everything so far confirms it.
  • #1,413
  • Apr 20, 2010 3:25am Apr 20, 2010 3:25am
Islander posts 1m/5m charts, so I thought I'd stick to longer term charts.

Here's my take on this morning:

Yesterday was a reversal day, seen as a hammer/pin bar on the daily chart, where the 5550 area looks like a likely target for the next couple of days.

After a reversal day, or a trending day, the pattern is often a retracement back to roughly the 38.2% level before the journey continues. Today price action around 5290, together with confluence with the 7am open, confirmed the long entry for a trip above the Asian high with 5365 and 5390 as intraday targets.

The breakout above the Asian high, in its turn, is an entry signal for the so called 'Big Ben Strategy', see http://www.forextac.com/bigben-strategy-the-logic.html, attracting more people to the party.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable 20 april daily.jpg Size: 278 KB
Click to Enlarge Name: cable 20 april.jpg Size: 153 KB
  • #1,414
  • Apr 20, 2010 1:32pm Apr 20, 2010 1:32pm
Hi Medici

I notice reading through the thread that you quite often comment on where buy orders and sell orders are and another time I saw you write this isnt selling its stop hunting. Are there any books you can recommend on how to analyse these situations or is this just experience.

Thanks in advance.
  • #1,415
  • Apr 21, 2010 12:16am Apr 21, 2010 12:16am
Quoting reflex
Hi Medici

I notice reading through the thread that you quite often comment on where buy orders and sell orders are and another time I saw you write this isnt selling its stop hunting. Are there any books you can recommend on how to analyse these situations or is this just experience.

Thanks in advance.
That's mostly 'experience' and what I've learnt from people in the industry, but there's a good book on such matters called Beat The Forex Dealer by Agustin Silvani.
  • #1,416
  • Apr 21, 2010 12:22am Apr 21, 2010 12:22am
GM all. This morning it was a 6am buy based on the 'line in the sand' pattern coinciding with the Euro triggering orders around 1.3400.
Attached Image (click to enlarge)
Click to Enlarge Name: cable 21 april.jpg Size: 121 KB
  • #1,417
  • Apr 21, 2010 12:44am Apr 21, 2010 12:44am
GM - the pre FO move is up off the support area of the days open / DP with a HL at 5am gmt......I'm long looking for 5385 or the MR1 at 5394 into FO.....
Trading Levels with WRBs
  • #1,418
  • Apr 21, 2010 12:49am Apr 21, 2010 12:49am
€ has made a similar move to cable's, with a high volume doji low ~its 3400 level.....its now holding at the resistance area of yesterdays low, MS1 at 3430 and its days open....
Trading Levels with WRBs
  • #1,419
  • Apr 21, 2010 1:08am Apr 21, 2010 1:08am
The swing was up 51 pips in 52 minutes into a wide ranged high volume marubozo....I'd already exited after the smaller marubozo stalled ~ MR1.

Euro's leading cable in this mornings dance - so far a quickstep

I now have a small contra trend short.....the 5375 area would be nice....TWT
Trading Levels with WRBs
  • #1,420
  • Apr 21, 2010 1:40am Apr 21, 2010 1:40am
and the music changes to chop-sticks for FH.........so far, we have a slightly higher high close to mid FH and now a potential low too..... guess I'll wait for LO.....
Trading Levels with WRBs
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