Islander and Medici trade the European open | Page 75 | Forex Factory

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Islander and Medici trade the European open

  • #1,481
  • Apr 27, 2010 12:22am Apr 27, 2010 12:22am
GM all. A Euro short from the level where the selling started yesterday looked too tempting to resist. 1.3345 possible target, where I would enter long.
  • #1,482
  • Apr 27, 2010 12:51am Apr 27, 2010 12:51am
GM - a reasonable Asian range of 60 pips with slightly LH and LL has the last bounce holding at the 61% retrace - I'm short off that and so far the pre FO action is slow.....I have support at the DP at 5441 and then the 5425 level / earlier low....
Trading Levels with WRBs
  • #1,483
  • Apr 27, 2010 1:04am Apr 27, 2010 1:04am
Quoting Islander
GM - a reasonable Asian range of 60 pips with slightly LH and LL has the last bounce holding at the 61% retrace
In addition a Gartley-type pattern on both Euro and cable, which made it a bit of a giveaway.

Quote

and so far the pre FO action is slow.

To say the least...
  • #1,484
  • Apr 27, 2010 1:13am Apr 27, 2010 1:13am
Mmm - I missed the gartleys....

Finally a 25 pip drop into FO let me bank a few pips and reverse to long.....now to see where the bounce goes....
Trading Levels with WRBs
  • #1,485
  • Apr 27, 2010 1:19am Apr 27, 2010 1:19am
the first red candle after FO was a higher volume spinning top, so reasonable to think this was the low and that cable would bounce.....BUT so far it hasnt as the dollar - Swssy - is rallying....mm, time for a rescue operation....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #1,486
  • Apr 27, 2010 1:22am Apr 27, 2010 1:22am
So far the best performer is euro-yen with a 60 range since 7am...
  • #1,487
  • Apr 27, 2010 1:49am Apr 27, 2010 1:49am
Quoting Islander
the first red candle after FO was a higher volume spinning top, so reasonable to think this was the low and that cable would bounce.....BUT so far it hasnt as the dollar - Swssy - is rallying....mm, time for a rescue operation....http://cdn.forexfactory.com/images/icons/icon11.gif
I was long off the DP and so - 20 pips at the low in the red 1 min marubozo that made an equal low at 5421. As there was no follow through, I bought again and set my TP at my earlier entry plus spread and thus exited both for a profit in the retrace to the 5450 level.....


I've since sold at the DP which is just above the now falling slow ema....
Trading Levels with WRBs
  • #1,488
  • Apr 27, 2010 1:56am Apr 27, 2010 1:56am
A post 8am dip to 5390-97 for pick up of orders is a possibility.
  • #1,489
  • Edited 2:28am Apr 27, 2010 2:12am | Edited 2:28am
The PA from early in FH IMO is suggesting lower prices and the small bounce at LO only reached the falling fast ema.....
Trading Levels with WRBs
  • #1,490
  • Apr 27, 2010 2:22am Apr 27, 2010 2:22am
Quoting Islander
I was long off the DP and so - 20 pips at the low in the red 1 min marubozo that made an equal low at 5421. As there was no follow through, I bought again and set my TP at my earlier entry plus spread and thus exited both for a profit in the retrace to the 5450 level.....


I've since sold at the DP which is just above the now falling slow ema....
I'm looking at the S1 area for my first TP.....
Trading Levels with WRBs
  • #1,491
  • Apr 27, 2010 2:37am Apr 27, 2010 2:37am
Quoting Islander
I'm looking at the S1 area for my first TP.....
I took some off there and more at yesterdays low / 5375.....with € holding at its DP for the third time we may get a retrace...

BBA Mortgage Approvals due out at 8:30 gmt
Trading Levels with WRBs
  • #1,492
  • Apr 27, 2010 2:42am Apr 27, 2010 2:42am
Quoting Islander
I took some off there and more at yesterdays low / 5375.....with € holding at its DP for the third time we may get a retrace...

BBA Mortgage Approvals due out at 8:30 gmt
I exited last sell at 5400, too early. Where have I heard that one before???

Medici, ej was better in early action but gu much better last hour, I'm going to stick with gu.
  • #1,493
  • Apr 27, 2010 2:47am Apr 27, 2010 2:47am
Quoting Vantage
I exited last sell at 5400, too early. Where have I heard that one before???

Medici, ej was better in early action but gu much better last hour, I'm going to stick with gu.

I guess all of those Patience Pills that I've been popping are finally working....
Trading Levels with WRBs
  • #1,494
  • Apr 27, 2010 2:49am Apr 27, 2010 2:49am
Quoting Islander
I guess all of those Patience Pills that I've been popping are finally working....
I got out at 5400 as well. Feel like sharing those pills for us less fortunate traders?
  • #1,495
  • Apr 27, 2010 3:01am Apr 27, 2010 3:01am
The late first turn in FH followed by the weak bounce gave a heads up for lower prices....

Edit: the red rectangle - fib decision zone area - is where I'm looking to sell again - subject to PA and news....
Attached Image (click to enlarge)
Click to Enlarge Name: apr 27 cable 1m folo.gif Size: 29 KB
Trading Levels with WRBs
  • #1,496
  • Apr 27, 2010 3:01am Apr 27, 2010 3:01am
Quoting medici
GM all. A Euro short from the level where the selling started yesterday looked too tempting to resist. 1.3345 possible target, where I would enter long.
Got there in the end. Now long.
  • #1,497
  • Apr 27, 2010 3:09am Apr 27, 2010 3:09am
Quoting Auron112
I got out at 5400 as well. Feel like sharing those pills for us less fortunate traders?

LOL - you can always close part of your trade and leave part with a profit stop......http://cdn.forexfactory.com/images/icons/icon12.gif

Its taken me a long time to hold my trades longer.....
Trading Levels with WRBs
  • #1,498
  • Apr 27, 2010 3:11am Apr 27, 2010 3:11am
Quoting medici
Got there in the end. Now long.
A good example of patience - and a trading plan....
Trading Levels with WRBs
  • #1,499
  • Apr 27, 2010 3:15am Apr 27, 2010 3:15am
Quoting Islander
A good example of patience - and a trading plan....
Thanks Patience doesn't come easy to me...

Note also the timing with cable. Long entry in cable at exactly the same point as Euro hit 3345 was also part of the plan
  • #1,500
  • Apr 27, 2010 3:19am Apr 27, 2010 3:19am
5416 is 50% of today's session and early European low of yesterday. Looks good for a return trip to 5400 or so.
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