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Islander and Medici trade the European open

  • #1,521
  • Apr 29, 2010 3:13am Apr 29, 2010 3:13am
Potential entries.....last buy exited in the target area mentioned, and then a LH, so another sell, stop to B/E +1 and I'll let it run as I'm finished for this morning....

On the 5 min chart, the high was in a large shooting star.

Expect a bounce off the 5200 - 5205 area that was resistance earlier.....
Attached Image (click to enlarge)
Click to Enlarge Name: apr 29 cable 1m folo.gif Size: 30 KB
Trading Levels with WRBs
  • #1,522
  • Apr 29, 2010 9:41am Apr 29, 2010 9:41am
Continuing with my research into trading the longer intra-day swings, here's my current 5 min chart with the short term entries that I took and posted earlier - BUT see how the combination of The Levels and the 30 ema keeps me in a longer trade - OR lets me re-enter.

The ema angle indy just highlights - via the angle of the 30 ema - the weakening of the move leading into bearish divergance.

I traded the sell down into the fib Decision Zone which started ~5230 - the last but one swing low - a good area to TP - and later buy again....after the wide bodied high volume red spinning top spiked to a fakeout low.....
Attached Image (click to enlarge)
Click to Enlarge Name: apr29 cable 5m 1415 gmt.gif Size: 18 KB
Trading Levels with WRBs
  • #1,523
  • Apr 29, 2010 9:51am Apr 29, 2010 9:51am
Updated Chart with fib DZ etc....
Attached Image (click to enlarge)
Click to Enlarge Name: apr29 cable 5m 1450 gmt.gif Size: 23 KB
Trading Levels with WRBs
  • #1,524
  • Apr 30, 2010 12:52am Apr 30, 2010 12:52am
GM - the retest of the days open level in a 5m higher volume hammer signalled a buy for the swing into FO.....the last SH was at 5353 and the overnight high 5363....
Trading Levels with WRBs
  • #1,525
  • Edited 1:21am Apr 30, 2010 12:58am | Edited 1:21am
GM. I'd be surprised to see a successful breakout attempt upwards this early given yesterday's run. 23.6% of yesterday comes in at 5293 and 5288 was Wednesday's high. That's where I'd like to enter.
  • #1,526
  • Apr 30, 2010 1:20am Apr 30, 2010 1:20am
The overnight high was tested in a small maubozo that converted into a harami.....I'm now short and will be watching to see how far we retrace.....

The high is ~ 61.8% retrace of this weeks range.....BUT with the news that Cameron won last nights debate, I'd expect to see a further move up.....TWT
Trading Levels with WRBs
  • #1,527
  • Apr 30, 2010 1:28am Apr 30, 2010 1:28am
Quoting Islander
The overnight high was tested in a small maubozo that converted into a harami.....I'm now short and will be watching to see how far we retrace.....
That's the way to go

Quote


The high is ~ 61.8% retrace of this weeks range.....BUT with the news that Cameron won last nights debate, I'd expect to see a further move up.....TWT

Me too, but first the retrace. And if we're wrong there will be a nice breakout to hitch a ride with.
  • #1,528
  • Apr 30, 2010 1:29am Apr 30, 2010 1:29am
Quoting medici
GM. I'd be surprised to see a successful breakout attempt upwards this early given yesterday's run. 23.6% of yesterday comes in at 5293 and 5288 was Wednesday's high. That's where I'd like to enter.

I'll be very happy if cable can get there - but I'm suspecting that we'll get a higher low....yesterday's high at 5341 or MR1 at 5330 are good candidates....
Trading Levels with WRBs
  • #1,529
  • Apr 30, 2010 1:36am Apr 30, 2010 1:36am
Quoting Islander
I'll be very happy if cable can get there - but I'm suspecting that we'll get a higher low....yesterday's high at 5341 or MR1 at 5330 are good candidates....
You're right, it's not a given and 5290 is too far away now, but I am suspicious of this breakout...TWT.
  • #1,530
  • Apr 30, 2010 1:38am Apr 30, 2010 1:38am
Quoting Islander
I'll be very happy if cable can get there - but I'm suspecting that we'll get a higher low....yesterday's high at 5341 or MR1 at 5330 are good candidates....

and we did at the 38% retrace of the move into FO....it was also the fast ema and I failed to TP, so my short was a wash......I bought again.....volumes are average for FH....
Trading Levels with WRBs
  • #1,531
  • Apr 30, 2010 2:08am Apr 30, 2010 2:08am
The high before LO was in a high volume 5m wide spinning top which was followed by a small low vol doji.

On the 1 min it was after another wideish marubozo....although I'm thinking that the 5400 level will get hit, I closed my longs and as LO turned south making a 1 min LH I sold already exiting at the 5350 level / 50% retrace - also the slow ema.....
Trading Levels with WRBs
  • #1,532
  • Apr 30, 2010 2:25am Apr 30, 2010 2:25am
Swissy falling and € rising helped cable's rally. Now with both of these around 00 levels I'm watching them to see if they reverse and help cable to head back down.

Cable's 15 min chart has a high volume hanging man at its high and then a high volumed 5 min harami at LO.....

So far the 5375 level is holding as resistance, but the slow ema is still trending upwards....
Trading Levels with WRBs
  • #1,533
  • May 3, 2010 12:55am May 3, 2010 12:55am
GM - the Euro's 150 pip drop since the markets opened has helped cable drop ~100 pips into a bouble bottom around S1 / 5225....cable also put in a 5 min HL....I'm long...

UK has a holiday, so we can expect lower volume.....
Trading Levels with WRBs
  • #1,534
  • May 3, 2010 1:05am May 3, 2010 1:05am
GM. The Euro is back where it started Friday and might stay in that range. I was up early and caught a good few in cable. Looks like it could be a sleepy day. Buying off low extremes has worked so far, and seems to be the way to go.
  • #1,535
  • May 3, 2010 1:06am May 3, 2010 1:06am
Hi Islander,

As both JPY and UK are closed I think I will pass today, see you tomorrow

Good luck
Money grows on the tree of persistence
  • #1,536
  • May 3, 2010 1:14am May 3, 2010 1:14am
Quoting ozmacca
Hi Islander,

As both JPY and UK are closed I think I will pass today, see you tomorrow

Good luck
Thanks - remember that thin markets can often have high volatility - either way I'm only trading for a couple of hours before I go out....I'm also long tthe euro...
Trading Levels with WRBs
  • #1,537
  • May 3, 2010 1:25am May 3, 2010 1:25am
Quoting medici
GM. The Euro is back where it started Friday and might stay in that range. I was up early and caught a good few in cable. Looks like it could be a sleepy day. Buying off low extremes has worked so far, and seems to be the way to go.
Nice....I closed my € longs after it stalled at its 3250 level....
Trading Levels with WRBs
  • #1,538
  • May 3, 2010 1:31am May 3, 2010 1:31am
Quoting Islander
Nice....I closed my € longs after it stalled at its 3250 level....
Well done. I was looking to short Euro at around 3255-58.

As you said, low liquidity days can be volatile days, which was my reason for getting out of bed. We'll see if today lives up to that possibility.
  • #1,539
  • May 3, 2010 1:42am May 3, 2010 1:42am
Quoting medici
Well done. I was looking to short Euro at around 3255-58.

As you said, low liquidity days can be volatile days, which was my reason for getting out of bed. We'll see if today lives up to that possibility.

I did think it was well afore "sparrows fart" for you http://cdn.forexfactory.com/images/icons/icon11.gif

Short cable after a 5m equal high .....
Trading Levels with WRBs
  • #1,540
  • May 3, 2010 1:46am May 3, 2010 1:46am
I have the 50% retrace of the fall at3269, also the MS1......I'm much happier selling Euro as I think more surprises are in store.....
Trading Levels with WRBs
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