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Islander and Medici trade the European open

  • #1,561
  • May 4, 2010 2:53am May 4, 2010 2:53am
Quoting ozmacca
hi Medici,

Please explain why 5182, I don't have that one

thanks
Nice one, wasn't it!?
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  • #1,562
  • May 4, 2010 3:00am May 4, 2010 3:00am
Quoting medici
Nice one, wasn't it!?
It certainly was -I'd never have seen it...........I had 5190 as the previous week's low....

News in half an hour....
Trading Levels with WRBs
  • #1,563
  • May 4, 2010 3:06am May 4, 2010 3:06am
Quoting Islander
It certainly was -I'd never have seen it...........I had 5190 as the previous week's low....

News in half an hour....
Thanks. A spike down would be a good opportunity for buying I think.
  • #1,564
  • May 4, 2010 3:35am May 4, 2010 3:35am
Hi,

Nope, don't have that on my charts, different brokers I guess, I am the same as Islander.
Money grows on the tree of persistence
  • #1,565
  • May 4, 2010 3:42am May 4, 2010 3:42am
Quoting ozmacca
Hi,

Nope, don't have that on my charts, different brokers I guess, I am the same as Islander.
Accuracy of price feed is important...

I bought the dip to 5167. Did you find that one on your charts?
  • #1,566
  • May 4, 2010 3:43am May 4, 2010 3:43am
Quoting medici
Thanks. A spike down would be a good opportunity for buying I think.

Well we got a small news spike down to the MS2 level, so I've taken a small buy...I'm also watching Swissy which is around its 900 level.....it will help if it remains under that level....

Edit: after LO, I was short off the still falling EMAs - took a few pips, but got out too early....
Trading Levels with WRBs
  • #1,567
  • May 4, 2010 3:45am May 4, 2010 3:45am
Quoting Islander
Well we got a small news spike down to the MS2 level, so I've taken a small buy...I'm also watching Swissy which is around its 900 level.....it will help if it remains under that level....
As said, I bought at 5167 and closed at 5185 - the Euro is heading down...

5140-42 would be nice...
  • #1,568
  • May 4, 2010 3:57am May 4, 2010 3:57am
I too closed my buy off the MS2 level after it stalled at the fast EMA....now long again off the HL at the 5175 level...I'm seeing bullish divergence on my 5 min chart and the fast EMA has turned up.....
Trading Levels with WRBs
  • #1,569
  • May 4, 2010 4:14am May 4, 2010 4:14am
Quoting Islander
I too closed my buy off the MS2 level after it stalled at the fast EMA....now long again off the HL at the 5175 level...I'm seeing bullish divergence on my 5 min chart and the fast EMA has turned up.....
Agreed. Once the Euro panic is over, cable should rebound nicely. Would like to see the Euro stops taken out before getting too hopeful...
  • #1,570
  • May 4, 2010 4:35am May 4, 2010 4:35am
Quoting medici
Agreed. Once the Euro panic is over, cable should rebound nicely. Would like to see the Euro stops taken out before getting too hopeful...

Lets hope that the spike down to retest last week's low does the trick......
Trading Levels with WRBs
  • #1,571
  • May 5, 2010 12:25am May 5, 2010 12:25am
Hi,

I have said in the past that I find it hard following 2 pairs but both of you do that (and more) so I should try to learn as well.

Could you tell me how much weight you give EU, is it regarded as "the boss" and GU follows or am I looking for matching movement on both.

Also, does the interaction change when UK opens ? Looking at them they seem to stay together more often prior to UK then can separate a bit.

Any thought appreciated
Money grows on the tree of persistence
  • #1,572
  • May 5, 2010 1:03am May 5, 2010 1:03am
Quoting ozmacca
Hi,

I have said in the past that I find it hard following 2 pairs but both of you do that (and more) so I should try to learn as well.

Could you tell me how much weight you give EU, is it regarded as "the boss" and GU follows or am I looking for matching movement on both.

Also, does the interaction change when UK opens ? Looking at them they seem to stay together more often prior to UK then can separate a bit.

Any thought appreciated
GM - I personally look at the short term timing of turns more than €s actual price. Cable will always have more chop and even when they both are moving together often have larger spikes.

Yesterday € was pulling cable down all day as it sold off ~250 pips vs cables 175 - a look at EURGBP confirms this - and we may now see cable's action diverge from €s.....TWT

Perhaps Medici can help with his thoughts - they're usually clearer than mine!

BTW, I'm long cable off that last HL off the 5125 level...
Trading Levels with WRBs
  • #1,573
  • May 5, 2010 1:25am May 5, 2010 1:25am
I closed my long off the 5125 level after the small green shooting star just before FO. I bought again off the slow EMA, again banking pips after the wider marubozo back to the same level failed to break out....

Edit: and another buy off the slow EMA...
Trading Levels with WRBs
  • #1,574
  • May 5, 2010 2:07am May 5, 2010 2:07am
Euro's had a smooth 60 pip rally almost to its 3000 level - look at its 1min / 5 min charts compared with cables....

I'm now selling €.....
Trading Levels with WRBs
  • #1,575
  • May 5, 2010 2:45am May 5, 2010 2:45am
I also sold cable when there was a LH about 5 mins after LO.....

As for € - dead cats come to mind.....http://cdn.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #1,576
  • May 5, 2010 2:53am May 5, 2010 2:53am
Quoting Islander
I also sold cable when there was a LH about 5 mins after LO.....

As for € - dead cats come to mind.....http://cdn.forexfactory.com/images/icons/icon7.gif
Had the flu, still not right.

Dead cat bounce, hit by 10 ton truck that reversed to make sure.

Great trading again today.
  • #1,577
  • May 5, 2010 3:02am May 5, 2010 3:02am
Quoting Vantage
Had the flu, still not right.

Dead cat bounce, hit by 10 ton truck that reversed to make sure.

Great trading again today.

Yuk - hope its not yet passable via internet....

LL by 1 pip so I closed my shorts.....31 x 5 mins up and then 10 x 5 mins down....

The low was in a high volume hammer.....also a 15m HV doji and its third hit ...
Trading Levels with WRBs
  • #1,578
  • May 5, 2010 3:18am May 5, 2010 3:18am
Quoting ozmacca
Hi,

I have said in the past that I find it hard following 2 pairs but both of you do that (and more) so I should try to learn as well.

Could you tell me how much weight you give EU, is it regarded as "the boss" and GU follows or am I looking for matching movement on both.

Also, does the interaction change when UK opens ? Looking at them they seem to stay together more often prior to UK then can separate a bit.

Any thought appreciated
Usually it's the dollar rather than euro or sterling that is that boss. Often there's an element of "risk sentiment" involved in that so that you can see a correlation with equity indices as well (SP500 or DJI for example).

And in such circumstances it pays to watch both pairs because, as Islander pointed out, the turning points tend to happen at the same time.

Then, of course, euro and sterling have lives of their own, and some days that is more accentuated and they part ways.

Friday, for example, euro had a rally (Greece bail-out relief and possibly month-end flows), whereas cable had had a big rally the day before and nobody wanted to take it higher ahead of the weekend.

Hope that helps.
  • #1,579
  • May 5, 2010 6:08pm May 5, 2010 6:08pm
Hi,

Thanks for your comments, I can see there is a connection but it seems "loose", my accountant type brain doesn't do "loose" when there are numbers involved.

Maybe if I have a 5m chart with volume and look for volume at candle formations to support the same on GU.

Or look for EU and GU to arrive at S or R line at the same time (not necessarily the same line)

I will set up a EU chart with Pivots etc same as GU and try the "arrive at SR line at the same time approach" first I think.

Election Day in Uk isn't it, do we need to do any thing different today, trade EJ perhaps ?
Money grows on the tree of persistence
  • #1,580
  • May 6, 2010 12:30am May 6, 2010 12:30am
Quoting ozmacca
Hi,

Thanks for your comments, I can see there is a connection but it seems "loose", my accountant type brain doesn't do "loose" when there are numbers involved.

Maybe if I have a 5m chart with volume and look for volume at candle formations to support the same on GU.

Or look for EU and GU to arrive at S or R line at the same time (not necessarily the same line)

I will set up a EU chart with Pivots etc same as GU and try the "arrive at SR line at the same time approach" first I think.

[b]Election Day in Uk isn't it, do...
GM. that's the right approach. Please let us know how it goes.

Yes, election day in the UK and interest rate decision day for ECB. Maybe a day for the sidelines.

As for Euro-yen, that has been the better choice over the past couple of days. More interesting volatility in the Euro pairs while cable is huddling behind a tree to avoid the storm.
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