Islander and Medici trade the European open | Page 82 | Forex Factory

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Islander and Medici trade the European open

  • #1,621
  • May 27, 2010 10:22am May 27, 2010 10:22am
Signals this morning.....if the arrow is in a box its a stronger signal as the slower MA is in agreement....this chart is European time, GMT +2
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable 1 min may 27 lo plus 90 min.gif Size: 21 KB
Click to Enlarge Name: cable 1 min may 27 1230 gmt.gif Size: 20 KB
Trading Levels with WRBs
  • #1,622
  • May 27, 2010 5:38pm May 27, 2010 5:38pm
Hi Islander,

I can spot them afterwards

Thanks for the charts, that is what I should have done !
Money grows on the tree of persistence
  • #1,623
  • Edited 1:31am May 28, 2010 1:09am | Edited 1:31am
Euro's daily range is currently similar to cable's ~250 pips and its chart is easier to trade.....will it breakout towards its bull targets......TWT

Eidt: I should have mentioned that on my hourly chart, where I pull a fib over the prior week's range, the 50% level is at 1.2399......yesterdays high was 1.2394
Attached Image (click to enlarge)
Click to Enlarge Name: may 28 eur 15m 6am gmt.gif Size: 17 KB
Trading Levels with WRBs
  • #1,624
  • May 28, 2010 1:19am May 28, 2010 1:19am
I've returned to using fibs for keeping track of the intra day action.....now price needs to decide whether this DZ will hold and it turns south or the DZ fails and the rally continues with the next level to watch being the days open close to the ODZ line.....TWT
Attached Image (click to enlarge)
Click to Enlarge Name: may 28 eur 5m fo.gif Size: 16 KB
Trading Levels with WRBs
  • #1,625
  • May 28, 2010 2:19am May 28, 2010 2:19am
Hi Isle

Question please, do you place fibs over last 5 trading days and change them each day if necessary or do you use the last working week, Monday to Friday to place your fibs.

Had a go at them before and found the last 5 working days more accurate at the time.
Money grows on the tree of persistence
  • #1,626
  • May 28, 2010 4:05am May 28, 2010 4:05am
Quoting ozmacca
Hi Isle

Question please, do you place fibs over last 5 trading days and change them each day if necessary or do you use the last working week, Monday to Friday to place your fibs.

Had a go at them before and found the last 5 working days more accurate at the time.

On my hourly chart I pull them over the weekend for the last week and leave them there.....every morning I update my 15 min chart with yesterdays range....then I use the 5 min chart and whenever I see an intraday pull back in progress, I pull a fib over the last obvious swing and see if the DZ is covering any levels
Trading Levels with WRBs
  • #1,627
  • May 28, 2010 4:07am May 28, 2010 4:07am
this morning's action.....

Edit: the high is ~R1 2450 http://cdn.forexfactory.com/images/icons/icon12.gif
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur 1m may 28 lo plus 30m.gif Size: 16 KB
Click to Enlarge Name: eur 1m may 28 lo plus 120m.gif Size: 16 KB
Trading Levels with WRBs
  • #1,628
  • May 28, 2010 4:08am May 28, 2010 4:08am
Quoting Islander
.....every morning I update my 15 min chart with yesterdays range....
The pivot indi I have posted will do that automatically for lazy people like me.
  • #1,629
  • May 28, 2010 4:11am May 28, 2010 4:11am
Quoting Vantage
The pivot indi I have posted will do that automatically for lazy people like me.
Thanks, I'll take a look, but does it also have the upper and lower expansions?
Trading Levels with WRBs
  • #1,630
  • May 28, 2010 4:17am May 28, 2010 4:17am
Quoting Islander
Thanks, I'll take a look, but does it also have the upper and lower expansions?
Its limited to high -38.2, 50% and low +38.2. So these obviously cover 62% of high/low also. On the expansions it has 38 and 62 above and below.
  • #1,631
  • Edited 5:27am May 28, 2010 5:08am | Edited 5:27am
Quoting ozmacca
Hi Islander,

I can spot them afterwards

Thanks for the charts, that is what I should have done !
IMO once you are happy with the methodology and your personal settings, the way to go is to take real time trades with micro or mini lots so that you gain the experience and confidence necessary to trade with your normal size.....

Edit: FYI this week in the four hours starting an hour before FO there have been an average of 5 trades / day from the signals that I am showing with the average total of these swings ~ 210 pips / day .....
Trading Levels with WRBs
  • #1,632
  • Edited 5:53am May 28, 2010 5:28am | Edited 5:53am
Quoting Islander
Euro's daily range is currently similar to cable's ~250 pips and its chart is easier to trade.....will it breakout towards its bull targets......TWT

Eidt: I should have mentioned that on my hourly chart, where I pull a fib over the prior week's range, the 50% level is at 1.2399......yesterdays high was 1.2394
Couldn't agree more...The Euro is the place to be. Cable's price action is these days often more noise than sense.

As for the Euro, there's an interesting pattern developing on the daily with price being trapped in a triangle between falling trend line and this month's bottom. A break upwards would indicate a move up by 700-1000 pips during June, and a break down possibly a similar distance to the downside. Now it certainly seems like up is the way things are heading.

EDIT: 1.2456 is the March 09 low.
Attached Image (click to enlarge)
Click to Enlarge Name: euro daily 28 may.gif Size: 19 KB
  • #1,633
  • May 28, 2010 6:01am May 28, 2010 6:01am
One noteworthy observation is that the three last big waves up in the Euro have started from bullish Gartley patterns. If that behaviour continues, it indicates a take-off from 1.2380-90 or a bit lower sometime after 4pm this afternoon.
  • #1,634
  • May 28, 2010 7:16am May 28, 2010 7:16am
To be noted: There's a bearish Gartley pattern on Euro-yen with sell box bottom at the recent peak at 113.38.
  • #1,635
  • May 28, 2010 9:13am May 28, 2010 9:13am
Using indicators for drawing Gartely patterns may be convenient, but they are usually based on the ZigZag indicator which has its shortcomings. So you may miss obvious patterns.

Much better to draw them manually. One simply draws the Fibonacci levels for the two waves, and looks for coinciding levels. Those are the possible Gartley entry points. See the attached chart where the two possible levels are yellow.

This is also much more exact then the box supplied by the indicators. The dip towards 1.2320 should, if the pattern holds, be the bottom for today.
Attached Image (click to enlarge)
Click to Enlarge Name: euro gartley 28 may.gif Size: 24 KB
  • #1,636
  • May 28, 2010 9:39am May 28, 2010 9:39am
Similarly, here's yesterday's Gartley pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: euro gartley 2 28 may.gif Size: 25 KB
  • #1,637
  • Edited 10:44am May 28, 2010 10:11am | Edited 10:44am
Bullish Gartley entry in Euro-yen at 50% of yesterday's wave up at 111.58.
Attached Image (click to enlarge)
Click to Enlarge Name: euro-yen gartley 28 may.gif Size: 21 KB
  • #1,638
  • May 28, 2010 10:47am May 28, 2010 10:47am
Quoting medici
One noteworthy observation is that the three last big waves up in the Euro have started from bullish Gartley patterns. If that behaviour continues, it indicates a take-off from 1.2380-90 or a bit lower sometime after 4pm this afternoon.
The anticipated pattern was realised after Bullish Gartley patterns in both Euro and Euro-yen. Will be interesting to see how far this one goes. Naturally, I am long from the bottom
  • #1,639
  • May 28, 2010 11:34am May 28, 2010 11:34am
Quoting medici
The anticipated pattern was realised after Bullish Gartley patterns in both Euro and Euro-yen. Will be interesting to see how far this one goes. Naturally, I am long from the bottom
End of party at 1.2380. The end of a profitable day. Nice weekend to all.
  • #1,640
  • May 28, 2010 11:47am May 28, 2010 11:47am
Note that the level held up for the Spanish downgrade news...so far...
Attached Image (click to enlarge)
Click to Enlarge Name: euro-yen gartley 2 28 may.jpg Size: 109 KB
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