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Islander and Medici trade the European open

  • #1,681
  • Jun 1, 2010 7:26am Jun 1, 2010 7:26am
Quoting medici
Short at 161.8%.
and 100 pips away from the 5m 30ema warns that a pull back is due http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,682
  • Jun 1, 2010 7:39am Jun 1, 2010 7:39am
My hourly chart with updated fibs.....the red Bull Target Zone overlaps some fib retracements of the 1270 pip drop since the end of April....
Attached Image (click to enlarge)
Click to Enlarge Name: jne 1 cable 60m with wkly fibs.gif Size: 22 KB
Trading Levels with WRBs
  • #1,683
  • Jun 1, 2010 7:49am Jun 1, 2010 7:49am
Quoting Islander
My hourly chart with updated fibs.....the red Bull Target Zone overlaps some fib retracements of the 1270 pip drop since the end of April....
Thank you! That's helpful. 1.48 is my target area too, but I am wary of false breakout and would rather wait for a better entry.
  • #1,684
  • Jun 1, 2010 8:00am Jun 1, 2010 8:00am
Quoting medici
Thank you! That's helpful. 1.48 is my target area too, but I am wary of false breakout and would rather wait for a better entry.
agreed, the first train has already left the 4450 station....we might get a pull back before the ISM data due in an hour....
Attached Image (click to enlarge)
Click to Enlarge Name: jne 1 cable 5m 1250 gmt mkt profile.gif Size: 35 KB
Trading Levels with WRBs
  • #1,685
  • Jun 1, 2010 8:09am Jun 1, 2010 8:09am
Note how orders are placed at every extension level on the way up, and how they act as S/R.
Attached Image (click to enlarge)
Click to Enlarge Name: cable extension 1min 1 june.gif Size: 15 KB
  • #1,686
  • Jun 1, 2010 8:35am Jun 1, 2010 8:35am
Quoting medici
Note how orders are placed at every extension level on the way up, and how they act as S/R.

now that's something I hadn't thought about.....

Zup's just pulled up a potential Bearish Butterfly on the 15m cable chart....range 4640 - 4750 valid for the next 3 hours.....with € completing a 50% retrace at its 2200 level, any good ISM news could send it and cable south.....TWT
Trading Levels with WRBs
  • #1,687
  • Jun 1, 2010 8:47am Jun 1, 2010 8:47am
Quoting Islander
now that's something I hadn't thought about.....

Zup's just pulled up a potential Bearish Butterfly on the 15m cable chart....range 4640 - 4750 valid for the next 3 hours.....with € completing a 50% retrace at its 2200 level, any good ISM news could send it and cable south.....TWT
the 200% extension is at 4657.
  • #1,688
  • Jun 1, 2010 9:13am Jun 1, 2010 9:13am
Quoting medici
the 200% extension is at 4657.

Cable's just hit my bullish extension T1 on the 15min chart at 4672. That gives a 234 pip range so far today, so I've closed my last long and will either look for a LH to sell or just call it a day.....

€s held under yesterday's low as rresistance at 2240....
Trading Levels with WRBs
  • #1,689
  • Jun 1, 2010 9:36am Jun 1, 2010 9:36am
Quoting Islander
Cable's just hit my bullish extension T1 on the 15min chart at 4672. That gives a 234 pip range so far today, so I've closed my last long and will either look for a LH to sell or just call it a day.....

€s held under yesterday's low as rresistance at 2240....
And the cable peak was at the 261.8% extension...
  • #1,690
  • Jun 1, 2010 2:23pm Jun 1, 2010 2:23pm
Can u pls confirm it's a valid Bat
GBPUSD H4
Tks
David
Attached Image (click to enlarge)
Click to Enlarge Name: 1jun Bat pos.jpg Size: 116 KB
  • #1,691
  • Jun 1, 2010 2:34pm Jun 1, 2010 2:34pm
Quoting david4u
Can u pls confirm it's a valid Bat
GBPUSD H4
Tks
David
As I'm an intra-day trader, I dont look at the 4 hrly chart - but here's what Zup is showing......my 15 min chart an hour before FO tomorrow will show me what I need for my trading.....
Attached Image (click to enlarge)
Click to Enlarge Name: jne 1 cable 4 hrly.gif Size: 21 KB
Trading Levels with WRBs
  • #1,692
  • Jun 1, 2010 4:07pm Jun 1, 2010 4:07pm
Quoting david4u
Can u pls confirm it's a valid Bat
GBPUSD H4
Tks
David
It's perhaps valid in the sense that the proportions are correct, but I prefer harmonic patterns that emerge out of ranges that people are trading, such as the top range in cable today (see attached). That way I can be reasonably confident that price action around the level enables me to enter with a tight stop.

The boxes that the indicators give are somewhat useless as you are given a wide range of possible reversal values, and there may be more than one level attended to wthin the box. So where's the harmonic reversal level? Based on indicators it's a bit like guesswork.
Attached Image (click to enlarge)
Click to Enlarge Name: cable 1min 1 june.gif Size: 18 KB
  • #1,693
  • Jun 1, 2010 11:45pm Jun 1, 2010 11:45pm
GM. There's a potential bat pattern in Euro-yen with reversal level 110.50.
Attached Image (click to enlarge)
Click to Enlarge Name: euro-yen bat 2 june.gif Size: 28 KB
  • #1,694
  • Jun 1, 2010 11:52pm Jun 1, 2010 11:52pm
Quoting medici
Should Euro-yen head down from current levels, there's a potentially excellent bat pattern entry around 110.50, which also coincides with the flash crash low at 110.60 on 6 May.
just saw this post...
i traded a part of this yesterday...
timing & direction was spot on, Sir
  • #1,695
  • Jun 2, 2010 12:46am Jun 2, 2010 12:46am
GM - updated chart.....there was a HL around 5am gmt and I bought.

Price is already in the hourly chart's Target Zone posted yesterday which has its upper level ~4800 - also the weekly R2 level.....

Euro made a 5 min double bottom around 5 am - so a small buy there too....
Attached Image (click to enlarge)
Click to Enlarge Name: jne 2 cable 15m fibs.gif Size: 16 KB
Trading Levels with WRBs
  • #1,696
  • Jun 2, 2010 12:53am Jun 2, 2010 12:53am
Quoting Islander
GM - updated chart.....there was a HL around 5am gmt and I bought.

Price is already in the hourly chart's Target Zone posted yesterday which has its upper level ~4800 - also the weekly R2 level.....

Euro made a 5 min double bottom around 5 am - so a small buy there too....
Islander, sorry for the duff question, but what's an HL? I'm getting better at reading the charts, far from perfect, but still a baby trader. Used to some of the terms such as Resistance 1, 2 etc written as R1, R2 and so on. Maybe its just doing it on my own I think of the full words and sometimes it just dawns what you are all talking about. The forums make interesting reading though :-)
  • #1,697
  • Jun 2, 2010 12:55am Jun 2, 2010 12:55am
Quoting ozmacca
Hi,

I have found a ZupV64 MQ version so that should run on my PC, I can't run Ex4s.

I notice that all the charts are 15M charts, do you find that the best TF for Zup or is that coincidence ?
Zup on the higher TFs will show a much larger "box" that may be several hundred pips deep and cover 2 or 3 days - thus its of little interest for day trading....
Trading Levels with WRBs
  • #1,698
  • Jun 2, 2010 12:59am Jun 2, 2010 12:59am
Quoting Lorna
Islander, sorry for the duff question, but what's an HL? I'm getting better at reading the charts, far from perfect, but still a baby trader. Used to some of the terms such as Resistance 1, 2 etc written as R1, R2 and so on. Maybe its just doing it on my own I think of the full words and sometimes it just dawns what you are all talking about. The forums make interesting reading though :-)

Higher Low .....and thus we have a LH - Lower High too.....all has been mentioned several times in earlier posts....FYI, FO is Frankfurt Open , so you'll probably guess what LO is.....
Trading Levels with WRBs
  • #1,699
  • Jun 2, 2010 1:34am Jun 2, 2010 1:34am
Quoting Islander
GM - updated chart.....there was a HL around 5am gmt and I bought.

Price is already in the hourly chart's Target Zone posted yesterday which has its upper level ~4800 - also the weekly R2 level.....

Euro made a 5 min double bottom around 5 am - so a small buy there too....

Cable ran up ~70 pips from that HL.....now retracing into mid FH ( after a 1 min LH ) and then perhaps a push up to the 4800 area around LO to allow a nice sell?.....TWT
Trading Levels with WRBs
  • #1,700
  • Jun 2, 2010 3:05am Jun 2, 2010 3:05am
I'm starting to think that cable's rolling over.....the high was ~ the R1 level with tweezers on the 15 min chart and if € cant get higher either, it will probably continue its move south.....what do you guys think?

I've already taken an initial sell and banked, but I'm looking for the "main" move.....
Trading Levels with WRBs
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