Islander and Medici trade the European open | Page 89 | Forex Factory

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Islander and Medici trade the European open

  • #1,761
  • Jun 12, 2010 7:00am Jun 12, 2010 7:00am
Cool, thanks.. yeah I agree there seems to be.. 'interesting' opportunities regardless of time of day!

Do you have any opinions on actual recovery of some currencies/parity?

Cheers again
  • #1,762
  • Jun 12, 2010 7:15am Jun 12, 2010 7:15am
Quoting Sim

Do you have any opinions on actual recovery of some currencies/parity?

Cheers again
Not sure I understand your question beyond the obvious answer that I think the up trend in Euro, cable and Aussie will continue?
  • #1,763
  • Jun 12, 2010 7:19am Jun 12, 2010 7:19am
Like is there a chance the Euro would die .. give all the hyp surounding the other countries in a worse situation than Greece etc
  • #1,764
  • Jun 12, 2010 7:30am Jun 12, 2010 7:30am
Also last question I promise.. this is my use of the 'line in the sand' idea.. the candle patterns and my intepretation of the momentum is kinda crucial.. but my view on trading is very 'current'.. could you give us some kind of list of pointers which influence your thinking of future direction?

For instance

1) If a Friday after a large move, expect profit taking i.e. reversal
Attached Image (click to enlarge)
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  • #1,765
  • Jun 14, 2010 5:21am Jun 14, 2010 5:21am
Quoting Sim
Like is there a chance the Euro would die .. give all the hyp surounding the other countries in a worse situation than Greece etc
Don't know if I want to make macro-economic predictions, but the Euro should be safe for the foreseeable future while Greece is off the debt markets due to the ECB-IMF package. We'll see in the longer term.

As for parity etc, I believe that the Euro will recover over the summer and start sliding again come August/September.
  • #1,766
  • Edited 5:52am Jun 14, 2010 5:25am | Edited 5:52am
Quoting Sim
Also last question I promise.. this is my use of the 'line in the sand' idea.. the candle patterns and my intepretation of the momentum is kinda crucial.. but my view on trading is very 'current'.. could you give us some kind of list of pointers which influence your thinking of future direction?

For instance

1) If a Friday after a large move, expect profit taking i.e. reversal
That isn't quite in line with the overnight 'line in the sand pattern', but simply another level.

The reason for your first arrow down, I believe, was that it was the 61.8% retracement of the second leg of the first sell-off.

The second arrow down was the 61.8% retracement of the first sell-off and a set-up for the second leg down to 2045.

Pointer for future direction I would get from longer term charts which in this case indicate a correction after six months of down-trend.

EDIT - My projections for the Euro were posted here: http://www.forexfactory.com/showpost...&postcount=402
  • #1,767
  • Jun 14, 2010 4:23pm Jun 14, 2010 4:23pm
Thank you mate...all good info

Still in process of reading 'Beat the Dealer' too! Sebastionjay sent it me so cheers to him too
  • #1,768
  • Jun 15, 2010 12:34am Jun 15, 2010 12:34am
'Line in the sand' patterns on both cable and Euro from 1.4747 and 1,2215 respectively. Short set-ups.
  • #1,769
  • Jun 15, 2010 12:46am Jun 15, 2010 12:46am
Hi Medici,

Thanks for your sharing your thoughts, I shall put a line there on EU!!
Money grows on the tree of persistence
  • #1,770
  • Jun 15, 2010 1:15am Jun 15, 2010 1:15am
Quoting ozmacca
Hi Medici,

Thanks for your sharing your thoughts, I shall put a line there on EU!!
You're welcome. Looks to be a good one
  • #1,771
  • Jun 15, 2010 1:20am Jun 15, 2010 1:20am
Quoting medici
'Line in the sand' patterns on both cable and Euro from 1.4747 and 1,2215 respectively. Short set-ups.
May you please post a chart to show the formation? Thank you.
  • #1,772
  • Jun 15, 2010 1:32am Jun 15, 2010 1:32am
Quoting queenfx
May you please post a chart to show the formation? Thank you.
Here are the charts, and a couple of earlier posts on the same pattern are:

http://www.forexfactory.com/showthre...14628&page=117

and

http://www.forexfactory.com/showpost...&postcount=245
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: euro line in the sand 15 june.gif Size: 17 KB
  • #1,773
  • Jun 17, 2010 5:46am Jun 17, 2010 5:46am
Isn't it?
Attached Image (click to enlarge)
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  • #1,774
  • Jun 17, 2010 5:50pm Jun 17, 2010 5:50pm
Hi,

Nice one Medici, I hope you got most of it
Money grows on the tree of persistence
  • #1,775
  • Jun 17, 2010 6:06pm Jun 17, 2010 6:06pm
Quoting ozmacca
Hi,

Nice one Medici, I hope you got most of it
Actually I was late to the party as I was being distracted by a the potential of a drop in cable. Mistake. But I caught a good bit of both up and down moves.

For tomorrow it looks like l'line-in-the-sand' patterns are developing ahead of the usual Friday profit'taking drops. TWT.
  • #1,776
  • Jun 17, 2010 6:24pm Jun 17, 2010 6:24pm
Hi,

Yes EU is about +300 for the week, perhaps a down move of 100 or so after UK open into USA is possible ?
Money grows on the tree of persistence
  • #1,777
  • Jun 18, 2010 2:26am Jun 18, 2010 2:26am
Hi Medici,

I have had the 720 and 1440 emas on EU 1m this week, very interesting
Money grows on the tree of persistence
  • #1,778
  • Jun 18, 2010 4:00am Jun 18, 2010 4:00am
Quoting ozmacca
Hi Medici,

I have had the 720 and 1440 emas on EU 1m this week, very interesting
Interesting. Today they could have been seen to act as S/R levels. Have you noticed anything else?

Btw, what prompted you to put those on your charts?
  • #1,779
  • Jun 18, 2010 6:07pm Jun 18, 2010 6:07pm
Quoting medici
Interesting. Today they could have been seen to act as S/R levels. Have you noticed anything else?

Btw, what prompted you to put those on your charts?
I had the 30 /150 emas as per Islander on the 1 min charts and switched to 5 min to adjust the Asian session fibs, it so happened that right at that time the price hit the now 750 line (150x5) and recoiled like it had been stung.

So back I go to have a look and it seemed interesting, so gave it some thought and arrived at 12 hours is 720m and then thought I best have a look at 24 hours as well

I am still thinking about Islanders times of action and fib and other time spans. I am inclined to think that he is partially right but I can't make it work consistently.

Mind you, Islander is so experienced that like you, he sees things forming up, I see them the later when checking my charts and trades LOL

Enjoy your weekend
Money grows on the tree of persistence
  • #1,780
  • Edited Jun 19, 2010 5:47am Jun 18, 2010 7:07pm | Edited Jun 19, 2010 5:47am
Quoting ozmacca
I had the 30 /150 emas as per Islander on the 1 min charts and switched to 5 min to adjust the Asian session fibs, it so happened that right at that time the price hit the now 750 line (150x5) and recoiled like it had been stung.

So back I go to have a look and it seemed interesting, so gave it some thought and arrived at 12 hours is 720m and then thought I best have a look at 24 hours as well

I am still thinking about Islanders times of action and fib and other time spans. I am inclined to think that he is partially right but I can't make...
Hello ozmacca,

thanks for taking the time to explain. On 720/1440 ema usage, I think I'd like some more testing than a week's data during which the market has been strongly trending.

When it comes to making Islander's methods work, my angle on it is that we all trade our own perception, so at the end of the day trading is a matter of personal style.

Based on experience from this thread I have concluded that Islander's method isn't something that I'd ever attempt to adhere to. While I am truly impressed by his performance, I have to trade what I see through my own eyes and mind. I wouldn't do well trying to emulate anybody else.

So I guess that what I am trying to say is that we all have to do our own research, and once that research has been coded into trading rules, consistency should be around the corner.
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