Islander and Medici trade the European open | Page 103 | Forex Factory

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Islander and Medici trade the European open

  • #2,041
  • Edited 4:58pm Aug 17, 2010 4:28pm | Edited 4:58pm
Evening folks, just back at screens after a relaxing afternoon. Here's a couple of charts with good divergence trades during the NY session that I missed out on.

EDIT: The Euro shorts were all confirmed by the 38.2% level of the 1.2196 to 1.3334 range.
Attached Image(s) (click to enlarge)
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  • #2,042
  • Aug 18, 2010 12:23am Aug 18, 2010 12:23am
GM - cable at stromg support and BoE inflation Letter at 10.30 may mean not so much movement in the morning. We'll see. And I wonder what all those who bought Euro yesterday are thinking after the overnight sell-off. May we see another leg down?
  • #2,043
  • Aug 18, 2010 12:36am Aug 18, 2010 12:36am
Note that the cable high this morning coincides with the 61.8% level of the session since the NY close. Might be worth selling from if it comes up there again.
  • #2,044
  • Aug 18, 2010 12:53am Aug 18, 2010 12:53am
Quoting medici
GM - cable at stromg support and BoE inflation Letter at 10.30 may mean not so much movement in the morning. We'll see. And I wonder what all those who bought Euro yesterday are thinking after the overnight sell-off. May we see another leg down?
How wrong that was! And I missed that 61.8% entry due to some practical matters here... Let's see if we get another good setup.
  • #2,045
  • Aug 18, 2010 1:15am Aug 18, 2010 1:15am
Not quite on the ball today. This was a pattern trade described at the beginning of the thread:

http://www.forexfactory.com/showpost...05&postcount=7
  • #2,046
  • Aug 18, 2010 3:01am Aug 18, 2010 3:01am
Not much going on in cable so scalping the Euro. Not much to post. Sorry. But Sim would like it!
  • #2,047
  • Edited 3:28am Aug 18, 2010 3:05am | Edited 3:28am
Quoting medici
Not much going on in cable so scalping the Euro. Not much to post. Sorry. But Sim would like it!
Well, here's a chart. The Bollinger bands are 100 minute ones, corresponding to 20 minutes on the 5min.

Note also the session fibs.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 1m 18 aug.gif Size: 28 KB
  • #2,048
  • Aug 18, 2010 4:27am Aug 18, 2010 4:27am
Here's a thought: While CI+BB may be a good tool for timing entries for intraday swings, perhaps CI on the 15m can be used for session direction.
Attached Image (click to enlarge)
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  • #2,049
  • Aug 18, 2010 4:36am Aug 18, 2010 4:36am
CI divergence signals that the swing is over at the 38.2% level of the 1.2196 to 1.3334 range.

A short I took for 10 quick ones.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 5m 18 aug.gif Size: 27 KB
  • #2,050
  • Aug 18, 2010 4:38am Aug 18, 2010 4:38am
Quoting medici
Here's a thought: While CI+BB may be a good tool for timing entries for intraday swings, perhaps CI on the 15m can be used for session direction.
Hi Medici,

thanks for all your hard work and charts buddy.

Inspirational and I am having great success using your CI indi.

It really is truly amazing on the m5 chart and also looking very promising on the higher timeframes as you say.

Thanks so much mate.
  • #2,051
  • Aug 18, 2010 4:41am Aug 18, 2010 4:41am
Quoting jag1966
Hi Medici,

thanks for all your hard work and charts buddy.

Inspirational and I am having great success using your CI indi.

It really is truly amazing on the m5 chart and also looking very promising on the higher timeframes as you say.

Thanks so much mate.
You're welcome, and that's good to hear. Would you mind sharing how you use it - apart from the obvious divergence, how do you time your entries?
  • #2,052
  • Edited 5:33am Aug 18, 2010 5:24am | Edited 5:33am
Quoting medici
You're welcome, and that's good to hear. Would you mind sharing how you use it - apart from the obvious divergence, how do you time your entries?
Sure,

I have learned so much from you, Islander and Vantage about trading the pre fo, fo and lo.

I like to use the H1 charts to look for confirmed reversals at the hourly 20 ema, and a higher or lower close.

Then I drop to the m5 and look for a 2b reversal, your divergence is the icing on the cake.
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  • #2,053
  • Aug 18, 2010 5:35am Aug 18, 2010 5:35am
Quoting jag1966
Sure,

I have learned so much from you, Islander and Vantage about trading the pre fo, fo and lo.

I like to use the H1 charts to look for confirmed reversals, a higher or lower close.

Then I drop to the m5 and look for a 2b reversal, your divergence is the icing on the cake.
Thank you, that's very helpful. My own approach, as you may have gathered is to look at higher time-frames (H1, H4) for S/R levels and let CI confirm them. Then I want to enter at the level. So in your case at the very bottom before the HL. Sometimes, when less certain, I look at HL/LH's on the 1min.
  • #2,054
  • Aug 18, 2010 5:41am Aug 18, 2010 5:41am
Here's more from the research lab on the topic of trading the European morning.

The H1 chart shows reverse CI divergence, and the 1.2930 support level, where the buying spree started yesterday, is readily identified.

CI reverse divergence says "long" and 1.2930 is a possible level. M15 divergence confirms, and when the level holds, go!
Attached Image (click to enlarge)
Click to Enlarge Name: euro h1 18 aug.gif Size: 26 KB
  • #2,055
  • Aug 18, 2010 9:14am Aug 18, 2010 9:14am
Hi Medici there was a nice CI divergence trade 45mins before NY open I missed the LH entry!
I have only done one trade today it was another short and exited off a HL at +1.5pips just before the spike up to test the days extreme.

Cheers
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  • #2,056
  • Aug 18, 2010 9:20am Aug 18, 2010 9:20am
Quoting reflex
Hi Medici there was a nice CI divergence trade 45mins before NY open I missed the LH entry!
I have only done one trade today it was another short and exited off a HL at +1.5pips just before the spike up to test the days extreme.

Cheers
I didn't Took it off the 1min. I find that LH/HLs work best there if you want to get in early.

You've obviously had better days, but no worries, there will be another day. I am staying around for a while - just for the possibility that the equity markets take a beating...
Attached Image (click to enlarge)
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  • #2,057
  • Aug 18, 2010 9:55am Aug 18, 2010 9:55am
Quoting medici
I didn't Took it off the 1min. I find that LH/HLs work best there if you want to get in early.

You've obviously had better days, but no worries, there will be another day. I am staying around for a while - just for the possibility that the equity markets take a beating...
Yep I have had better I'm going to go to the gym now. I'v missed the only setup that I would be confident doing in the afternoon as I'm still getting used to afternoon trading as I have learnt off you islander and vanatge to trade the morning session and I find the afternoon a bit harder to trade.

Anyway good luck for the rest of the afternoon.
  • #2,058
  • Aug 18, 2010 10:01am Aug 18, 2010 10:01am
Quoting medici
Here's more from the research lab on the topic of trading the European morning.

The H1 chart shows reverse CI divergence, and the 1.2930 support level, where the buying spree started yesterday, is readily identified.

CI reverse divergence says "long" and 1.2930 is a possible level. M15 divergence confirms, and when the level holds, go!
"Reverse CI divergence", that took a moment or two for me to get my head around but I like it Medici.

Thanks for that, something else to watch for.
  • #2,059
  • Aug 18, 2010 10:06am Aug 18, 2010 10:06am
Quoting reflex
Yep I have had better I'm going to go to the gym now. I'v missed the only setup that I would be confident doing in the afternoon as I'm still getting used to afternoon trading as I have learnt off you islander and vanatge to trade the morning session and I find the afternoon a bit harder to trade.

Anyway good luck for the rest of the afternoon.
So do I. I think it is harder. But CI divergence on M5/M15 shows the way. And then 1min HL/LH to be on the safe side.
  • #2,060
  • Aug 18, 2010 10:39am Aug 18, 2010 10:39am
Just in case anybody hasn't noticed what is happening in the equity markets, here's a chart showing that SPX is bouncing between Fibonacci levels of last week's range. Yesterday's high was the 50% level, and today's high and low the 38.2% and 23.6% levels.
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