Islander and Medici trade the European open | Page 108 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Highest Open / Lowest Open Trade 21,149 replies

As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

Getting a handle to open trades in the open trade tab 3 replies

EA to open trade on Next Candle open (help please) 4 replies

Medici trades the London open 435 replies

Attachments: Islander and Medici trade the European open
Exit Attachments

Islander and Medici trade the European open

  • #2,141
  • Aug 20, 2010 7:11am Aug 20, 2010 7:11am
Divergence worked on the round number again today.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 31 KB
  • #2,142
  • Aug 20, 2010 7:13am Aug 20, 2010 7:13am
Quoting jag1966
Divergence worked on the round number again today.
GJ pays!!
  • #2,143
  • Edited 7:15am Aug 22, 2010 5:28am | Edited 7:15am
Medici and friends...
In insight all divergences looks perfect ...
When we are at point "b" we may enter Long and take profit at sma20 or upper BB ("d") , or if not ,finish with a loss.
Point "c" show a "perfect" divergence and entry point .
Is there any way to filter the entry at b ?
Of course S/R , fibo's , etc may help , but I am more focused on the divergence itself and in the entry point .
Are the yellow zones after "b" & "c" spots where you would have considered a Long entries ?
Is the sma20 or the upper/lower band , a place were you usually consider taking profit ?
Can you pls point where in this case you would have entered Long ?
I am trying to see how those divergences go together with your quote :
"To me, for a LH to qualify for a short entry, there would first have to be a LL. Otherwise, the LH may simply be a sell order digested on the way up, whereas a LL would indicate that people are no longer buying at higher and higher levels.
So for entry look for the first pullback after the first impulse move down, or alternatively, the first LH after the first LL, and nothing else. OK?"

Tks
David
Attached Image (click to enlarge)
Click to Enlarge Name: div b c.jpg Size: 117 KB
  • #2,144
  • Aug 22, 2010 7:02am Aug 22, 2010 7:02am
Quoting Auron112
As posted in Vantage's thread, a couple trades I took today on EJ that had CII confluence.
Beautiful stuff. Well done And thanks for sharing.
  • #2,145
  • Aug 22, 2010 7:28am Aug 22, 2010 7:28am
Quoting david4u
Medici and friends...
In insight all divergences looks perfect ...
When we are at point "b" we may enter Long and take profit at sma20 or upper BB ("d") , or if not...
Hi David, here's my take on it.

I had the 21 May high, at 1.2672, as well as the 7 July high, at 1.2662, marked on my charts, and the MS3 line was at 1.2666 - so around one of those levels a reversal could happen.

Your point "d" is a clear HH to me, and more importantly a case of the SMA20 failing as resistance, indicating that the selling was subsiding.

Then came the typical final exhaustive burst after the BB had flattened and even turned upwards. Entering more than 3 SDs away from the SMA20 was a safe bet, and the failed re-test of the MS3 line the definite end to the down-swing. If you'd feel safer with a HL, then any HL after that would be ok.

Makes sense?
  • #2,146
  • Edited 9:43am Aug 22, 2010 9:33am | Edited 9:43am
Hi medici
When you say "a case of the SMA20 failing as resistance".
Do you mean that at point "d" , due to this failure , you were expecting that price will be able to break the SMA20 , and probably stay above the SMA20 ?

3 SD's away from the SMA20 are rare events ...
Point a & b are examples of that .
Do u use 2/3/both SD's in your charts ?
When you say "it's a safe bet" ...Do u mean , to be able to take profit within a few bars to at least the SMA20 (in most of the cases) ,
or ONLY in the context you mention before (1.2672 as potential rev. point/digergence/MS3) ?
Tks again for your explanations

Quoting medici
... and more importantly a case of the SMA20 failing as resistance, indicating that the selling was subsiding.

Entering more than 3 SDs away from the SMA20 was a safe bet ....
Attached Image (click to enlarge)
Click to Enlarge Name: 3sd.jpg Size: 105 KB
  • #2,147
  • Edited 11:41pm Aug 22, 2010 10:24am | Edited 11:41pm
Quoting david4u
Hi medici
When you say "a case of the SMA20 failing as resistance".
Do you mean that at point "d" , due to this failure , you were expecting that price will be able to break the SMA20 , and probably stay above the SMA20 ?
Kind of. I'd expect the down-swing to end and, after some time, eventually either be supported by the SMA20 or flatten out into consolidation.

Quote

3 SD's away from the SMA20 are rare events ...
Point a & b are examples of that .
Do u use 2/3/both SD's in your charts ?

No, but I think it's a good idea, so might put the 3 SD lines there.

Quote

When you say "it's a safe bet" ...Do u mean , to be able to take profit within a few bars to at least the SMA20 (in most of the cases) ,
or ONLY in the context you mention before (1.2672 as potential rev. point/digergence/MS3) ?

Safe bet because momentum is slowing down and the BBs aren't that steeply sloping so a return to within the BBs, or possibly even the SMA20, is a given. So even as two scalps for a few minutes you would have made 30+ pips there.

Quote

Tks again for your explanations

You're welcome.
  • #2,148
  • Edited 2:11am Aug 23, 2010 1:59am | Edited 2:11am
GM all, hope you had a nice weekend. A peaceful and predictable morning out there. Old patterns repeat themselves, see

http://www.forexfactory.com/showpost...05&postcount=7

and cable was the obvious long candidate. So when you see that Asia has bought/sold early, expect a retracement and then continuation.

Last week was an active week for the thread, in spite of the skipper's absence. Long-time lurkers like Eamonn, ph54, and CoffeeDrinke joined the conversation, and the thread seems reinvigorated after the summer slumber.

Good luck this week!
  • #2,149
  • Aug 23, 2010 2:20am Aug 23, 2010 2:20am
GM all. I'm back ashore and as requested, I'm posting one of my boating photos.....

Oh and I've sold € as it held ~the 2725 level in Frankies Hour.....and also an initial sell cable after its LH at its 5600 level......
Attached Image
Trading Levels with WRBs
  • #2,150
  • Aug 23, 2010 2:34am Aug 23, 2010 2:34am
First TP in € at MS1 / earlier lows @ 2686 hit, I'm holding another position looking to see if Friday's low holds.

First cable TP is just above the 5550 support area, but it needs to break its MR1 at 5567.....TWT
Trading Levels with WRBs
  • #2,151
  • Aug 23, 2010 2:55am Aug 23, 2010 2:55am
5 min CII showed big bearish divergence during FH - that helped confirm the sell http://cdn.forexfactory.com/images/icons/icon12.gif

I added another sell in the pull back towards the 2700 level and have now closed all shorts afer the last low was only 5 pips lower, so slowing momentum, confirmed by 5m CII and easily seen on my 1 min EMAAngle Zero.....

I also exited my cable shorts as it found support at this weeks vol POC of 5562 and it too was loosing momentum.....
Trading Levels with WRBs
  • #2,152
  • Aug 23, 2010 2:56am Aug 23, 2010 2:56am
I took a small long off 1.2685, the first support level from Friday, comfirmed by M5 CI divergence and M1 PA.
  • #2,153
  • Aug 23, 2010 2:57am Aug 23, 2010 2:57am
Quoting medici
I took a small long off 1.2685, the first support level from Friday, comfirmed by M5 CI divergence and M1 PA.
Closed at 1.27.
  • #2,154
  • Aug 23, 2010 2:58am Aug 23, 2010 2:58am
Quoting Islander
5 min CII showed big bearish divergence during FH - that helped confirm the sell http://cdn.forexfactory.com/images/icons/icon12.gif
Nice, isn't it!?
  • #2,155
  • Aug 23, 2010 3:02am Aug 23, 2010 3:02am
Chart for the action so far.....
Attached Image (click to enlarge)
Click to Enlarge Name: eur aug 23 1m lo plus 60m.gif Size: 18 KB
Trading Levels with WRBs
  • #2,156
  • Aug 23, 2010 3:05am Aug 23, 2010 3:05am
Quoting medici
Nice, isn't it!?
Yes, especially in conjunction with the 1 min EMAAngleZ....

PS - nice catch on your contra trend buy.....
Trading Levels with WRBs
  • #2,157
  • Aug 23, 2010 3:24am Aug 23, 2010 3:24am
Quoting Islander
Chart for the action so far.....
Very nice! So let me add the M5 CI div + flat BB view.
Attached Image (click to enlarge)
Click to Enlarge Name: euro m5 23 aug.gif Size: 31 KB
  • #2,158
  • Aug 23, 2010 3:40am Aug 23, 2010 3:40am
Quoting Islander
First TP in € at MS1 / earlier lows @ 2686 hit, I'm holding another position looking to see if Friday's low holds.
After the next attempted push down only managed 5 pips lower, there was then a nice HL off this level which gave a wide ranged 5m green engulfing candle - so far good for a 30 pip bounce.....

That's sufficent for me this morning......BFN
Trading Levels with WRBs
  • #2,159
  • Edited 3:54am Aug 23, 2010 3:41am | Edited 3:54am
Quoting Islander

PS - nice catch on your contra trend buy.....
Thanks. I find that as soon as CI starts to turn you get 10+ pips off H1 S/R levels.

And then the M1 HL off MS1 was the entry to the new trend
  • #2,160
  • Aug 23, 2010 3:58am Aug 23, 2010 3:58am
From ForexLive:

"Talk buy orders 1.2680 and 1.2650/60 before stops below 50. Buy stops seen through 1.2740."

See http://www.forexlive.com/126856/all/...-to-slow-start

Proved correct so far by the morning's action, and may be relevant for the rest of the day. I'm sure there's desire in some quarters to take out those buy stops. And then some sell orders around 2275 or so. TWT.
4 traders viewing now