Islander and Medici trade the European open | Page 109 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Highest Open / Lowest Open Trade 21,150 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

  • #2,161
  • Aug 23, 2010 4:37am Aug 23, 2010 4:37am
Well guys dont know about buy, but my sell reachd nice 1:3, took most off at red line going to see how far i can let the rest run.
GL
Attached Image (click to enlarge)
Click to Enlarge Name: wit lyn.gif Size: 22 KB
  • #2,162
  • Aug 23, 2010 4:40am Aug 23, 2010 4:40am
Dont know if its just me but E/U just didnt look safe enough to take a short
  • #2,163
  • Aug 23, 2010 5:00am Aug 23, 2010 5:00am
Quoting CoffeeDrinke
Well guys dont know about buy, but my sell reachd nice 1:3, took most off at red line going to see how far i can let the rest run.
GL
Very nice Thanks for charts. 1.5535 is strong support....
  • #2,164
  • Aug 23, 2010 5:01am Aug 23, 2010 5:01am
Quoting CoffeeDrinke
Dont know if its just me but E/U just didnt look safe enough to take a short
Why not?
  • #2,165
  • Aug 23, 2010 5:08am Aug 23, 2010 5:08am
Quoting CoffeeDrinke
Dont know if its just me but E/U just didnt look safe enough to take a short
How about this?
Attached Image (click to enlarge)
Click to Enlarge Name: euro m15 23 aug.gif Size: 23 KB
  • #2,166
  • Aug 23, 2010 5:13am Aug 23, 2010 5:13am
Quoting medici
Why not?
Well i look at the 15min so it looks alittle flat, i only look at 5min when i have hidden divergence to spot normal divergence on 5min or just a nice 123 setup on 5min, els just stick to 15min, so on 5min you did get a nice setup but on 15min it looks alittle to say the least shitty haha.
If however talking about entering the retracment after london then tht was do able, i dont know just didnt feel right, fellt like to much support man i am just paraniod sometimes haha.

Hope my explination helps?
  • #2,167
  • Aug 23, 2010 5:17am Aug 23, 2010 5:17am
Quoting CoffeeDrinke
Well i look at the 15min so it looks alittle flat, i only look at 5min when i have hidden divergence to spot normal divergence on 5min or just a nice 123 setup on 5min, els just stick to 15min, so on 5min you did get a nice setup but on 15min it looks alittle to say the least shitty haha.
If however talking about entering the retracment after london then tht was do able, i dont know just didnt feel right, fellt like to much support man i am just paraniod sometimes haha.

Hope my explination helps?
OK, thanks. I find that M5 works best for me during the morning. Try it, you'll like it!

A good reason for the initial short was that it was 8am, around which orders are often clustered, which increased the probability of the trade. Also, it was 38.2% of Friday's range.

I had the same feeling about the retracement up to 1.2718 - 76.2% of the session. Entered but cut it when the open level gave too strong resistance.
  • #2,168
  • Edited 5:28am Aug 23, 2010 5:24am | Edited 5:28am
Quoting medici
OK, thanks. I find that M5 works best for me during the morning. Try it, you'll like it!

A good reason for the initial short was that it was 8am, around which orders are often clustered, which increased the probability of the trade.

I had the same feeling about the retracement up to 1.2718. Entered but cut it when the open level gave too strong resistance.
I know on 15min to just basically trail your entry behind lows of candles for short on strong resistance and divergence usually works very nice, but how do you go about entering on 5min then??
Because quite often it wil just spike past low of the prev candle and continue to go up to form divergence, so wht you use for entry?

Sorry for bothering you with such a basic question.

A 123 entry on 5min is almost like trailing low of each candle on 15min.
Thts y i have not considerd trading 5min it wont improve my results to much trading like tht.
  • #2,169
  • Aug 23, 2010 5:28am Aug 23, 2010 5:28am
Quoting CoffeeDrinke
I know on 15min to just basically trail your entry behind lows of candles for short on strong resistance and divergence usually works very nice, but how do you go about entering on 5min then??
Because quite often it wil just spike past low of the prev candle and continue to go up to form divergence, so wht you use for entry?

Sorry for bothering you with such a basic question.
No apology needed. In this case it was a matter of entering at the resistance level itself, i.e. 1.2728. So essentially an S/R entry based on confirmation from divergence, flat BB, and Fib ratio. That's the way I usually enter - at a previously identified level.
  • #2,170
  • Aug 23, 2010 5:29am Aug 23, 2010 5:29am
Quoting medici
Very nice Thanks for charts. 1.5535 is strong support....
Told you...
  • #2,171
  • Aug 23, 2010 5:37am Aug 23, 2010 5:37am
Quoting medici
Told you...
Please pure luck haha.
So but your done trading now, i only look at frankfurt,london and US for a late entry.
But ok basically you would of just put a buy order in at 85 now on eu buying double bottom and divergence??
  • #2,172
  • Aug 23, 2010 5:44am Aug 23, 2010 5:44am
Quoting CoffeeDrinke
Please pure luck haha.
Not luck, but attached H1 chart.
Quote

So but your done trading now, i only look at frankfurt,london and US for a late entry.
But ok basically you would of just put a buy order in at 85 now on eu buying double bottom and divergence??

Not quite. I would look at PA around a divergence bottom (in this case) and enter when short-term momentum changes. See attached M5.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable h1 23 aug.gif Size: 31 KB
Click to Enlarge Name: euro m5 23 aug 2.gif Size: 28 KB
  • #2,173
  • Aug 23, 2010 5:53am Aug 23, 2010 5:53am
ok i think my understanding of your entrys are pretty clear.
Thanks.

But just note, i wasnt serious about the luck part.
  • #2,174
  • Aug 23, 2010 9:08am Aug 23, 2010 9:08am
A nice LH trade numbers are on the chart

1. A bear TL overshoot and double top price should test extreme.
2. Breakout of bearflag.
3. LH off bear flag lower channel line and 50.
4. Exit of half incase test of extreme fails which it did at the days low and 25 level also 61% of fridays low to todays high.

probably should have took all at 25 but I thought we could get to 500 when NY opened all together got +10.

I also forgot to look at the composite index which had divergence if I saw that I more then likely would have took all profit at 25 .

Well I think that was divergence at the low but this is the 1st indicator I have used so not very good at spotting divergence could you confirm it was medici?

cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-23_1506.jpg Size: 142 KB
  • #2,175
  • Aug 23, 2010 9:20am Aug 23, 2010 9:20am
Quoting reflex
A nice LH trade numbers are on the chart

1. A bear TL overshoot and double top price should test extreme.
2. Breakout of bearflag.
3. LH off bear flag lower channel line and 50.
4. Exit of half incase test of extreme fails which it did at the days low and 25 level also 61% of fridays low to todays high.

probably should have took all at 25 but I thought we could get to 500 when NY opened all together got +10.

I also forgot to look at the composite index which had divergence if I saw that I more then likely would have took all profit...
Well done Holding on is something I try to improve as well. And, yes, a clear divergence, and a clear fake out to below 3 SDs.
  • #2,176
  • Aug 23, 2010 9:34am Aug 23, 2010 9:34am
Quoting medici
Well done Holding on is something I try to improve as well. And, yes, a clear divergence, and a clear fake out to below 3 SDs.
Cheers medici I missed the down move today but at least got something and what are SDs?
  • #2,177
  • Aug 23, 2010 9:37am Aug 23, 2010 9:37am
Quoting reflex
Cheers medici I missed the down move today but at least got something and what are SDs?
Standard Deviations. Bollinger bands are 2 SDs away from the SMA. Statistically, the BBs should contain 95% of the close prices and the 3SD level 99.9% or so.
  • #2,178
  • Aug 23, 2010 9:47am Aug 23, 2010 9:47am
Quoting medici
Standard Deviations. Bollinger bands are 2 SDs away from the SMA. Statistically, the BBs should contain 95% of the close prices and the 3SD level 99.9% or so.

Ok cheers for explaining.
  • #2,179
  • Aug 23, 2010 10:27am Aug 23, 2010 10:27am
Medici do you think the afternoon can be traded like the europian open?
Does it work in sort of the same way like be quick to bank profits between 1.00pm-2.30pm then wait for NY open fakeout and then look for a bigger run.
That could have been my mistake today
we faked out the low of the day at 2.00pm just like a FO fakeout the when NY opened we faked out up to the Asian high, 50% of days move,weekly pivot and 75 psych level.
After this we started moving in the true direction of NY with what I would call a LH at 15.05 to traget of 15500.

Do any markets open inbetween LO and NY?

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-23_1626.jpg Size: 133 KB
  • #2,180
  • Edited 11:34am Aug 23, 2010 10:40am | Edited 11:34am
Quoting reflex
Medici do you think the afternoon can be traded like the europian open?
No, I don't think so.

Quote

Does it work in sort of the same way like be quick to bank profits between 1.00pm-2.30pm then wait for NY open fakeout and then look for a bigger run.

Only occasionally, but in my experience a lot harder to read.

Quote


Do any markets open inbetween LO and NY?

Actually, the term "open" is more a figure of speech than anything else as fx is a 24h market. So there is actually no "open". In London people are usually at their desks before 7am local time, and the same goes for Frankfurt, so if anything the "opens" should be an hour earlier than in FF folklore. And 8am UK time is a fix hour rather than an "open", i.e. a time/price when some market participants for legal and other reasons have to trade. Thus the, sometimes, clustering of orders around that time.
2 traders viewing now