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Islander and Medici trade the European open

  • #2,181
  • Aug 23, 2010 12:09pm Aug 23, 2010 12:09pm
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.[/quote]

Intersting is there a book you recomend or site I can read more about this? not to help my trading just out of interest really to read about why some market participants have to trade and more about the actual forex market itself I have done loads of reading on TA and charts but have not done much reading or leraning about forex itself.
I have read beat the forex dealer which was interesting I think it was you who mentioned that one a while ago.
  • #2,182
  • Edited 1:36pm Aug 23, 2010 12:24pm | Edited 1:36pm
Quoting reflex

Intersting is there a book you recomend or site I can read more about this? not to help my trading just out of interest really to read about why some market participants have to trade and more about the actual forex market itself I have done loads of reading on TA and charts but have not done much reading or leraning about forex itself.
I have read beat the forex dealer which was interesting I think it was you who mentioned that one a while ago.
Not that I know of. Beat The Forex Dealer comes closest. Then there are academic books about the fx market and its history which provide more background. And some academic research on market micro-structure. See for example Carol Osler's homepage:

http://people.brandeis.edu/~cosler/

Click on 'Research' in the right hand column. The survey paper on market micro-structure probably comes closest to what you are asking for.
  • #2,183
  • Aug 23, 2010 12:52pm Aug 23, 2010 12:52pm
Med did you used to trade for an institution ?
  • #2,184
  • Edited 1:35pm Aug 23, 2010 1:03pm | Edited 1:35pm
Quoting medici
Not that I know of. Beat The Forex Dealer comes closest. Then there are academic books about the fx market and its history which provide more background. And some academic research. See for example Carol Osler's homepage:

http://people.brandeis.edu/~cosler/

Click on 'Research' in the right hand column. The survey paper on market micro-structure probably comes closest to what you are asking for.

Cheers Medici.
  • #2,185
  • Aug 23, 2010 1:07pm Aug 23, 2010 1:07pm
Quoting Sim
Med did you used to trade for an institution ?
No, but I know a couple of people who do.
  • #2,186
  • Edited 5:23pm Aug 23, 2010 5:11pm | Edited 5:23pm
Hi Gang,

I was on fire today and mostly as a result of your CI indi and divergence Medici.

I was awake at 2 am UK time so decided to watch the H1 candles and try to get a feel for the direction. It worked.

I had a lot of errands to run today so no in depth charts or analysis, sorry.

5 trades all with 1% or less risk for 1-1 RR minimum, I also shorted GJ at 133.30 too, London open.

I like trading to and from the H1 20 ema, CI divergence on the m5 works well with the 2b reversal pattern and highlights potential support and resistance.

Absolutely brilliant, the stoplosses are incredible.
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  • #2,187
  • Aug 24, 2010 12:10am Aug 24, 2010 12:10am
Quoting jag1966
Hi Gang,

I was on fire today and mostly as a result of your CI indi and divergence Medici.

I like trading to and from the H1 20 ema, CI divergence on the m5 works well with the 2b reversal pattern and highlights potential support and resistance.
GM. Good to hear! Very much the same experience on my part.
  • #2,188
  • Aug 24, 2010 12:54am Aug 24, 2010 12:54am
Goeie more almal
Good morning everyone
  • #2,189
  • Aug 24, 2010 1:17am Aug 24, 2010 1:17am
GM - I've taken an initial small long after two high vol hammers, the last at the FO and a slightly lower low. I'd like to see price break above the 5425 / S2 support area, now resistance, before adding.....TWT
Trading Levels with WRBs
  • #2,190
  • Aug 24, 2010 1:25am Aug 24, 2010 1:25am
Quoting Islander
GM - I've taken an initial small long after two high vol hammers, the last at the FO and a slightly lower low. I'd like to see price break above the 5425 / S2 support area, now resistance, before adding.....TWT
LOL. Same here. Took a long off the 1min HL after the bounce off 1.54. And now that break has happended....

EDIT: Last week's low at 5462 seems a good target....TWT
  • #2,191
  • Aug 24, 2010 1:29am Aug 24, 2010 1:29am
Quoting medici
LOL. Same here. Took a long off the 1min HL after the bounce of 1.54. And now that break has happended....
now why am I NOT surprised

I've clucked and banked my pips - I had a heavy night - an end of holiday dinner for my boating friends - so I'm not at my best this morning.....

Edit I'll look for a HL to buy again.....
Trading Levels with WRBs
  • #2,192
  • Aug 24, 2010 1:50am Aug 24, 2010 1:50am
Quoting Islander
now why am I NOT surprised

I've clucked and banked my pips - I had a heavy night - an end of holiday dinner for my boating friends - so I'm not at my best this morning.....

Edit I'll look for a HL to buy again.....
Well done. I got stopped out at BE as I was inattentive...without a heavy night.
Me too looiking to buy, i.p. Euro but do watch the equity markets...
  • #2,193
  • Aug 24, 2010 2:34am Aug 24, 2010 2:34am
Cable's still heading south, so any buys are small and exited quickly, before selling again off prior support levels - like the 5400 area and now MS3 at 5385.....

I'm also watching the Euro which has just broken under its S1 / 2625 support.....is this a proper break, or a fake-out spike??....TWT
Trading Levels with WRBs
  • #2,194
  • Aug 24, 2010 2:43am Aug 24, 2010 2:43am
Quoting Islander
Cable's still heading south, so any buys are small and exited quickly, before selling again off prior support levels - like the 5400 area and now MS3 at 5385.....

I'm also watching the Euro which has just broken under its S1 / 2625 support.....is this a proper break, or a fake-out spike??....TWT
Took a long when 5380 held. Based on divergence, this one might travel a bit...TWT.
  • #2,195
  • Aug 24, 2010 2:52am Aug 24, 2010 2:52am
Quoting medici
Took a long when 5380 held. Based on divergence, this one might travel a bit...TWT.
Closed at 5393 when the equities turned lower again.
  • #2,196
  • Aug 24, 2010 2:54am Aug 24, 2010 2:54am
Note that there are a couple of Fib levels for the Euro just above 2600 - 50% of the summer rally as well as 61.8% of the last swing up.
  • #2,197
  • Aug 24, 2010 3:12am Aug 24, 2010 3:12am
Quoting medici
Note that there are a couple of Fib levels for the Euro just above 2600 - 50% of the summer rally as well as 61.8% of the last swing up.
The MS2 at 2610 has just held for the second time with bullish divergence - I've taken a small buy.....
Trading Levels with WRBs
  • #2,198
  • Aug 24, 2010 3:24am Aug 24, 2010 3:24am
Quoting Islander
The MS2 at 2610 has just held for the second time with bullish divergence - I've taken a small buy.....
Same again! The low was, to the pip, the 50% level of the summer rally from the early June bottom.
  • #2,199
  • Aug 24, 2010 4:14am Aug 24, 2010 4:14am
And long cable from MS3 at 5386.
  • #2,200
  • Aug 24, 2010 4:18am Aug 24, 2010 4:18am
Closed all now. Not looking too perky.
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