Islander and Medici trade the European open | Page 118 | Forex Factory

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Islander and Medici trade the European open

  • #2,341
  • Aug 25, 2010 2:15pm Aug 25, 2010 2:15pm
Quoting Sim
Ahh yes, again the mental block thing I'm working on especially with m1, going up and down... perhaps I should demo that prop firm technique!

That and this silly Jen Aniston film on Film4.

Can't take my eyes off her boobs
Instead, check out BRVs thread, which is about one way of spotting the runners:

http://www.forexfactory.com/showthread.php?t=86429

Jen Aniston...puhleeze!!!! She would never get into Torture Garden, however dressed, and in spite of celeb status. Angie on the other hand...
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  • #2,342
  • Aug 25, 2010 2:24pm Aug 25, 2010 2:24pm
I didn't do this one but was watching this is one of my favorite setups and seem to work alot.
Al Brooks talks about them alot in "reading price charts bar by bar".
major TL break goes up to test the extreme made a lower high in this case with an 20EMA gap.
Also off good are the 62 and hitting off the trendline running down (not shown).

Do you mind if I post a weekly chart Medici and you have a look at my analysis of it?
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  • #2,343
  • Aug 25, 2010 2:25pm Aug 25, 2010 2:25pm
Haha.. that's one from the collection!! Jen got nothin on angie though, agreed

BRV's thread's awesome, cheers. Studied it a few months back
  • #2,344
  • Aug 25, 2010 2:29pm Aug 25, 2010 2:29pm
Quoting Sim
Haha.. that's one from the collection!! Jen got nothin on angie though, agreed

BRV's thread's awesome, cheers. Studied it a few months back
See, it's not about the boobs...
  • #2,345
  • Aug 25, 2010 2:30pm Aug 25, 2010 2:30pm
Hahah - feels like last week all over again!

OK, time's up for me.. catch ya'll tomorrow!
  • #2,346
  • Aug 25, 2010 2:33pm Aug 25, 2010 2:33pm
Quoting reflex
I didn't do this one but was watching this is one of my favorite setups and seem to work alot.
Al Brooks talks about them alot in "reading price charts bar by bar".
major TL break goes up to test the extreme made a lower high in this case with an 20EMA gap.
Also off good are the 62 and hitting off the trendline running down (not shown).

Do you mind if I post a weekly chart Medici and you have a look at my analysis of it?
Thanks for sharing (and giving Sim a lesson). That 5462 touch was at 3 SDs from the SMA20...a no-brainer short.

So is that a good book? Have noticed it, but am generally sceptical about trading books.

As far as I am concerned, feel free to post charts. Would be appreciated. But make sure to check with Islander..he's more of a grumpy bugger than I am
  • #2,347
  • Aug 25, 2010 2:42pm Aug 25, 2010 2:42pm
Quoting medici
Thanks for sharing (and giving Sim a lesson). That 5462 touch was at 3 SDs from the SMA20...a no-brainer short.

So is that a good book? Have noticed it, but am generally sceptical about trading books.

As far as I am concerned, feel free to post charts. Would be appreciated. But make sure to check with Islander..he's more of a grumpy bugger than I am
Yeah I think it is really good it was hard for me to understand at 1st I have read it 3 times now sure you won't have any trouble though.
It was hard for me because he does about 30pages of PA examples at the begging and later on in the book explains the individual setups.
Best book I have read on trading.

I'll risk it for tonight don't think Islander will be on to ask so I'll risk getting shouted at tomorow lol.

I'll do seperat post for the chart.
  • #2,348
  • Aug 25, 2010 2:45pm Aug 25, 2010 2:45pm
Quoting reflex
Yeah I think it is really good it was hard for me to understand at 1st I have read it 3 times now sure you won't have any trouble though.
It was hard for me because he does about 30pages of PA examples at the begging and later on in the book explains the individual setups.
Best book I have read on trading.

I'll risk it for tonight don't think Islander will be on to ask so I'll risk getting shouted at tomorow lol.

I'll do seperat post for the chart.
Good sign. Sounds like an honest book. Will give it a look.

Looking forward to chart.
  • #2,349
  • Aug 25, 2010 2:53pm Aug 25, 2010 2:53pm
What I think could happen is we come down to the 15300 area which has confluence of
Weekly TL,S/R, and maybe supprt from the old fibs that would have been resistance all basically on the 300.
If we do turn and have a bullish move at 15300 target could be arrow pointing down at 16440 which is again confluence of a TL,38%fib of 2007 high-2009 low, 78% fib of 2009 high to this years low also if we stop at 15300 the 161% ext of the most recent move down will also be 16440.
And there is lots of reisistance there anyway (green box)

Not that this makes any differnence to my day trading just interested in longer time frames and where we could go.

Sorry if the chart isn't to clear.
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  • #2,350
  • Aug 25, 2010 2:55pm Aug 25, 2010 2:55pm
Quoting medici
Good sign. Sounds like an honest book. Will give it a look.

Looking forward to chart.
I would send you the PDF but I bought the book.
  • #2,351
  • Aug 25, 2010 3:57pm Aug 25, 2010 3:57pm
Quoting reflex
What I think could happen is we come down to the 15300 area which has confluence of
Weekly TL,S/R, and maybe supprt from the old fibs that would have been resistance all basically on the 300.
If we do turn and have a bullish move at 15300 target could be arrow pointing down at 16440 which is again confluence of a TL,38%fib of 2007 high-2009 low, 78% fib of 2009 high to this years low also if we stop at 15300 the 161% ext of the most recent move down will also be 16440.
And there is lots of reisistance there anyway (green box)

Not that this...
Thank you very much for chart. I love long-term analysis, even though, as you say, that it doesn't affect the day trading. But I'd like to bring the two together...more about that later, first some comments.

I don't have much experience with trend lines on longer term charts, and I don't know how unreliable they are. So some supporting evidence on that would be of interest.

My own preferred method of analysis is by Fibonacci ratios. An excellent book on the topic is Constance Brown's (the lady with the CI) Fibonacci Analysis. Just like the book you recommended it's challenging reading. I have used some of her methods on past data, pretending that I didn't know the future, and arrived at close to exact identification of future S/R levels.

Attached you can find my own view of cable in the short term. Two Fib confluence areas around 5350-70 and 5150-70, and if the former (tested this week) gives way, I believe we're heading to the latter. 5300 is simply too close to the current level to be a significant level. But I may be completely wrong. TWT.

Now to bringing long-term and short-term together. My hypothesis is that CI divergence and being outside the BBs on the 4h give strong candidates for medium term reversal, worth holding on to for perhaps weeks. Note the 1.5120 long and 1.60 short in the attached chart.

That was brief but it's late and time to call it a night. Thanks again for chart, and see you tomorrow!
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  • #2,352
  • Aug 25, 2010 4:55pm Aug 25, 2010 4:55pm
Quoting medici
Thank you very much for chart. I love long-term analysis, even though, as you say, that it doesn't affect the day trading. But I'd like to bring the two together...more about that later, first some comments.

I don't have much experience with trend lines on longer term charts, and I don't know how unreliable they are. So some supporting evidence on that would be of interest.

My own preferred method of analysis is by Fibonacci ratios. An excellent book on the topic is Constance Brown's (the lady with the CI) Fibonacci Analysis. Just like...
Cheers medici for your comments and chart and I haven't really looked at much longer term charts so not sure how well Tls work on them either i will have a proper look through tomorow.

You recomened that book to me quite a while ago in a PM along with "fibonacci trading" by Carolyn Borden which was also good and "trade chart patterns like the pros" by Suri Duddella I never actually got round to reading "fibonacci analysis" by constance brown. Nearly through Al brooks again so Constance will be my reading at the weekend

Time for me to shutdown the comp now! I'll see you tomorow.

Cheers

Forgot to say I had put CI on the 4hour and seen those trades it is realy good!
  • #2,353
  • Aug 26, 2010 12:08am Aug 26, 2010 12:08am
Good morning all hope you have a nice day.
GL
  • #2,354
  • Aug 26, 2010 12:09am Aug 26, 2010 12:09am
Quoting CoffeeDrinke
Well took most off now at resistance, targeting the rest for 1,55 lets see if it will get it if not so be it.
GL to you all.
Good Morning CD! You had a good overnighter it seems Regretting that TP at 1.55?
  • #2,355
  • Aug 26, 2010 12:21am Aug 26, 2010 12:21am
For you Fib fans - range in play is now the drop from 5618 to 5372. The overnight high was the 23.6% level.
  • #2,356
  • Aug 26, 2010 12:28am Aug 26, 2010 12:28am
Quoting medici
Good Morning CD! You had a good overnighter it seems Regretting that TP at 1.55?
From where i was standing it was like aiming for the moon, next time i might aim for mars haha.

I dont think i am to far from wrong thinking it might start tanking not to long after franky open??
  • #2,357
  • Aug 26, 2010 12:32am Aug 26, 2010 12:32am
Quoting CoffeeDrinke
From where i was standing it was like aiming for the moon, next time i might aim for mars haha.

I dont think i am to far from wrong thinking it might start tanking not to long after franky open??
The general pattern on these mornings is down and then continuation up until resistance is hit. How deep the retracement will be, and when it comes, I wouldn't have a guess at. "Trade what you see..."
  • #2,358
  • Aug 26, 2010 12:41am Aug 26, 2010 12:41am
There are stops in the Euro north of 2745 which people may want to have a go at, so worth watching.
  • #2,359
  • Aug 26, 2010 12:47am Aug 26, 2010 12:47am
Hi Medici

Really enjoying this journal, as a new trader I can see I have so much to learn.

You've opened up my awareness to the "seasonal" nature of the trading day with Asian, European and USA market openings.

Guessing you don't sleep much

cheers
furble
  • #2,360
  • Aug 26, 2010 12:50am Aug 26, 2010 12:50am
Cable making LHs, under mr2, but over 30 MA, which acts as hge support. For me seems heading south, IF breaks the MA, will increase my short position.
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