Islander and Medici trade the European open | Page 123 | Forex Factory

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Islander and Medici trade the European open

  • #2,441
  • Aug 26, 2010 2:39pm Aug 26, 2010 2:39pm
Quoting Sim
Yep it basically comes down to his previous analysis of the critical levels, then his gauge of current price around there

(I hope)
Thanks again.
  • #2,442
  • Aug 26, 2010 3:03pm Aug 26, 2010 3:03pm
Quoting reflex
Not really a chart related question but did you teach yourself how to trade?
I was thinking the other day how hard it must have been to learn to trade without threads and all the info on the net these days.
Well would have been impossible for me without threads like his one and Daves!
Good question, so here I go...

It started in the 90s with the equities markets. I learned about TA from an acquaintance who had picked it up from the private banker managing his funds. I was also in touch with a couple of guys running an analysis firm selling their analysis. I traded equities, options, and futures. In those days it was easy and we all made piles.

About five years ago a friend of mine in Ireland suggested I should ditch the equities and focus on fx instead as it would fit my make-up better. I started by putting MAs on the charts (M5 and M15) and watched the action, and my friend's claim made very much sense to me! Very patterned as opposed to equities.

Then I happened to come into contact with a guy who had worked in fx for some of the big banks. He told me lots about the morning session, and I shared a few sessions with him. That set me off in the direction that I have been travelling ever since.

Since then it's been self-taught (with the help from FF and other forums of course) all the way until starting this thread, which brought Islander into the picture, and I have learnt some invaluable things from him. And I hope that we all keep on learning from each other.
  • #2,443
  • Aug 26, 2010 4:11pm Aug 26, 2010 4:11pm
Quoting medici
..........Since then it's been self-taught (with the help from FF and other forums of course) all the way until starting this thread, which brought Islander into the picture, and I have learnt some invaluable things from him. And I hope that we all keep on learning from each other.
New to the thread..... was invited to come and visit by Lucklady!

Great Response Mr M.

It's always good to know that self taught people can make this happen.

I shall be following with interest, though..... it's a little daunting reading from the begining!

Regards

Lee
  • #2,444
  • Aug 26, 2010 4:18pm Aug 26, 2010 4:18pm
Quoting leemonk
New to the thread..... was invited to come and visit by Lucklady!

Great Response Mr M.

It's always good to know that self taught people can make this happen.

I shall be following with interest, though..... it's a little daunting reading from the begining!

Regards

Lee
Hello Lee. Welcome to the thread! Glad to see more and more joining the fun. Good that you're not as shy as Lucklady

Self-taught comes with reservation though. The people that I have learnt from have been instrumental and shortened the journey by leaps and bounds. Still, we all have to do our own research. Self-reliance is at the core of things.

Glad to have you on board, and feel free to join in as you see fit.
  • #2,445
  • Aug 26, 2010 6:53pm Aug 26, 2010 6:53pm
Great thread guys
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2010-08-26 at 6.51.42 PM.png Size: 30 KB
  • #2,446
  • Aug 26, 2010 9:15pm Aug 26, 2010 9:15pm
Hey morning all.
This is prob a very ameture question but mostly i direct this at medici because he said he sells resistance and buys support , but if anyone els can answer i am all ears.
Ok obv all does tht but i trail my entry so i sell on stop orders, so my stoploss is always quite easy to where it is going to be.
But if you look at eu yesterday after NY and you sold the double top at 1,2745, where would you put your stoploss because you would of sufferd 20odd pips drawdown first before it went.

Thanks.
  • #2,447
  • Aug 26, 2010 9:30pm Aug 26, 2010 9:30pm
Quoting google
Great thread guys
Thank you! Glad you like it, and glad that CI divergence seems to be liked by the newcomers to the thread.
  • #2,448
  • Edited 9:56pm Aug 26, 2010 9:46pm | Edited 9:56pm
Quoting CoffeeDrinke
Hey morning all.
This is prob a very ameture question but mostly i direct this at medici because he said he sells resistance and buys support , but if anyone els can answer i am all ears.
Ok obv all does tht but i trail my entry so i sell on stop orders, so my stoploss is always quite easy to where it is going to be.
But if you look at eu yesterday after NY and you sold the double top at 1,2745, where would you put your stoploss because you would of sufferd 20odd pips drawdown first before it went.

Thanks.
Not a bad question at all. That's a viable way to trade, even though it implies slightly wider stops than appeals to my palate.

One answer would be the approach applied by BRV, see

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

He uses/used 40 pip SL, moved stop (mostly) to BE at +20 and took half off.

Hope that helps.
  • #2,449
  • Aug 26, 2010 9:48pm Aug 26, 2010 9:48pm
Here's a song for cable this morning:

Inserted Video
  • #2,450
  • Aug 26, 2010 10:08pm Aug 26, 2010 10:08pm
Quoting medici
Not a bad question at all. That's a viable way to trade, even though it implies slightly wider stops than appeals to my palate.

One answer would be the approach applied by BRV, see

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

He uses/used 40 pip SL, moved stop (mostly) to BE at +20 and took half off.

Hope that helps.
OMW damn yeah i love reading haha, damn damn damn theres alot of links there, will have to look at it over the weekend.

I have experamented with hardstops the general problem i have with tht you have to move your stop to B/E, i like to take half off at 1:1 tht gives me a 'free trade' then from there i set targets and move my stop to bottoms or tops, thts just my way of doing it.

If i may ask if its not to much to ask, how do you go about putting stops so i can just observe to myself how another method of 'risk' managment works.

But thanks for helping.
  • #2,451
  • Aug 26, 2010 10:15pm Aug 26, 2010 10:15pm
Hi all, cable at 1h nicely below 30MA, but broke ,382 of 23th drop. If 30MA at 5m chart holds, i think it's going up
  • #2,452
  • Aug 26, 2010 10:37pm Aug 26, 2010 10:37pm
Already short cable at MR2 at 5528 and after LH and euro from retrace to 30MA at 1m tf.
Target for cable 5513, MS and S at 15m tf
  • #2,453
  • Aug 26, 2010 10:38pm Aug 26, 2010 10:38pm
Quoting CoffeeDrinke
OMW damn yeah i love reading haha, damn damn damn theres alot of links there, will have to look at it over the weekend.

I have experamented with hardstops the general problem i have with tht you have to move your stop to B/E, i like to take half off at 1:1 tht gives me a 'free trade' then from there i set targets and move my stop to bottoms or tops, thts just my way of doing it.

If i may ask if its not to much to ask, how do you go about putting stops so i can just observe to myself how another method of 'risk' managment works.

But thanks...
My risk management philosophy is that 25-50 pips at 5% risk virtually every day is better than 100 pips at 2% every now and then but with a few losers mixed in.

So I generally trade with 10-15 pips = 5% on margin and take care with entries.

Jumping on early on a budding trend is of course the best, which I try to do using the 1min and 30EMA and 100SMA/BBs on continuation from a pullback to a S/R level. Allows for tight stops and very high-probability trades.

The other entry is reversal entry off an identified level. Good also for those days (most) when the market is not trending. Identified level, as said, confirmed by divergence/BBs etc on M5 and higher time-frames. Then, closer to the level, I zoom in to M1 and try to gauge when momentum is exhausted/reversing, thereby minimising drawdown/risk. Again, allows for tight stops and I rarely let things go down more than 10 pips.

Does that answer your question?
  • #2,454
  • Aug 26, 2010 10:44pm Aug 26, 2010 10:44pm
Quoting medici
My risk management philosophy is that 25-50 pips at 5% risk virtually every day is better than 100 pips at 2% every now and then but with a few losers mixed in.

So I generally trade with 10-15 pips = 5% on margin and take care with entries.

Jumping on early on a budding trend is of course the best, which I try to do using the 1min and 30EMA and 100SMA/BBs on continuation from a pullback to a S/R level. Allows for tight stops and very high-probability trades.

The other entry is reversal entry off an identified level. Good also for those days...
Think thts round about wht i askd for yes, so thanks.
  • #2,455
  • Aug 26, 2010 10:47pm Aug 26, 2010 10:47pm
Quoting CoffeeDrinke
Think thts round about wht i askd for yes, so thanks.
Good. You're welcome
  • #2,456
  • Aug 26, 2010 10:50pm Aug 26, 2010 10:50pm
Quoting okrutny
Already short cable at MR2 at 5528 and after LH and euro from retrace to 30MA at 1m tf.
Target for cable 5513, MS and S at 15m tf
GM okrutny. Well done!
  • #2,457
  • Aug 26, 2010 10:54pm Aug 26, 2010 10:54pm
I closed short on euro and took long because was not following cable at all, now cable stopped at bottom of yesterday's range at 5504, so i took small initial buy also
  • #2,458
  • Aug 26, 2010 11:00pm Aug 26, 2010 11:00pm
GM all and welcome to the newcomers some interesting posts for me to read - but not just now!

I'm long € - HL - and waiting to see if cable holds > its 5500
Trading Levels with WRBs
  • #2,459
  • Aug 26, 2010 11:07pm Aug 26, 2010 11:07pm
Quoting Islander
GM all and welcome to the newcomers some interesting posts for me to read - but not just now!

I'm long € - HL - and waiting to see if cable holds > its 5500
I think stuck in a middle should be for euro today, between 30ma and .382 of yesterday's range

Now cable at .5 of 23th 8am - 24th 8am drop, and almost at 30ma of 4h chart - for me has to go up
I'm done for today, have a nice weekend
  • #2,460
  • Aug 26, 2010 11:07pm Aug 26, 2010 11:07pm
Quoting medici
Good question, so here I go...

It started in the 90s with the equities markets. I learned about TA from an acquaintance who had picked it up from the private banker managing his funds. I was also in touch with a couple of guys running an analysis firm selling their analysis. I traded equities, options, and futures. In those days it was easy and we all made piles.

About five years ago a friend of mine in Ireland suggested I should ditch the equities and focus on fx instead as it would fit my make-up better. I started by putting MAs on the charts...
Cheers for that.
And my aim is to be able to get a consistent 100 pips a week like you said in a previous post its much better to get 10-20 a day then 150 evey once in a while.
As soon as I've done 100 a week for 3-4months then I will go up to risk of 1.5%-2%.

Nice divergence calling the drop at 6.10am on cable!
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