Islander and Medici trade the European open | Page 128 | Forex Factory

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Islander and Medici trade the European open

  • #2,541
  • Aug 27, 2010 6:18am Aug 27, 2010 6:18am
I'm starting to pay alot more attention to fibs now Medici amazing how the price has pretty much been inbetween the 38%-50% all day.
Well not all day but from FO to now.
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  • #2,542
  • Aug 27, 2010 6:21am Aug 27, 2010 6:21am
Quoting reflex
I'm starting to pay alot more attention to fibs now Medici amazing how the price has pretty much been inbetween the 38%-50% all day.
Well not all day but from FO to now.
Easy money, isn't it!? For the Euro it's between 38.2% and 61.8%.
  • #2,543
  • Aug 27, 2010 6:28am Aug 27, 2010 6:28am
Quoting medici
Easy money, isn't it!? For the Euro it's between 38.2% and 61.8%.
Yep just need to have the confidence to do them which I need to learn even when I see something wotk time and time again my mind will still doubt it something I really have to work on.
Am off out for an hour or two now. I am going to wrire a proper detailed plan over the weekend going to be hard though with all the info I've learnt this week.
See you all in a bit.
  • #2,544
  • Aug 27, 2010 6:33am Aug 27, 2010 6:33am
Quoting reflex
Yep just need to have the confidence to do them which I need to learn even when I see something wotk time and time again my mind will still doubt it something I really have to work on.
Try the following exercise - on demo or small stake, take every setup you see without thinking once about it.

Quote

Am off out for an hour or two now. I am going to wrire a proper detailed plan over the weekend going to be hard though with all the info I've learnt this week.
See you all in a bit.

Look forward to hearing more about your plan. Don't miss the GDP party at 1.30...
  • #2,545
  • Aug 27, 2010 6:36am Aug 27, 2010 6:36am
Gl here guys i am off.
I am keeping my short on eu hopefully it goes down but this ranging market is starting to annoy me.

Enjoy.
  • #2,546
  • Aug 27, 2010 6:47am Aug 27, 2010 6:47am
Hello Medici. I haven't seen this refered to anywhere (or maybe I missed it) just wondered how you get your fib levels i.e. do you draw from high and low of previous day and then drop down to the lower time frames for trading?
  • #2,547
  • Aug 27, 2010 6:57am Aug 27, 2010 6:57am
The Composite Index has been a secret of her's for a long time, but was finally published in last year's book "Breakthrough's in Technical Analysis" edited by David Keller. It is mainly used as a divergence tool, where she compares it to the RSI(14). The CI is an RSI without being normalized to the 0-100 scale. When RSI does not diverge with price, but CI does... that means there is divergence. So it is there to catch divergences RSI misses.

well it kind of looks to me like it's just as effective as anything else with divergences. What has gotten my attention today is some things she talks about in her book "Technical analysis for the Trading Professional". She talks about using CI with it's two moving averages to find reversals. . She says that reversals off the moving average lines can show support and resistance. Better yet, when the two averages happen to intersect at the same point that CI passes through them, or reverses, a 3 way intersection, then price moves or reversals are indicated by the direction of the CI.

Marking the extreme points of the oscillator with horizontal lines within the indicator -knowing the market will come back to test the prior extreme range.
Just how overbought or oversold the market has become is resolved by Manning Stoller since it gives a blatant signal.

Cardwell states there is a close correlation between RSI and Stoller ( and not BBs).
BBs offer limited help in terms of timing and on small TFs
  • #2,548
  • Aug 27, 2010 7:00am Aug 27, 2010 7:00am
Quoting ph54
According to Connie -the CCI and the Stoller bands ensure- quote " a method that would give a clear warning when the RSI would be caught on the wrong side of the market". BBs do not help in this regard.
Maybe this is already clear, but just in case aren't the CCI and the CII (which Medici posted here) different indicators? The reason I suggest that is I mistakenly had CCI rather than CII on my charts for a while, and I couldn't figure out why my lines were different from everybody else's. Once I realized I had the wrong indicator on the chart, of course it was then clear.

For what it's worth...
  • #2,549
  • Aug 27, 2010 7:08am Aug 27, 2010 7:08am
Quoting ph54
The Composite Index has been a secret of her's for a long time, but was finally published in last year's book "Breakthrough's in Technical Analysis" edited by David Keller. It is mainly used as a divergence tool, where she compares it to the RSI(14). The CI is an RSI without being normalized to the 0-100 scale. When RSI does not diverge with price, but CI does... that means there is divergence. So it is there to catch divergences RSI misses.

well it kind of looks to me like it's just as effective as anything else with divergences. What has...
My own opinion is RSI is slow but thts good for me so i use RSI7 slow but still fast the CI indicator for me goes to extremes way to fast tht is y i like the RSI it doesnt.
But RSI7 and CI almost gives the exact same signals the RSI14 is really a useless setting i have not found much use to tht setting.
  • #2,550
  • Aug 27, 2010 7:09am Aug 27, 2010 7:09am
Sorry my fault-i do mean the Composite Index as described by Connie and the indicator donated by Medici
  • #2,551
  • Aug 27, 2010 7:10am Aug 27, 2010 7:10am
Quoting david4u
So can it be that easy ?
from one divergence to the next one ?
Well ...only if you know how to read PA correctly ...
pic #1 Still short looking for a possible exit/reversal .
Medici, I have marked the divergence from last swing low (a) , while it looks you have chosen the very last lows .
Does it make any difference ?
pic#2 still waiting ... I am updating on real time , the green TL's ,on every new LL on price & CI.
Is this tiny div. enough to exit ?
pic#3 is that enough to exit ?
pic#4 closed the short and I am Long ... but price...
Hi David, lots of questions.....

And you summarised it well in the beginning..."if you know how to read PA." That is the key skill here.

The shorts were 'textbook', but the exit/longs were not as easy. While CI had turned up there was no clear M5 divergence, so based only on that no reason not to expect another leg down.

In both cases it was a matter of EMAAngleZero divergence on M1 more than M5 divergence. And, in addition to that, what gave me the confidence to take the long from 5986 was the M15 divergence together with anticipated M5 divergence on close of the candle.

I think it's a matter for you of developing your perception and your own research, and to develop confidence in things as they become clear and reliable.

So trust in your own devices and try to learn things step by step. Years of screen time experience is built day by day.
  • #2,552
  • Aug 27, 2010 7:18am Aug 27, 2010 7:18am
Quoting medici
Try the following exercise - on demo or small stake, take every setup you see without thinking once about it.



Look forward to hearing more about your plan. Don't miss the GDP party at 1.30...

After this ~50 pip range for both eur and cable, they are both nicely coiled up and waiting for release - will the GDP be the trigger.....TWT - in 10 mins http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,553
  • Aug 27, 2010 7:19am Aug 27, 2010 7:19am
Quoting leis
Hello Medici. I haven't seen this refered to anywhere (or maybe I missed it) just wondered how you get your fib levels i.e. do you draw from high and low of previous day and then drop down to the lower time frames for trading?
Drawing Fibs is an art in itself, and maybe we should devote some explaining to that.

It's best done example by example, and today the range in play in the Euro is the high/low range of yesterday's London session.

In cable it's the 5372-5618 range plus the overnight session Fibs (from NY close to 6am London time).

The question on which ranges are in play when is a matter of context, and I will think about explaining that as we go by.

Finally, Fibs aren't necessarily drawn from high to low. One example is the 2196-3334 range in the Euro, the 50% level of which was yesterday's high.

Hope that helps.
  • #2,554
  • Aug 27, 2010 7:20am Aug 27, 2010 7:20am
Quoting Islander
After this ~50 pip range for both eur and cable, they are both nicely coiled up and waiting for release - will the GDP be the trigger.....TWT - in 10 mins http://cdn.forexfactory.com/images/icons/icon12.gif
All revved up and ready to go, or, in Sim's parlance, ready for spunk fest!
  • #2,555
  • Aug 27, 2010 7:21am Aug 27, 2010 7:21am
Quoting leis
Hello Medici. I haven't seen this refered to anywhere (or maybe I missed it) just wondered how you get your fib levels i.e. do you draw from high and low of previous day and then drop down to the lower time frames for trading?
Btw, warm welcome to the thread! Do pop by regularly, and feel free to continue to participate.
  • #2,556
  • Aug 27, 2010 7:24am Aug 27, 2010 7:24am
Quoting medici
All revved up and ready to go, or, in Sim's parlance, ready for spunk fest!

LOL - I'm giving serious consideration to selling 1 lot cable and buying 1 lot euro just for some excitement.....
Trading Levels with WRBs
  • #2,557
  • Aug 27, 2010 7:25am Aug 27, 2010 7:25am
Quoting ph54



Cardwell states there is a close correlation between RSI and Stoller ( and not BBs).
BBs offer limited help in terms of timing and on small TFs
This is the bit I don't agree with, which is not explained. The rest I knew. Could you, please, bear with me and explain the high-lighted part and why SBs are to be preferred.

Sorry to test your patience...
  • #2,558
  • Aug 27, 2010 7:29am Aug 27, 2010 7:29am
Quoting Islander
LOL - I'm giving serious consideration to selling 1 lot cable and buying 1 lot euro just for some excitement.....
well goodluck on tht wht do you think will happen
  • #2,559
  • Aug 27, 2010 7:30am Aug 27, 2010 7:30am
Quoting Islander
LOL - I'm giving serious consideration to selling 1 lot cable and buying 1 lot euro just for some excitement.....
Ah, the cable boys just happen to have the 5460 orders in view, then it'll head north. Whereas the Euro folks have the stops above 2765 in view. But you never know. TWT...very soon!
  • #2,560
  • Aug 27, 2010 7:33am Aug 27, 2010 7:33am
This time i am really of going to a braai now, any rugby fans get your WP flags out enjoy.
Wish my trade gl to haha, wide take profit who knows maby i get lucky haha
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