Islander and Medici trade the European open | Page 129 | Forex Factory

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Islander and Medici trade the European open

  • #2,561
  • Aug 27, 2010 7:35am Aug 27, 2010 7:35am
Quoting CoffeeDrinke
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
Time for profit-taking if your short, methinks.
  • #2,562
  • Aug 27, 2010 7:35am Aug 27, 2010 7:35am
Quoting medici
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,...
Appreciate that info and it's pointed me towards what I need to practice next week. Thanks for your welcome...what a friendly and educational thread this is!!
  • #2,563
  • Aug 27, 2010 7:40am Aug 27, 2010 7:40am
Quoting medici
Time for profit-taking if your short, methinks.
nice advice haha.
  • #2,564
  • Aug 27, 2010 7:41am Aug 27, 2010 7:41am
Quoting medici
Time for profit-taking if your short, methinks.
agreed, data in line with expectation, looks like a spike down to pick off stops and buy lower ....€s held above its earlier low, The Mistress whiplashed the unwary.....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #2,565
  • Aug 27, 2010 7:46am Aug 27, 2010 7:46am
Quoting medici
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!
Not entirely off the mark...
  • #2,566
  • Aug 27, 2010 7:48am Aug 27, 2010 7:48am
Quoting Islander
agreed, data in line with expectation, looks like a spike down to pick off stops and buy lower ....€s held above its earlier low, The Mistress whiplashed the unwary.....http://cdn.forexfactory.com/images/icons/icon11.gif
And don't we love her for it! Keeps us alert with her whip and gives pleasure to the good boys and girls!
  • #2,567
  • Aug 27, 2010 8:15am Aug 27, 2010 8:15am
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...
I couldn't go demo I have to feel some pain on a loser!
but yeah I think that is a good Idea I did cut my size down a couple weeks ago to one I'm more comfortable with so next week I'm gonna go for it.

And yeah I look forward to hearing what you think of my plan.

I see some people walk away form the chart once they have meet there daily quota is this wise? I'd always want to be around for all the other opurtunitys to trade and if you stay around and have a real good day 2 or 3 times normal pips it can help make up for the not so good days.

But I suppose some people might sit there and overtrade then end up giving there profits back.
  • #2,568
  • Aug 27, 2010 8:15am Aug 27, 2010 8:15am
I'm still holding partial longs in both and waiting for NYO 2 to bring in some volume.

Both have put in HLs, but need to break above MR1 in € and the 00 in cable.....
Trading Levels with WRBs
  • #2,569
  • Aug 27, 2010 8:23am Aug 27, 2010 8:23am
Quoting reflex
I couldn't go demo I have to feel some pain on a loser!
but yeah I think that is a good Idea I did cut my size down a couple weeks ago to one I'm more comfortable with so next week I'm gonna go for it.

And yeah I look forward to hearing what you think of my plan.

I see some people walk away form the chart once they have meet there daily quota is this wise? I'd always want to be around for all the other opurtunitys to trade and if you stay around and have a real good day 2 or 3 times normal pips it can help make up for the not so...
VERY wise.
  • #2,570
  • Aug 27, 2010 8:25am Aug 27, 2010 8:25am
Spunk parties and how to be a fun guy/girl at them - whip your fibs!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro spunk party 27 aug.gif Size: 23 KB
Click to Enlarge Name: cable spunk party 27 aug.gif Size: 24 KB
  • #2,571
  • Aug 27, 2010 8:31am Aug 27, 2010 8:31am
BBs offer limited help in terms of timing and on small TF-

If i said that the RSI setting of 14 is the only one to use on any timeframe would you agree. ? Has it been proved. ? The answer is -it has been proved.
My above statement has also been proved correct and my maths is not good enough to explain. If you look at the current price action after the news ( eur/usd ) with BBs on the 1 hour timeframe only and Stoller bands + BBs on the 5 mins. timeframe i think it may colour your view point.
Look at the middle band of each-thats a clue.
I regard 1hr.t/f as a large period.
  • #2,572
  • Aug 27, 2010 8:33am Aug 27, 2010 8:33am
Quoting medici
VERY wise.
Think about it this way:

Success is a result of what we repeatedly do. So long-term trading success is a result of doing the right thing a very large number of days after each other.

You won't be long-term successful by hitting a home run at random intervals. Rather, it's about your batting average. So, given your level and ability, what is your average take? Set your target a bit above that (to be adjusted depending on the variability of your performance), and stop once that target is reached.

That's how you build long-term success.
  • #2,573
  • Aug 27, 2010 8:36am Aug 27, 2010 8:36am
Quoting ph54
BBs offer limited help in terms of timing and on small TF-

If i said that the RSI setting of 14 is the only one to use on any timeframe would you agree. ? Has it been proved. ? The answer is -it has been proved.
Show me the proof of that! It simply ain't true.

Quote


My above statement has also been proved correct and my maths is not good enough to explain. If you look at the current price action after the news ( eur/usd ) with BBs on the 1 hour timeframe only and Stoller bands + BBs on the 5 mins. timeframe i think it may colour your view point.
Look at the middle band of each-thats a clue.
I regard 1hr.t/f as a large period.

So you base that statement not on your own reasoning or experience but somebody else's. Do you have a pointer to the source of this proof, i.e. where can I look it up?

Thanks for taking the time to explain.
  • #2,574
  • Aug 27, 2010 8:37am Aug 27, 2010 8:37am
Quoting medici
VERY wise.
Think I'm going to go for 30? And when I've got to 30 I won't leave casue I learn to much watching the chart but will then switch to demo after I have made 30.
  • #2,575
  • Aug 27, 2010 8:38am Aug 27, 2010 8:38am
Quoting reflex
Think I'm going to go for 30? And when I've got to 30 I won't leave casue I learn to much watching the chart but will then switch to demo after I have made 30.
Good thinking.
  • #2,576
  • Aug 27, 2010 8:43am Aug 27, 2010 8:43am
Quoting medici
Think about it this way:

Success is a result of what we repeatedly do. So long-term trading success is a result of doing the right thing a very large number of days after each other.

You won't be long-term successful by hitting a home run at random intervals. Rather, it's about your batting average. So, given your level and ability, what is your average take? Set your target a bit above that (to be adjusted depending on the variability of your performance), and stop once that target is reached.

That's how you build long-term success....
If I walked away after 10.30 and traded demo than I am pretty confident I can take 25 a day.
If I did every trade I saw and didn't freeze probs more like 50 but that just isn't going to happen without alot more experience and confidence.
  • #2,577
  • Aug 27, 2010 8:57am Aug 27, 2010 8:57am
PAGE 140-Technical analysis -Constance Brown. Also Cardwell agrees.
I have been trading using the CI and stoller bands for some time.Therefore i have a practical knowledge of my own which i have refined.
Placing stoller bands and BBs on a 5 min t/f is a real eye opener.Look what happens when they cross-that bit of info. i give for free.
  • #2,578
  • Aug 27, 2010 8:59am Aug 27, 2010 8:59am
Medici has commented before about the problems of trading in the European afternoon - US morning - and I agree, its easy to give back pips.

IMO there are 2 time windows that are worthwhile watching - approx half an hour from ~8:15am NY and the same from ~9:45 NY. If news in either time window is out from expectations, then a profitable opportunity is more probable.
Trading Levels with WRBs
  • #2,579
  • Aug 27, 2010 9:03am Aug 27, 2010 9:03am
Quoting reflex
If I walked away after 10.30 and traded demo than I am pretty confident I can take 25 a day.
If I did every trade I saw and didn't freeze probs more like 50 but that just isn't going to happen without alot more experience and confidence.
Another of my arguments for trading the morning only, which I may return too soon.
  • #2,580
  • Edited 9:10am Aug 27, 2010 9:04am | Edited 9:10am
In case anyone missed the FF calendar, Bernanke started speaking at 10am NY......hold onto your hats.....http://cdn.forexfactory.com/images/icons/icon11.gif

Edit: I guess he's at Jackson Hole Symposium
Trading Levels with WRBs
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