Islander and Medici trade the European open | Page 137 | Forex Factory

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Islander and Medici trade the European open

  • #2,721
  • Sep 1, 2010 1:10am Sep 1, 2010 1:10am
GM all - just to let you know that for this month I'll be joining Medici in concentrating on the Euro. With the its ADR now very similar to Cable's, its clearer charts and less whiplash make it IMO more attractive.

Also, I'll just be posting a few charts for the FO / LO period and not getting involved during that time - my focus will be on my own trading.

Regards

Islander
Trading Levels with WRBs
  • #2,722
  • Sep 1, 2010 1:20am Sep 1, 2010 1:20am
Hi guys, as I have been today chewed and spat out I need your help in understanding what happened, why and how could I anticipate that.
What I saw was upward trend respecting resistance for cable at 0.5 of yesterday's drop and euro at .618. Then cable broke its 30ma, made LH and pierced the ma, DP and .236 of 1h last drop with nice high vol graveyard doji. Fact, it was over .382 fibo, but I was sure as I could be for cable to go south, at least to test 150ma.
And then THIS happened.. Very small green rectangle at 1m chart with high vol signalling hidden buy. and race north. Many clues for going south and one for north and went north. Maybe second clue for going up was an upward trend overnight, but after double top and lh was suppose to reverse but only ranged, took breath and blown up. Lesson for today - trends your friend, don't f*** with them.

Greetz
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  • #2,723
  • Sep 1, 2010 1:33am Sep 1, 2010 1:33am
This looks promising.
Franky pushd eu almost to double tops 15min created hidden divergence and 5min normal divergence.
Lets see how it goes
GL
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  • #2,724
  • Sep 1, 2010 1:34am Sep 1, 2010 1:34am
GREAT to see you back islander, & even better that your going to be trading EU..

Sorry OKRUTNY I dont trade GU..
  • #2,725
  • Sep 1, 2010 1:41am Sep 1, 2010 1:41am
Quoting okrutny
And then THIS happened.. Very small green rectangle at 1m chart with high vol signalling hidden buy. and race north. Many clues for going south and one for north and went north.

Greetz
Hey bro

You'll find this happens a lot that time of day. Expect a breakout is my advice, wait for it then once confirmed find a good entry
  • #2,726
  • Sep 1, 2010 1:50am Sep 1, 2010 1:50am
the action so far
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Trading Levels with WRBs
  • #2,727
  • Edited 2:24am Sep 1, 2010 2:10am | Edited 2:24am
HH LH

I'm in

Out +20...still -25 on the day though!
  • #2,728
  • Sep 1, 2010 2:28am Sep 1, 2010 2:28am
Quoting pilotui
HH LH

I'm in

Out +20...still -25 on the day though!
Good morning Pilotui

Having idenitified that divergence upon which candle did you enter?

Many thanks!
  • #2,729
  • Sep 1, 2010 2:37am Sep 1, 2010 2:37am
Quoting Delite
Good morning Pilotui

Having idenitified that divergence upon which candle did you enter?

Many thanks!
I trade 5M charts but always look at 15...so entered short @ the 0800 GMT 5M candle...rode it to the pivot and jumped off.

now looks like Bull Div

HL--LL
  • #2,730
  • Sep 1, 2010 2:45am Sep 1, 2010 2:45am
Here's my open current trade

Bull div HL--LL

SL is the dashed line/sideways arrow (semafor)

Also same pattern on 15M too...hmmm---too bad for the news release!
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  • #2,731
  • Edited 3:20am Sep 1, 2010 3:07am | Edited 3:20am
Quoting pilotui
Here's my open current trade

Bull div HL--LL

SL is the dashed line/sideways arrow (semafor)

Also same pattern on 15M too...hmmm---too bad for the news release!
Wheeeewwwwwwwwwwwww

That missed my stop by .3 pips! (note the MT4 chart shows matching M15 bull div setup)

Closed out at +22 and out before news! Made back a large chunk of a horrible mis-interpreted short earlier...(lesson learned)

After my initial loss I took a few poor scalps, then landed a +20 then gave 15 back...definately not my finest hour. But I hope by posting this here it will give people faith that if you WAIT for the div trade to setup and NOT jump the gun like I did...it can be very profitable.

Also, a little public humiliation can do a man a world of good

So all for all I'm -9.10 pips on the day. -9 never felt so good.
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  • #2,732
  • Sep 1, 2010 3:11am Sep 1, 2010 3:11am
Quoting pilotui
Wheeeewwwwwwwwwwwww

Closed out at +22 and out before news! Made back a large chunk of a horrible mis-interpreted short earlier...(lesson learned)
.
Nice one

Just wondering how are you determining your exits.
  • #2,733
  • Sep 1, 2010 3:12am Sep 1, 2010 3:12am
Quoting pilotui
Wheeeewwwwwwwwwwwww

That missed my stop by .3 pips!...
Great stuff appreciate it. I'm all too familiar with jumping the gun myself...
  • #2,734
  • Sep 1, 2010 3:19am Sep 1, 2010 3:19am
Quoting furble
Nice one

Just wondering how are you determining your exits.
2 ways

1: when the CII signal line touches or nears the 80 line I move SL to BE and usually exit after it crosses and closes through it.

2: Gut feeling (Lame, I know but thats the honest truth) And, I can't tell you how many times I've been wrong and exited early only to see it take off.

Which is why I've been using a hard programmed TP of +10 for every trade...but after medici pointed out the Fib correlation I decided to waver a little.

More to come, as I've only been trading divergence for 4 days.
  • #2,735
  • Sep 1, 2010 5:53am Sep 1, 2010 5:53am
Patience pays, as Darren pointed out, and having the confidence to take the setups. It wasn't my best hour either today, but here are the Euro CI div + BB trades from this morning.

Note how the flat/flattening BBs can be used to both temper impatience and give confidence in the setup - in other words, using flat/almost flat BBs as dynamic S/R levels.
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  • #2,736
  • Sep 1, 2010 8:32am Sep 1, 2010 8:32am
Quoting medici
Patience pays, as Darren pointed out, and having the confidence to take the setups. It wasn't my best hour either today, but here are the Euro CI div + BB trades from this morning.

Note how the flat/flattening BBs can be used to both temper impatience and give confidence in the setup - in other words, using flat/almost flat BBs as dynamic S/R levels.
Nice work...it was a little choppy out there today.

What BB settings are you using?

Thanks

Darren
  • #2,737
  • Sep 1, 2010 8:34am Sep 1, 2010 8:34am
Also, how often do you see (what I thought was rare...in my 4 days of trading div!) a Div pattern on the 5M and the same pattern at the same time on the 15M or higher TF...that has to be a rare occurrence right? Or just coincidence?

Thanks

Darren
  • #2,738
  • Sep 1, 2010 8:44am Sep 1, 2010 8:44am
Quoting pilotui
Nice work...it was a little choppy out there today.

What BB settings are you using?

Thanks

Darren
Standard settings.
  • #2,739
  • Sep 1, 2010 8:45am Sep 1, 2010 8:45am
Quoting pilotui
Also, how often do you see (what I thought was rare...in my 4 days of trading div!) a Div pattern on the 5M and the same pattern at the same time on the 15M or higher TF...that has to be a rare occurrence right? Or just coincidence?

Thanks

Darren
Happens quite frequently, and I like watching the two together.
  • #2,740
  • Sep 1, 2010 9:09am Sep 1, 2010 9:09am
Quoting medici
Happens quite frequently, and I like watching the two together.
I guess I'll start to notice it now!
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