This one's a thanks to EV for keeping us all on the KISS path
Partial in front of Data, balance looking for R1 area....
Psych Levels, Pivots, and Trendlines - Resurrected
- #7,141
- May 19, 2011 9:17am May 19, 2011 9:17am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #7,142
- May 19, 2011 9:18am May 19, 2011 9:18am
Been lots of opportunities today so far. This one on the EJ was as a result of a rather wide falling wedge forming on the Monthly S1. Entry and exit as indicated.
Thanks in advance.
- #7,143
- May 19, 2011 9:24am May 19, 2011 9:24am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #7,145
- Edited 9:42am May 19, 2011 9:41am | Edited 9:42am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
This one's a thanks to EV for keeping us all on the KISS path
Partial in front of Data, balance looking for R1 area....
Data what data? I took my info this am and didn't see anything listed, now there is, ooops. I'll try and remember to look again pre US session.
- #7,146
- May 19, 2011 9:59am May 19, 2011 9:59am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Not as good an entry as you but my candle closed 4233 to complete a morning star pattern. One of my faves with its alter ego the evening star pattern.
Data what data? I took my info this am and didn't see anything listed, now there is, ooops. I'll try and remember to look again pre US session.
.......what happened to your secretary.....Level plus time made for an early entry before the MS completed.....it didnt make R1, just yesterdays high.....
PS I'm too far away for the secretary's rolling pin to wack me http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
- #7,147
- May 19, 2011 10:12am May 19, 2011 10:12am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #7,148
- May 19, 2011 10:18am May 19, 2011 10:18am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Level plus time made for an early entry before the MS completed.....it didnt make R1, just yesterdays high.....
PS I'm too far away for the secretary's rolling pin to wack me http://www.forexfactory.com/images/icons/icon11.gif
- #7,150
- May 19, 2011 11:58am May 19, 2011 11:58am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Got back to my screen after my usual Sundowner - a cold San Miguel - to find the wide ranged candles after the European Close - a crafty low volumed way of marking prices quickly up - so I jumped on board late and still pirated some nice pips 
The US guys may carry this on to those fib expansion targets that I posted during Frankies Hour....TWT
The US guys may carry this on to those fib expansion targets that I posted during Frankies Hour....TWT
Trading Levels with WRBs
- #7,151
- May 19, 2011 12:41pm May 19, 2011 12:41pm
- Joined Nov 2008 | Status: Trader | 3,270 Posts
I have become much more interested in LC time and will see if I can find some of M's comments. Cheers.
But I was yesterday when the same pattern displayed in Euro and Aussie with 20+ pip snap-backs in a short time.The reason for these is that some for legal, contractual and related reasons have their deal settled at the 4pm fix price. Dealers, dealing on behalf of such market participants, then push the price in the desired direction when the fix is approaching.
Say you need to deliver €500M to a client at the 4pm fix rate. Buy, buy, buy up until that time, and your average entry will be significantly lower while the client delivery price will serve as a wonderful €500M exit in an instant without moving the market. Some have it easy....
There are other possible scenarios as well, but from the retail trader's point of view all that one needs to know is that reversals at this time may be juicy, and that nice trends often develop ahead of it.
No, I wasn't trading this pm
The reason for these is that some for legal, contractual and related reasons have their deal settled at the 4pm fix price. Dealers, dealing on behalf of such market participants, then push the price in the desired direction when the fix is approaching.
Say you need to deliver €500M to a client at the 4pm fix rate. Buy, buy, buy up until that time, and your average entry will be significantly lower while...
Do your time and enjoy the ride...
- #7,154
- May 19, 2011 2:11pm May 19, 2011 2:11pm
Got back to my screen after my usual Sundowner - a cold San Miguel - to find the wide ranged candles after the European Close - a crafty low volumed way of marking prices quickly up - so I jumped on board late and still pirated some nice pips
The US guys may carry this on to those fib expansion targets that I posted during Frankies Hour....TWT
Follow, don't anticipate.
- #7,158
- May 20, 2011 1:06am May 20, 2011 1:06am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Islander, just wondering why the European Close is after UK Close? I would have thought it might be the other way round with CET being an hour ahead of BST.
Medici then told us about the 4pm UK / 5pm CET London Fix, so I added that one to my charts. Thus I've got my knickers in a knot about what to call these 2 lines......
......any suggestions.....
Trading Levels with WRBs
- #7,159
- May 20, 2011 1:11am May 20, 2011 1:11am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
No, I wasn't trading this pm
The reason for these is that some for legal, contractual and related reasons have their deal settled at the 4pm fix price. Dealers, dealing on behalf of such market participants, then push the price in the desired direction when the fix is approaching.
Say you need to deliver €500M to a client at the 4pm fix rate. Buy, buy, buy up until that time, and your average entry will be significantly lower while...
- #7,160
- May 20, 2011 1:15am May 20, 2011 1:15am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs