Islander and Medici trade the European open | Page 156 | Forex Factory

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Islander and Medici trade the European open

  • #3,101
  • Edited 11:56am Apr 13, 2011 11:45am | Edited 11:56am
medici,

tried out this long haul today:

3 tops rising into a strong resistance zone accompanied by oscillator divergence.
low risk short entry right near the touch of the trendline at 122.13 with a 5 pip s/l.
probably should have waited for the top candle to complete and entered on the next candle.
however, on completion, that candle formed a high volume shooting star which gave some confidence.

left it alone once stop was moved to b/e.

exited at 121.00 a short while back as it entered support zone.

was this trade correctly taken?
Attached Image (click to enlarge)
Click to Enlarge Name: 20110413-ej-02.gif Size: 30 KB
  • #3,102
  • Apr 13, 2011 11:54am Apr 13, 2011 11:54am
Quoting pgd
medici,

tried out this long haul today:

3 tops rising into a strong resistance zone accompanied by oscillator divergence.
low risk short entry right near the touch of the trendline at 122.13 with a 5 pip s/l.

left it alone once stop was moved to b/e.

exited at 121.00 a short while back as it entered support zone.

was this trade correctly taken?
Beautiful trade Well done!

As for 'correct' it's all individual as Islander pointed out on EV's thread the other day. You have to find rules that suit your own perception and cognition.

From an M5 perspective it would suit my palate, and when you look at longer term charts, such as the M30, it becomes a no-brainer....perhaps I should start following EJ again...
Attached Image (click to enlarge)
Click to Enlarge Name: ej M30 13 april 11.jpg Size: 117 KB
  • #3,103
  • Apr 13, 2011 12:11pm Apr 13, 2011 12:11pm
medici,

thanks.

by "correct", i meant, statistically does this kind of a "kiss" entry have a high success rate or is there some kind of confirmation one should wait for.

incidentally, I forgot to mention and mark the hidden divergence that popped up along the way that recharged the battery to the move (chart reattached).
Attached Image (click to enlarge)
Click to Enlarge Name: 20110413-ej-02.gif Size: 30 KB
  • #3,104
  • Apr 13, 2011 12:28pm Apr 13, 2011 12:28pm
Quoting pgd
medici,

thanks.

by "correct", i meant, statistically does this kind of a "kiss" entry have a high success rate or is there some kind of confirmation one should wait for.

incidentally, I forgot to mention and mark the hidden divergence that popped up along the way that recharged the battery to the move (chart reattached).
OK. Again a matter of personality to a large extent, i.e. it depends on what you see.

Looking at the 122.12 level on H1 makes it a a very high probability trade together with the M5 pattern.

Personally I wouldn't wait for "confirmation" which is usually an exercise in selective perception. I would zoom in to M1 close to a level like this and sell the break below 122.10 or something like that.

But some people prefer lower highs and the like. Horses for courses.

And that "hidden divergence" was simply some order clearing for the London fix.
  • #3,105
  • Apr 13, 2011 12:45pm Apr 13, 2011 12:45pm
Quoting medici
I sit down in front of the screens with a sense of curiosity as to how things will unfold.
medici,

Beautiful! What an approach! just letting trades come to you...

In this way, not only does one keep boredom away but also keeps at bay impatience, boredom's inseparable companion that gives rise to desperation, the soil from which bad decisions (and trades) spring forth.

pg

PS
Did you say screens?
how many screens do you use. what does each one display?
would you care to take a pic of your screens and post it here.

Thanks.
  • #3,106
  • Apr 13, 2011 12:49pm Apr 13, 2011 12:49pm
Quoting medici
And that "hidden divergence" was simply some order clearing for the London fix.
Ah! now this you will have to explain a bit...
  • #3,107
  • Apr 13, 2011 12:55pm Apr 13, 2011 12:55pm
Quoting pgd
medici,

Beautiful! What an approach! just letting trades come to you...

In this way, not only does one keep boredom away but also keeps at bay impatience, boredom's inseparable companion that gives rise to desperation, the soil from which bad decisions (and trades) spring forth.

pg

PS
Did you say screens?
how many screens do you use. what does each one display?
would you care to take a pic of your screens and post it here.

Thanks.
Two screens with EU and GU, in addition to order screen, but I do tend to watch one pair only. The brain cell has difficulties with handling more than one.

Photos....I don't think so...sorry.
  • #3,108
  • Apr 13, 2011 12:57pm Apr 13, 2011 12:57pm
Quoting pgd
Ah! now this you will have to explain a bit...
4pm is when many desks in London close. It is also a time when a daily "fix rate" is set at which some market participants are obliged (for legal or other reasons) to deal.

So often there is intense order activity leading up tp 4pm, at which time price may then reverse. Such as today.
  • #3,109
  • Sep 9, 2011 5:39am Sep 9, 2011 5:39am
hello dear traders , my first post here.

actually , i need to discuss CHF pairs personalities generally ,
especially after the recent CHF regulation.
it is really important for my trading style indeed.

i am not aiming any kind of short or middle term , long or short trend comments or forecasts , etc.
i mean general personalities of CHF pairs , after the recent CHF regulation.
(actually i have been a fan of gbp/chf , because of its intraday high volatility.
i still trade gbp/chf , after the CHF regulation ,,, but i can't be much confident (as i've been before ) , about how gbp/chp will treat)

regards.
the best indicator is trader's knowledge , experience and dicipline.
  • #3,110
  • Sep 12, 2011 2:20am Sep 12, 2011 2:20am
Quoting fx-season
hello dear traders , my first post here.

actually , i need to discuss CHF pairs personalities generally ,
especially after the recent CHF regulation.
it is really important for my trading style indeed.

i am not aiming any kind of short or middle term , long or short trend comments or forecasts , etc.
i mean general personalities of CHF pairs , after the recent CHF regulation.
(actually i have been a fan of gbp/chf , because of its intraday high volatility.
i still trade gbp/chf , after the CHF regulation ,,, but i can't be much confident...
Kind of odd to kick this thread out of hibernation to discuss CHF of all things. Sorry, I can't really help you as I don't trade CHF pairs intraday but maybe someone else will come along who can give you a hand or nudge you in the right direction. I know Medici trades CHF pairs at times, but he's been deep undercover for a while now...
  • #3,111
  • Sep 12, 2011 2:59am Sep 12, 2011 2:59am
Odd indeed. Generally not a good idea to wake a sleeping dog...

The character of the Swiss? Makes me think of my cousin in Geneva who has had a Swiss boyfriend once but since has stuck to foreigners. That could be an indication.

That much for the French speaking end. I did once enjoy the company of a very nice woman from the Zurich area, so maybe one shouldn't draw too firm conclusions. But their German accent is a bit hard to stomach, I think.

And one shouldn't forget Carl Jung, whose work is very relevant for the psychology of trading.
Inserted Video
is worth watching as an introduction.

And apart from depth psychology, financial services and cheese (don't miss the Jura which beats the Gruyere), the watches should be a noted contribution of the Swiss. And I wonder if not EURUSD goes by a Swiss watch? One could easily be led to that conclusion from trading the 40 pip swings this morning.

So maybe EURUSD is an undercover Swiss character, in particular after the pegging?
  • #3,112
  • Sep 19, 2011 4:05am Sep 19, 2011 4:05am
dear guys , im greateful for your care.
additionaly , i do like the video about Carl Jung , remind me old college years
the best indicator is trader's knowledge , experience and dicipline.
  • #3,113
  • Oct 25, 2011 2:17am Oct 25, 2011 2:17am
Now that my summer season's finally over, I thought I'd post a chart......these days I usually look for ~20 pips from a move during Frankies Hour http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 25 eu 1m lo.gif Size: 16 KB
Trading Levels with WRBs
  • #3,114
  • Oct 25, 2011 2:58am Oct 25, 2011 2:58am
and another couple of potentials......with the Euro Zone meetings still in progress IMO its best to get those slippery pips banked....

My morning's quota has been achieved, so time to go out.....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 25 eu 1m lo plus 54m.gif Size: 16 KB
Trading Levels with WRBs
  • #3,115
  • Oct 25, 2011 3:14am Oct 25, 2011 3:14am
Quoting Islander
and another couple of potentials......with the Euro Zone meetings still in progress IMO its best to get those slippery pips banked....

My morning's quota has been achieved, so time to go out.....
Great to see you back.

What MA do you use ?

  • #3,116
  • Oct 25, 2011 4:40am Oct 25, 2011 4:40am
Quoting matlobien
Great to see you back.

What MA do you use ?

Thanks - the MA is from this indy that was posted earlier in this thread.....I'll leave you to work out my settings.......hint, look for smoothness
Attached File(s)
File Type: mq4 AllAverages_v2.1 cc.mq4   15 KB | 268 downloads
Trading Levels with WRBs
  • #3,117
  • Oct 25, 2011 5:00am Oct 25, 2011 5:00am
Quoting Islander
Thanks - the MA is from this indy that was posted earlier in this thread.....I'll leave you to work out my settings.......hint, look for smoothness

Thanks mate.

  • #3,118
  • Oct 25, 2011 9:36pm Oct 25, 2011 9:36pm
Quoting Islander
Thanks - the MA is from this indy that was posted earlier in this thread.....I'll leave you to work out my settings.......hint, look for smoothness
.. Nice indi.. THKS
  • #3,119
  • Oct 25, 2011 9:40pm Oct 25, 2011 9:40pm
Quoting Islander
and another couple of potentials......with the Euro Zone meetings still in progress IMO its best to get those slippery pips banked....

My morning's quota has been achieved, so time to go out.....
Nice clear chart ..simple chart.. easy to see what u have done....Thks
  • #3,120
  • Oct 26, 2011 1:41am Oct 26, 2011 1:41am
Quoting danc
Nice clear chart ..simple chart.. easy to see what u have done....Thks
Thanks and yes, its very KISS

I suspect that € will be choppy today whilst first the Germans talk about and then vote on "putting more of their money" into the EZ and then the Euro members carry on talking about how they're going to get out of the sh*t...... ......time to be careful - or to go to the pub!!
Trading Levels with WRBs
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