Islander and Medici trade the European open | Page 207 | Forex Factory

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Islander and Medici trade the European open

  • #4,121
  • Apr 12, 2012 5:27am Apr 12, 2012 5:27am
Quoting medici
Thanks. I find RB3 essential at times, as shown above, but I find it a bit too much to be looking at all the time. And, as Auron and I have agreed here before, it isn't strictly needed for trend trading. But on a relatively choppy day like today I wouldn't want to be without it.
Yep I'm with you; not too hard on my eyes as I've come from the 10 tick bars. Definitely handy on nights like tonight.

Quoting medici
I am starting to like RB7 more and more, and I tend to watch that (together with RB5) when there are no opportunities setting up. Then when things start to get interesting, I replace RB7 with RB3.
I'll look into that - I have it open at the moment but haven't really been watching it much.

EDIT - And I'm out! Time to unwind. Have a good day ya'll.
  • #4,122
  • Edited 10:38am Apr 12, 2012 7:28am | Edited 10:38am
Quoting medici
You could do some research around HL/LH reversals...
Hi Medici, I am starting to see (most of them too late, haha!). 23 pips so far, no losses.

Edit: managed 30 with no losses, this is my personal record. I know, I know...
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  • #4,123
  • Apr 12, 2012 7:51am Apr 12, 2012 7:51am
Quoting Krisdetrader
Hi Medici, I am starting to see (most of them too late, haha!). 23 pips so far, no losses.
Attachment
That's excellent! Keep it up and keep us posted.
  • #4,124
  • Apr 13, 2012 2:36am Apr 13, 2012 2:36am
Looked nice, until she said she was seventeen.
Edit: Could have avoided that encounter if I noticed she was already "overbought".
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  • #4,125
  • Apr 13, 2012 2:49am Apr 13, 2012 2:49am
Quoting Krisdetrader
Looked nice, until she said she was seventeen.
Edit: Could have avoided that encounter if I noticed she was already "overbought".
Attachment
Also you've got recent s/r just above. More obvious on m15 chart.

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Follow, don't anticipate.
  • #4,126
  • Edited 3:58am Apr 13, 2012 3:37am | Edited 3:58am
Quoting Krisdetrader
Looked nice, until she said she was seventeen.
But, just like London buses, another one will appear around the corner soon

Quote
Edit: Could have avoided that encounter if I noticed she was already "overbought".
A couple of points to note, in addition to Ian's pertinent S/R observation:

1. The fast MA was turning/flat, and on RB3 that was a sell. So not quite by the rules.

2. Always be wary after a 20 pip move in less than fifteen minutes. They are often fake-out rather than starts of trends. And when they do start a trend it is unusual that they continue as quickly as you expected. A matter of screen time/experience.

EDIT - didn't take the first short, but the latter two (in addition to the long ). Got out for peanuts when things got a bit too choppy for my taste.
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  • #4,127
  • Apr 13, 2012 3:57am Apr 13, 2012 3:57am
3133 and 3100-10 in sight, unless this is another fake-out/stop run...
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  • #4,128
  • Apr 13, 2012 4:17am Apr 13, 2012 4:17am
Quoting medici
3133 and 3100-10 in sight, unless this is another fake-out/stop run...
.. Just need to break down through that resistance area from last few days.

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Follow, don't anticipate.
  • #4,129
  • Apr 13, 2012 4:33am Apr 13, 2012 4:33am
Good observation There's got to be a lot of people, stopped out or in when that broke, eager to make the weekend P/L look good.

And you know it's a slow day when one resorts to H1 posts If this doesn't shoot off soon, I'll call it a week...
  • #4,130
  • Apr 13, 2012 4:38am Apr 13, 2012 4:38am
This is the most painful day I can remember in a long time. A snapshot of the morning on EU RB7. Now who the hell wants to trade that?
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  • #4,131
  • Apr 13, 2012 4:50am Apr 13, 2012 4:50am
Quoting Auron112
This is the most painful day I can remember in a long time. A snapshot of the morning on EU RB7. Now who the hell wants to trade that?
Indeed, after the LO long, fading Kris' long was the only trade worth taking unless one has the taste for watching RB3 or tick volume charts for hours. So maybe jtrade and nhen made a packet today?
  • #4,132
  • Apr 13, 2012 6:34am Apr 13, 2012 6:34am
Quoting medici
So maybe jtrade and nhen made a packet today?
Haha .... but I did stay flat all morning, which I consider an achievement.

I missed one short entry as marked whilst on the phone. Experimenting with paintbars and candles this week, but I have my previously posted 233t chart with plain white OHLC bars alongside. Some setups are clearer on one, some on the other... & some on the R5.

Have great weekends everybody .
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  • #4,133
  • Apr 13, 2012 9:44am Apr 13, 2012 9:44am
Someone tell me they caught this move and have stayed in the whole damn thing because they just followed their MA8. I didn't, and I need someone to rub my face in it to teach me a lesson. Ian, this may be your big chance...
  • #4,134
  • Apr 13, 2012 10:06am Apr 13, 2012 10:06am
Quoting Auron112
Someone tell me they caught this move and have stayed in the whole damn thing because they just followed their MA8. I didn't, and I need someone to rub my face in it to teach me a lesson. Ian, this may be your big chance...
Nope, missed out big time..

I was seriously considering taking the LH at 3170 on the rb3 when price couldn't break yesterday's London Close (3174) and Frankie's open (3172), green and red lines respectively on the m5 chart, but the button didn't get pushed....

Grabbed a few on the way down but far too few..

anyone else ready to rub away..??

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Follow, don't anticipate.
  • #4,135
  • Apr 13, 2012 10:54am Apr 13, 2012 10:54am
Quoting Ian
I was seriously considering taking the LH at 3170 on the rb3 when price couldn't break yesterday's London Close (3174) and Frankie's open (3172)
Since we're talking RB3 I'll show my screw-up. The short at the top does look good in hindsight but as you said, hard to hit the button at the time since everything up to that point was so choppy. So missed that fall (including a nice setup on EJ at the same time I could/should have taken) and then passed on the next chance because it was too close to the low and news (but odds were for a second leg). Then I did short, only to scare myself out at BE when the lows were holding, but then I failed to get short again when the market basically screamed out that it wanted to drop. So I made a mess of it in every way.

Luckily I slightly redeemed myself by catching a EJ short for a good chunk after but the smart and simple play was just to short EU and hold. Traders in this thread should have been able to do just that using RB5 as well, so we don't have a very good excuse.

By the way, those sorts of levels (London Close and Frankie's Open) are things I rarely if ever watch. Maybe I should, as I'm sure there is something to them. Which levels do you typically watch each day?
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  • #4,136
  • Apr 13, 2012 12:48pm Apr 13, 2012 12:48pm
Quoting Auron112
By the way, those sorts of levels (London Close and Frankie's Open) are things I rarely if ever watch. Maybe I should, as I'm sure there is something to them. Which levels do you typically watch each day?
My pivot indi shows today's open which on my chart equates to NY close (5pm EST) and then I also have FO (red on my chart), LO (orange), NYO (yellow) and LC (4pm London time)(green).

I've found it amazing how often these prices are respected, it does make the chart a bit more cluttered, but they seem to suggest good s/r levels in addition to all the other usual ones.

I haven't found an indi that will do it all for me in one so I have to put the attached on for each level.

Attached File(s)
File Type: ex4 daily_open_line.ex4   3 KB | 424 downloads
Follow, don't anticipate.
  • #4,137
  • Apr 13, 2012 1:15pm Apr 13, 2012 1:15pm
Quoting Ian
My pivot indi shows today's open which on my chart equates to NY close (5pm EST) and then I also have FO (red on my chart), LO (orange), NYO (yellow) and LC (4pm London time)(green).

I've found it amazing how often these prices are respected, it does make the chart a bit more cluttered, but they seem to suggest good s/r levels in addition to all the other usual ones.

I haven't found an indi that will do it all for me in one so I have to put the attached on for each level.

Attachment

Interesting. I use Today's Open, of course, but not the others as S/R. I remember a few years ago looking into something similar for the current day but I never did look at using past days (like your use of Yest London Close) to help with the current day's action. Guess I have something new to research a bit this weekend. Thanks for that... I think.
  • #4,138
  • Apr 14, 2012 7:58pm Apr 14, 2012 7:58pm
I watched a bit of Friday night but got bored and went out Seems I missed the drop - but likely would have missed anyway as I usually sign off around 11am London.

Cheers for the charts boys, and indi Ian.
  • #4,139
  • Apr 17, 2012 3:58am Apr 17, 2012 3:58am
Anyone grab that long at LO? (Arrow 1) I had just sat down and wasn't quick enough to pull the trigger on the HL.

I didn't get back in on that but took the short Yest. High with LH (Arrow 2)

(Arrow 3) Then saw the HL form around 3125 which was a level that had been 'spanked' a few times last week + had confluence of the Daily open on my charts + fib retracement level + was in continuation rules with how I trade the QTRs.
Got out of it just then a pip below Weekly R1 - seems to be a bit of spankage at this 50 level so happy to take my pips here.
I'll probably regret that in twenty minutes

Ian can I be a lazy bastard and ask the values you use for Opens and Closes of sessions mentioned. Only relevant if you're with Oanda also - I had a feeling you were but not quite sure.

Cheers!

Nic

PS. Bearish candle at this HL and I'll try and short.. Oop got it - short. See if she comes back or plays nice.
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  • #4,140
  • Apr 17, 2012 4:04am Apr 17, 2012 4:04am
Quoting nhen
Anyone grab that long at LO? (Arrow 1) I had just sat down and wasn't quick enough to pull the trigger on the HL.

I didn't get back in on that but took the short Yest. High with LH (Arrow 2)

(Arrow 3) Then saw the HL form around 3125 which was a level that had been 'spanked' a few times last week + had confluence of the Daily open on my charts + fib retracement level + was in continuation rules with how I trade the QTRs.
Got out of it just then a pip below Weekly R1 - seems to be a bit of spankage at this 50 level so happy to take my pips...
Out paying for spread - too slow to catch reversal on Yest. High resistance became support.

Sheesh there was News out! My FF times haven't updated to daylight savings - thought it was an hour from now.
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