Thanks, and your 6am sell was spot on. A bit cross that I wasn't alert enough to catch that one. And, yes, the trend is your friend... See you later.

Islander and Medici trade the European open

That seems to be where things are heading now.... Consolidation around 6337 in cable and possible slow slide or consolidation in the Euro. Time for a little break I think. In spite of a not so alert start, I managed to scrape together an acceptable ...

Islander and Medici trade the European open

Did the same which in retrospect seems to be a mistake. Well, well, the trend is your friend so maybe possibilities for re-entry confirmed by those 1min MAs...

Islander and Medici trade the European open

Which would seem to indicate that this is a push up to take out sell orders, making a reversal at or slightly above Friday's high likely. Note also the bearish MFI14 divergence on M5 during the late Asian session, indicating distribution as Asian ...

Islander and Medici trade the European open

A pattern that should be trusted. — I have posted almost identical charts here before. This is a classic. Breakout of the early Asian range and retracement back into it to pick up orders before continuation.

Islander and Medici trade the European open

Done the same, but in the Euro which seems much weaker. Not impossible with a re-visit to the overnight lows.

Islander and Medici trade the European open

Interesting how patterns repeat themselves. Somebody had to try for a breakout in cable. Small Euro short from 4383.

Islander and Medici trade the European open

Whereas I read all this in terms of price action and order flow. First, classic pattern that has repeated itself countless times. Second, dealer push down to pick up orders in accordance with pattern. So what now remains to be seen is if there's ...

Islander and Medici trade the European open

Hmm. My directional bias is still bullish. Bought again at 6285. Edit...this is a classic pattern. Breakout of the Asian early range and then retracement to support level within the range.

Islander and Medici trade the European open

Fibonacci levels — That level I mentioned is actually at 6272. Draw Fibonacci levels between the 30 June high and 8 July low, and take a look at subsequent price action at those levels. 6272 is the 38.2% level. Check back to the mid December ...

Islander and Medici trade the European open

Long cable from 6275, that old fib level and today supported by the daily pivot. Edit...out at 6290. Looking for further tests of same level.

Islander and Medici trade the European open

GM all. Speaking of Bollinger Bands, should anybody be interested, I modified the Bands indicator that comes with MT4 to produce Bollinger Bands around EMA and LWMA instead of the usual SMA.

Islander and Medici trade the European open

See you Monday. Have a nice weekend.

Islander and Medici trade the European open

Well done. I have only managed a short in cable from under the pivot. In addition to the data - it's option expiry today.

Islander and Medici trade the European open

OK, see you then

Islander and Medici trade the European open

Hi Annie, First, it's Friday and some folks want to take profit after a strong week, so that's what you see rather than people building shorts. The change of phase was when the daily pivot held and price consolidated above it - meaning that there ...

Islander and Medici trade the European open

That's well done! Whereas my thinking is that the decreasing volume means the possibility of erratic price action, and as the selling is over that PA could be to the upside (even though consolidation is more likely). So not worth the risk is my take ...

Islander and Medici trade the European open

Note the structure of the order flow. Two waves of selling at 7am and 8am, then a new phase develops.

Islander and Medici trade the European open

I think that's it for this morning's profit-taking, and in Euro's case stop take out after Trichet's statement about debt problems in the Eurozone. So I'll be on the sidelines until I see something substantial develop.

Islander and Medici trade the European open

Not today...

Islander and Medici trade the European open