Islander and Medici trade the European open | Page 304 | Forex Factory

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Islander and Medici trade the European open

  • #6,061
  • Jan 3, 2022 6:04am Jan 3, 2022 6:04am
So at 11:10gmt price poked up in a low volumed almost WRB actually a Spinning Top to retest its earlier high. A total swing of +64 pts. My trail took me out for 50 pts and after lunch I will have changed to to the Nas100
Trading Levels with WRBs
  • #6,062
  • Jan 3, 2022 6:59am Jan 3, 2022 6:59am
Quoting Islander
So at 11:10gmt price poked up in a low volumed almost WRB actually a Spinning Top to retest its earlier high. A total swing of +64 pts. My trail took me out for 50 pts and after lunch I will have changed to to the Nas100
In your experience what are the main differences and/or the similarity between DAX and NASDAQ100?
I call upon my father's spirit , watching over me
  • #6,063
  • Edited 9:26am Jan 3, 2022 8:33am | Edited 9:26am
Last Dax M1 chart for today

As often happens at this time of the day, Dax had spent 2 hours in a narrow range. This was followed by a poke up to new highs in a low volume WRB at at 12:49 with a very small higher volumed candle. I note the WRB as an Exhaustion WRB and price has failed to move higher

Time to move to Nas as the New York Open approaches
Attached Image (click to enlarge)
Click to Enlarge Name: jan3 dax m1 1423.png Size: 42 KB
Trading Levels with WRBs
  • #6,064
  • Jan 3, 2022 8:48am Jan 3, 2022 8:48am
Quoting Brixen
{quote} In your experience what are the main differences and/or the similarity between DAX and NASDAQ100?
The first similarity is a KISS one - they both have similar prices and thus similar price moves.

Secondly, they both have major market openings at a convenient time.....Dax has XO at 9am CET & Nas has the open of the New York Stock Exchange at 3:30pm

Both of these bring the Smart Money Traders to the market with their subsequent activity.

In the 15 mins since the NYSE Open Nas has already moved up 100 pts and as I type, down 100 pts - I have traded both moves
Trading Levels with WRBs
  • #6,065
  • Jan 3, 2022 9:04am Jan 3, 2022 9:04am
Now after 30 mins of high activity since NYO, Nas has had 2 major (for this TF) moves....up 100 points & down 170 pts.

I have traded both and am now on the side-lines
Attached Image (click to enlarge)
Click to Enlarge Name: jan3 nas m1 1501.png Size: 27 KB
Trading Levels with WRBs
  • #6,066
  • Jan 3, 2022 9:13am Jan 3, 2022 9:13am
and my 20 second chart - needed at this time of the day!

Note the WRBs at the high & low

I probably will not trade again today as it looks like Nas may chop around its 16,400 BRN

TWT
Attached Image (click to enlarge)
Click to Enlarge Name: jan3 nas s20 1510.png Size: 55 KB
Trading Levels with WRBs
  • #6,067
  • Jan 3, 2022 9:27am Jan 3, 2022 9:27am
Quoting Islander
and my 20 second chart - needed at this time of the day! Note the WRBs at the high & low I probably will not trade again today as it looks like Nas may chop around its 16,400 BRN TWT {image}
1 hour after 9CET and 1 hour after 15:30CET......amazing, no over trade for you at all!!!

It was the same some or many years ago Islander?
I call upon my father's spirit , watching over me
  • #6,068
  • Jan 3, 2022 9:40am Jan 3, 2022 9:40am
Quoting Brixen
{quote} 1 hour after 9CET and 1 hour after 15:30CET......amazing, no over trade for you at all!!! It was the same some or many years ago Islander?
No, in the past I have spent all day in front of my screens - I have 3 with charts from 20 seonds up to an hourly. Now, somewhat older and hopefully wiser I have learned to "sit on my hands" when I dont like the price action, rather than keep trading with the increasing risk of giving some of my hard earned - pirated - pips back.
Trading Levels with WRBs
  • #6,069
  • Jan 3, 2022 9:43am Jan 3, 2022 9:43am
Quoting Islander
I probably will not trade again today as it looks like Nas may chop around its 16,400 BRN TWT
Good afternoon Good to see some activity here I have drawn the same conclusion, even though I focused on ES today. Chop around today's open...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2022-01-03 at 15.40.09.png Size: 143 KB
  • #6,070
  • Jan 3, 2022 10:16am Jan 3, 2022 10:16am
Quoting Islander
{quote} No, in the past I have spent all day in front of my screens - I have 3 with charts from 20 seonds up to an hourly. Now, somewhat older and hopefully wiser I have learned to "sit on my hands" when I dont like the price action, rather than keep trading with the increasing risk of giving some of my hard earned - pirated - pips back.
Yeah! Only few crucial hours, that's my target too but I dont know if I'm able. I'm trying!
And yes, to have constant gains here it's crucial, but also to dont give back any cents is very very important!
I call upon my father's spirit , watching over me
  • #6,071
  • Jan 3, 2022 10:25am Jan 3, 2022 10:25am
Quoting medici
{quote} Good afternoon Good to see some activity here I have drawn the same conclusion, even though I focused on ES today. Chop around today's open... {image}
Happy New Year to you and good to see your post . Similar charts with plenty of green ones on offer in a nice short space of time
Trading Levels with WRBs
  • #6,072
  • Jan 3, 2022 11:37am Jan 3, 2022 11:37am
Quoting medici
{quote} Good afternoon Good to see some activity here I have drawn the same conclusion, even though I focused on ES today. Chop around today's open... {image}
Hello, Medici
If you don't mind, could you please tell me your setup of Tiki Stochastic? Are you using the default setup?
Attached Image (click to enlarge)
Click to Enlarge Name: 2022-01-04_02-34-14.png Size: 878 KB
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #6,073
  • Jan 4, 2022 1:46am Jan 4, 2022 1:46am
Quoting heispark
{quote} Hello, Medici If you don't mind, could you please tell me your setup of Tiki Stochastic? Are you using the default setup? {image}
It's (10,13,3) weighted.
  • #6,074
  • Jan 4, 2022 2:12am Jan 4, 2022 2:12am
GM - I bought Dax at XO, exiting ~ the BRN & then sold it as a Lower High

Now I'm flat after the poke to the half #
Trading Levels with WRBs
  • #6,075
  • Jan 4, 2022 2:14am Jan 4, 2022 2:14am
Sold the half #, possible drop to BRN

Edit: out for 5pts, very LowVols
Trading Levels with WRBs
  • #6,076
  • Jan 4, 2022 2:20am Jan 4, 2022 2:20am
Bght half # SS

Edit: SL to +15

Edit: SL to +20

Edit: out +20
Trading Levels with WRBs
  • #6,077
  • Edited 2:40am Jan 4, 2022 2:26am | Edited 2:40am
Quoting Brixen
{quote} Yeah! Only few crucial hours, that's my target too but I dont know if I'm able. I'm trying! And yes, to have constant gains here it's crucial, but also to dont give back any cents is very very important!
I've got an excerpt from "Zen in the Art of Trading" (an interview in The New Market Wizards) on my desk. The sentiments expressed in that interview have helped shape my trading philosophy. A couple of pertinent quotes:

Quote
In trading...whenever there is effort, force, straining, or trying, it's wrong. You're out of sync; you're out of harmony with the market. The perfect trade requires no effort.

and

Quote
The trick is to differentiate between what you want to happen and what you know will happen. The intuition knows what will happen.

Which, if you think about it, is quite far from the conventional philosophy of having a reward-to-risk ratio of 3 and working hard to keep the hit-rate comfortably above 50%.
  • #6,078
  • Jan 4, 2022 2:27am Jan 4, 2022 2:27am
Poor PA, Low Vols & no M1 WRBs - ugh

Edit: there was a WRB on S20 just after XO that went up to the BRN - it was a green Marubozo with No Follow Thru - a classic failure
Trading Levels with WRBs
  • #6,079
  • Jan 4, 2022 2:28am Jan 4, 2022 2:28am
Quoting Islander
Note the WRBs at the high & low
do you find that behaviour repeats? ie WRBs often signal a reversal?
cheers and happy new year to everyone that visits here
used to be undecided but nowadays can't make my mind up
  • #6,080
  • Jan 4, 2022 2:30am Jan 4, 2022 2:30am
Quoting Islander
Poor PA, Low Vols & no WRBs - ugh
it might be finding support at yesterday's high.....
SORRY SORRY, I was looking at NASDAQ! lol
used to be undecided but nowadays can't make my mind up
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