Islander and Medici trade the European open | Page 318 | Forex Factory

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Islander and Medici trade the European open

  • #6,341
  • Mar 21, 2022 3:02am Mar 21, 2022 3:02am
Quoting OAPDave
{quote} H'mmmmmmmm I have a simple Spread Bet Account Have to play with the prices they give me
Oh, of course, I just wanted to make you aware of the consequences. The consequence of the discrepancies, in this example. is that the Camarillas will be calculated with a range that is 11.11-6.97=4.14 points wider than it should be, so the Camarilla levels may be off by a point or so, even if you disregard all differences with the futures market.
  • #6,342
  • Mar 21, 2022 3:22am Mar 21, 2022 3:22am
Quoting medici
{quote} Oh, of course, I just wanted to make you aware of the consequences. The consequence of the discrepancies, in this example. is that the Camarillas will be calculated with a range that is 11.11-6.97=4.14 points wider than it should be, so the Camarilla levels may be off by a point or so, even if you disregard all differences with the futures market.
Thank you
Much appreciated info

ps
I accept its a little to early to judge but what are your thoughts regarding Camarilla
  • #6,343
  • Mar 21, 2022 3:41am Mar 21, 2022 3:41am
Dax so far....the Opening Gap is almost closed...

We've been Buyers off the BRN since XO...
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Trading Levels with WRBs
  • #6,344
  • Mar 21, 2022 3:49am Mar 21, 2022 3:49am
Dax M1
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Trading Levels with WRBs
  • #6,345
  • Mar 21, 2022 4:08am Mar 21, 2022 4:08am
Quoting Islander
Dax so far....the Opening Gap is almost closed... We've been Buyers off the BRN since XO... {image}
Cool, full of info
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  • #6,346
  • Edited 5:04am Mar 21, 2022 4:13am | Edited 5:04am
Quoting OAPDave
{quote} Thank you Much appreciated info ps I accept its a little to early to judge but what are your thoughts regarding Camarilla
Not early at all, I've had them on my charts for years for the simple reason that it's obvious that those who move the index futures markets around use them for their entries and exits...so why not join them?

Being used like that by market makers, the great benefit of Camarillas is that there is a finite number of lines, which leads to a finite number of scenarios, based on what happened over the past days.

For example, after a strongly trending day closing around the highs there are two scenarios - pullback to S3 for continuation (Thursday last week) or break through R1 for continued trending (Wednesday last week).

That fixed number of scenarios can then be classified into
- pullback and continuation
- mean reversion reversals at extended levels (3, 4, and 5)
- breakout

The marvellous long off S3 last Tuesday was a good example of a mean reversion reversal, The explosive move above R3 on Friday week before last is a beautiful example of a breakout.

In other words, with a bit of systematic thinking when going over chart history one can develop a systematic approach for daily trade planning.
  • #6,347
  • Mar 21, 2022 4:32am Mar 21, 2022 4:32am
Lovely Fake-out spike down at 9:05 gmt into the confluence of L3; DP; MM 8/8 & today's open (see M5 chart posted earlier) in a high volume WRB - a hammer with a long tail

Buy in the next candle & see if price can make new highs for the day.

NQ had a similar HV WRB hammer
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Trading Levels with WRBs
  • #6,348
  • Mar 21, 2022 4:37am Mar 21, 2022 4:37am
Quoting medici
{quote} Not early at all, I've had them on my charts for years for the simple reason that it's obvious that those who move the index futures markets around use them for their entries and exits...so why not join them. Being used like that by market makers, the great benefit of Camarillas is that there is a finite number of lines, which leads to a finite number of scenarios, based on what happened over the past days. For example, after a strongly trending day closing around the highs there are two scenarios - pullback to S3 for continuation...

Thanks for the info I dont have an indicator that allows historical Camarilla lines, so I'll start saving my charts on a daily basis
Trading Levels with WRBs
  • #6,349
  • Mar 21, 2022 4:43am Mar 21, 2022 4:43am
Thanks guys
Glad I have arrived at this thread/journal
Between you, you seem to have everything well covered and indeed very well researched
  • #6,350
  • Mar 21, 2022 4:53am Mar 21, 2022 4:53am
Quoting medici
{quote} Not early at all, I've had them on my charts for years for the simple reason that it's obvious that those who move the index futures markets around use them for their entries and exits...so why not join them. Being used like that by market makers, the great benefit of Camarillas is that there is a finite number of lines, which leads to a finite number of scenarios, based on what happened over the past days. For example, after a strongly trending day closing around the highs there are two scenarios - pullback to S3 for continuation...
Brilliant
My world
This is about the best I can produce with my platform and broker
only having a spread bet account
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  • #6,351
  • Mar 21, 2022 5:03am Mar 21, 2022 5:03am
Quoting OAPDave
{quote} Brilliant My world This is about the best I can produce with my platform and broker only having a spread bet account {image}
Glad you like it. We could perhaps join forces in developing a more robust scenario planning approach!?

And you can get DMA charts for about USD15 a month. Just open a Tradovate demo account. That's the broker I use.
  • #6,352
  • Mar 21, 2022 5:09am Mar 21, 2022 5:09am
Quoting OAPDave
{quote} Brilliant My world This is about the best I can produce with my platform and broker only having a spread bet account {image}
Thanks for the chart, I will study later.

I dont trade off MT4, I just use it for some charts as there are so many indicators, EAs etc readily available
Trading Levels with WRBs
  • #6,353
  • Mar 21, 2022 5:10am Mar 21, 2022 5:10am
Quoting medici
{quote} Glad you like it. We could perhaps join forces in developing a more robust scenario planning approach!? And you can get DMA charts for about USD15 a month. Just open a Tradovate demo account. That's the broker I use.
Good idea
Trading Levels with WRBs
  • #6,354
  • Mar 21, 2022 5:20am Mar 21, 2022 5:20am
Recent Camarilla history for NQM2.
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  • #6,355
  • Mar 21, 2022 5:22am Mar 21, 2022 5:22am
Quoting Islander
{quote} Good idea
Happy to hear Rather than getting academic, I think the research question should be something like "How does one catch 80% of the day's range using Camarillas?"
  • #6,356
  • Mar 21, 2022 6:01am Mar 21, 2022 6:01am
Quoting medici
{quote} Glad you like it. We could perhaps join forces in developing a more robust scenario planning approach!? And you can get DMA charts for about USD15 a month. Just open a Tradovate demo account. That's the broker I use.
Another option would be ProRealTime that you can get with an IG spread betting account. Has built in Camarilla indicator.
  • #6,357
  • Mar 21, 2022 10:11am Mar 21, 2022 10:11am
Quoting medici
{quote} Glad you like it. We could perhaps join forces in developing a more robust scenario planning approach!? And you can get DMA charts for about USD15 a month. Just open a Tradovate demo account. That's the broker I use.
Well I have to admit I feel like a bit of a plonker now, not even sure what figures FXCM are feeding me on the indices
I guess they must be at least consistent, not sure about the after market though
Took a look at Tradovate all I can say is WOW but to be fair, looks way over my pay grade
So reluctantly it looks like a return back to FX
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  • #6,358
  • Mar 21, 2022 10:15am Mar 21, 2022 10:15am
After Friday's big range of 620 pts a smaller ranged day is normal and Pivot type indicators will have even wider ranges.

So I find it easier to use Fibonacci.

Buy at XO for the poke above Friday's High and then sell for the fall towards the 382.

Price stalls into the end of the first hour and then there's a Higher Low to Buy again....
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Trading Levels with WRBs
  • #6,359
  • Mar 21, 2022 10:21am Mar 21, 2022 10:21am
NQ M5
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Trading Levels with WRBs
  • #6,360
  • Mar 21, 2022 10:33am Mar 21, 2022 10:33am
S20 chart showing 3 swings totalling 558 pts. with plenty of clear entries....
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Trading Levels with WRBs
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