Islander and Medici trade the European open | Page 323 | Forex Factory

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Islander and Medici trade the European open

  • #6,441
  • Mar 24, 2022 9:13am Mar 24, 2022 9:13am
Quoting OAPDave
{quote} Sorry I was only trying to help, as no one else as bothered I accept That I am bottom of the class on this thread and only have very basic computer knowledge, at present only use bog standard mt4 so that tells you everything I will not bother you again Good luck
I'd appreciate if you bother me, actually! The whole idea here to exchange knowledge and help each other. That is why Islander, Medici and you post charts and write here. I hope this is clear.
So, part from the source code, what is your take here ?
You can try to reproduce the graph with the nice MT4 indicator posted recently, using the same trading time and tell me if you like/dislike and what you see in general.
This is not bothering, this is interacting
Wealth is not built in a day.
  • #6,442
  • Mar 24, 2022 9:26am Mar 24, 2022 9:26am
Quoting medici
This is what I use for trading, as opposed to analysis. No thinking, action only https://www.youtube.com/watch?v=q7G2S6Q7v0I
I guess you're using them for a short-term view and timing of your entries.
Have you tried using volume-bars? The tick charts seem to need constant tweaking based on the time of day and trading session (in my case). And I'm afraid they're hiding" some of the bigger traded blocks and volume? That is because I do not use volume in my charts. Maybe you use a volume indicator for that ?

If interested, there's some research by De Prado et al. He swears by volume-weighted bars as being a better option (more normally distributed), but in lack of that, tick charts would be the next best thing. His view is that algos trade on price action and not fixed time frames as well, hence the need for volume or tick based bars.

Being human, and trading some repetitive instruments, I find I also need time bars because then I know precisely what happens around the same time of the day over and over

Thanks for sharing.
Wealth is not built in a day.
  • #6,443
  • Mar 24, 2022 10:06am Mar 24, 2022 10:06am
Quoting medici
This is what I use for trading, as opposed to analysis. No thinking, action only https://www.youtube.com/watch?v=q7G2S6Q7v0I

Thank you M, an interesting video which suggests, to me, that my S20 is Islander's Tick Chart which I use in conjunction with my M1 & M5 charts which are more conventional charts.

As I have said many times here, we all "see" charts differently - you via Tick or Range Bars & me via S20, M1 etc.

At the end of the day its what helps the individual to put green points into his / her bank account
Trading Levels with WRBs
  • #6,444
  • Mar 24, 2022 10:10am Mar 24, 2022 10:10am
Quoting Nicy
After being stuck as duck the whole morning session on the DAX, I'd like to show my progress on the camarilla stuff. Below is "my" interpretation on camarilla for the last few days. The prices are calculated from the FO (08:00 CET) to the official close (17:35CET) on the FDAX future. The levels are not drawn in the extended hour sessions. I'd really appreciate some feedback. Do you see anything interesting here? Do the levels see correct etc. {image}
and a nice interpretation it is too

I especially like that you have made it use ony the cash market data as our friend Brixen continually reminds us to do

IF I could see something similar on MT4 I would like to try it....
Trading Levels with WRBs
  • #6,445
  • Mar 24, 2022 10:27am Mar 24, 2022 10:27am
Quoting Nicy
{quote} I guess you're using them for a short-term view and timing of your entries. Have you tried using volume-bars? The tick charts seem to need constant tweaking based on the time of day and trading session (in my case). And I'm afraid they're hiding" some of the bigger traded blocks and volume? That is because I do not use volume in my charts. Maybe you use a volume indicator for that ? If interested, there's some research by De Prado et al. He swears by volume-weighted bars as being a better option (more normally distributed), but in lack of...
Thank you, yes, it's about eliminating the noise of the time based candles, and it's about timing entries.

I've got volume bars as an option on my platform. How much of an advantage they offer probably depends on the number of ticks or contracts per candle, respectively. I use 50 ticks per candle, and then (I just had a look) the difference is negligible.
  • #6,446
  • Mar 24, 2022 11:22am Mar 24, 2022 11:22am
Quoting OAPDave
{quote} Hi Slowbrain Once again I would like to thank you for your great Camarilla Indicator but could you just have a quick look at the site shown Your indicator matches perfectly but your H5 his H6 & L5 his L6 with the guy adding a new H5 L5 hence it gives him an extra level https://www.pivottrading.co.in/pages...dCamarilla.php any thoughts
Sorry Dave i have no clue ...
trying to make everyday the best risk/reward decisions possible
  • #6,447
  • Mar 24, 2022 11:32am Mar 24, 2022 11:32am
Quoting slowbrain
{quote} Sorry Dave i have no clue ...
No problem, but do appreciate the reply
Thank you
Dave
  • #6,448
  • Mar 24, 2022 11:59am Mar 24, 2022 11:59am
Quoting Islander
{quote} and a nice interpretation it is too I especially like that you have made it use ony the cash market data as our friend Brixen continually reminds us to do IF I could see something similar on MT4 I would like to try it....
Yes, Brixen is the only reason I got interested in the DAX. I agree with him and also believe that what happens outside market hours is not relevant to the positions of "big hands" who trade that market, hence the real games only happen during market official hours. I'd guess that the same logic will apply to ES and NQ trading.

I tried looking at the mt4 indicator posted above. It uses the built-in functions of MT4 to get the high and low of the candle, with the candle being D1 by default. So it's all left to the platform and the broker, and whatever they consider high/low for the day. This is not good and introduces variations. To change this, the indicator will need new core logic. It's not a simple change.

Unfortunately my mt4 skills are over 10 years old now and I don't seem to remember much. Maybe NickBixy will be kind enough to enhance the indicator with a start/stop of the trading session setting? I'm sure it will be much easier for him or her.

Fingers crossed.
Wealth is not built in a day.
  • #6,449
  • Mar 25, 2022 2:56am Mar 25, 2022 2:56am
Quoting Nicy
{quote} Yes, Brixen is the only reason I got interested in the DAX. I agree with him and also believe that what happens outside market hours is not relevant to the positions of "big hands" who trade that market, hence the real games only happen during market official hours. I'd guess that the same logic will apply to ES and NQ trading. I tried looking at the mt4 indicator posted above. It uses the built-in functions of MT4 to get the high and low of the candle, with the candle being D1 by default. So it's all left to the platform and the broker,...

No problem with MT4, I'll ask our resident coder to take a look.

It would be helpful if you could post some say M5 charts with your indicator on them. This would allow us to look at things in greater detail.

I am working on my own ideas, also based just on the Cash Market for Dax, which means a lot of manual inputing. I need to see if they have any value before showing them.
Trading Levels with WRBs
  • #6,450
  • Mar 25, 2022 3:24am Mar 25, 2022 3:24am
Just seen that you've post a 3 min chart in Brixen's thread - just what I was asking for
Trading Levels with WRBs
  • #6,451
  • Mar 25, 2022 3:52am Mar 25, 2022 3:52am
Nicy wanted to discover something new, and here is something that was new to me - Fibonacci pivots around the modified pivot, defined by (O+H+3C)/5 - with a striking example from Monday in the Nasdaq index. They seem to be in play every day, including this morning when the 8am open was a sell from the 38.2% level.
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  • #6,452
  • Mar 25, 2022 4:03am Mar 25, 2022 4:03am
Quoting medici
Nicy wanted to discover something new, and here is something that was new to me - Fibonacci pivots around the modified pivot, defined by (O+H+3C)/5 - with a striking example from Monday in the Nasdaq index. They seem to be in play every day, including this morning when the 8am open was a sell from the 38.2% level. {image}
I am already working on something similar
Trading Levels with WRBs
  • #6,453
  • Mar 25, 2022 4:05am Mar 25, 2022 4:05am
Quoting OAPDave
{quote} Islander I have been doing an exercise using the calculator posted, applying Camarilla to the Uk hourly bars shown by my vertical lines, the levels between H3 & L3 are useful, staring to get some interesting results but early days {image}


A chart showing your ideas on the levels will be interesting when you are ready to post one
Trading Levels with WRBs
  • #6,454
  • Mar 25, 2022 6:03am Mar 25, 2022 6:03am
Another Narrow Ranged start to Dax'x day
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Trading Levels with WRBs
  • #6,455
  • Mar 25, 2022 6:08am Mar 25, 2022 6:08am
4 swings in the first 2 hours.

Taking a KISS approach these were worth approx 50pts, 35pts, 30pts & 60pts - total 175 pts.....

Note the very low volumes, suggesting a lack of interest by the Smart Money
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #6,456
  • Mar 25, 2022 6:44am Mar 25, 2022 6:44am
Quoting Islander
{quote} and a nice interpretation it is too I especially like that you have made it use ony the cash market data as our friend Brixen continually reminds us to do IF I could see something similar on MT4 I would like to try it....
Just posted on DAX Futures journal replying to our friend ISLANDER
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I call upon my father's spirit , watching over me
  • #6,457
  • Mar 25, 2022 7:44am Mar 25, 2022 7:44am
Quoting OAPDave
{image}
Like somebody said, this time is the best time ever to be a trader.
  • #6,458
  • Mar 25, 2022 8:56am Mar 25, 2022 8:56am
Some thought provoking posts from OAPDave & Medici.....more weekend homework.

I see that Camarilla indicator on my NQ M5 chart picked the High so far around 12:00 GMT
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Trading Levels with WRBs
  • #6,459
  • Mar 25, 2022 9:06am Mar 25, 2022 9:06am
Here on my M1 chart, both the ATR & Volume alerted us to this possibility and then showed a Sell signal
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #6,460
  • Mar 25, 2022 10:18am Mar 25, 2022 10:18am
Long after double bottom at the modified pivot, out of the long as I noticed heavy selling at 14800, and then took the short signal, out at EMA50@1h. There's probably more to the downside, but this finishes the week

Très bon weekend à toutes et tous!
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