Islander and Medici trade the European open | Page 339 | Forex Factory

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Islander and Medici trade the European open

  • #6,761
  • Edited 5:34am Jan 11, 2024 5:07am | Edited 5:34am
So this thread now enters its 17th year and I will share my current ideas for trading the German 40 aka Dax in the mornings for around two hours from XO and similarly for Nasdaq in the afternoons from NYO. Two sessions from which I look to bank a minimum of 500 points / week.

I have not changed my basic methodolagy for some time and this is to concentrate on watching the price action around "levels" using a Moving Average as a filter. Plenty of examples on previous pages.

For continuity I continue to post MT 4 charts, although I use a different platform for my trading

Dax M 60 chart as I post
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Trading Levels with WRBs
  • #6,762
  • Jan 11, 2024 5:53am Jan 11, 2024 5:53am
My morning's trading starts with a look at the higher Time Frames, here the hourly although once a week I will look at the Daily Chart.

On the M 5 chart we have the Daily Pivot R 1 acting as support with the Big Round Number as a Higher Low and price rallied nicely up the the resistance area around M 60 fractals as see on the M 60 chart. Total upswing was ~70 points

Find a Sell signal from the lower Time Frame charts and enter for the 115 pts fall all within the first 2 hours.......
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Trading Levels with WRBs
  • #6,763
  • Jan 11, 2024 6:07am Jan 11, 2024 6:07am
Dax M 1 is where we find the action, here with a 21 period LWMA
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Trading Levels with WRBs
  • #6,764
  • Jan 11, 2024 6:59am Jan 11, 2024 6:59am
In order to trade profitably each trader needs to make up his / her own set of Trading Rules, without which there is no hope becoming profitable.

A simple rule can be: ONLY enter trades when price is at the MA and enter in the direction (colour) of the trend. Thus the shorter the period of the MA, the more potential entries will be generated. Set an initial Stop Loss level and Rules to adjust same. Exit after the first candle that closes the other side of the MA.

With the "correct" setting for the MA this can be profitable......providing the trader can Concentrate, with Discipline and Patience to follow their Rules....

A Trader must also "know" when NOT to Trade as the market conditions are unlikely to be profitable for his system.......think narrow ranged consolidations

Just some suggestions all of which shpuld be researched before attempting ANY LIVE TRADES with the smallest trade size.

Trading off the "right side" of the screen in Real Time is VERY DIFFICULT
Trading Levels with WRBs
  • #6,765
  • Jan 11, 2024 7:07am Jan 11, 2024 7:07am
Now for Nasdaq
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Trading Levels with WRBs
  • #6,766
  • Jan 11, 2024 7:15am Jan 11, 2024 7:15am
M 5 pre NYO.....but Data due at 13:30 chart time....

Now into Trading Mode so no more posts till I¡ve finished
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Trading Levels with WRBs
  • #6,767
  • Jan 11, 2024 10:01am Jan 11, 2024 10:01am
The data put some life into Nas and just trading very simply off the MA offered more than 250 pts since NYO

Using more input such as PA ~ the BRNs gave us much more
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Trading Levels with WRBs
  • #6,768
  • Edited 2:23am Jan 12, 2024 2:10am | Edited 2:23am
Dax M60 at XO
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Trading Levels with WRBs
  • #6,769
  • Jan 12, 2024 3:56am Jan 12, 2024 3:56am
Dax M 5 chart at 0955
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Trading Levels with WRBs
  • #6,770
  • Jan 12, 2024 4:00am Jan 12, 2024 4:00am
Dax M 1 chart ~2 hours from XO

Simple entries & exits just off the turns of a MA show ~120 pts of potential profits this morning.....

Two hours trading is sufficient and also, price is now sideways in a narrower range....more difficult to trade profitable with this system so walk away
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Trading Levels with WRBs
  • #6,771
  • Jan 12, 2024 7:27am Jan 12, 2024 7:27am
Nasdaq M 60 chart before NYO

Note that yesterday's Low was at the 38.2% retrace of the rally from last Friday
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Trading Levels with WRBs
  • #6,772
  • Jan 12, 2024 7:40am Jan 12, 2024 7:40am
Quoting Islander
Nasdaq M 60 chart before NYO Note that yesterday's Low was at the 38.2% retrace of the rally from last Friday {image}
Interesting! Ive got this nifty indicator that plots yesterday's High and Low (red and green) and today's Globex session high and low (in blues). Enables me to spot these levels more lazily. In this case, a pullback to a frequently visited level (added in yellow) was clearly on the cards.
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  • #6,773
  • Jan 13, 2024 3:20am Jan 13, 2024 3:20am
Quoting medici
{quote} Interesting! Ive got this nifty indicator that plots yesterday's High and Low (red and green) and today's Globex session high and low (in blues). Enables me to spot these levels more lazily. In this case, a pullback to a frequently visited level (added in yellow) was clearly on the cards. {image}

Hi Medici, thanks for info, I'll take a look and if I find it helpful I can always ask Pad in our roon to code a version for MT 4.

FYI, Rev has just sent me info on some WIP that looks similar, I'm checking it out over this weekend and let you know.

Best, Islander
Trading Levels with WRBs
  • #6,774
  • Jan 13, 2024 3:30am Jan 13, 2024 3:30am
Nasdaq M 5 chart, only 130 pts range from NYO
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Trading Levels with WRBs
  • #6,775
  • Jan 13, 2024 3:47am Jan 13, 2024 3:47am
Nas M 1 chart

During a narrow range period, like today's mid session, it is better to remain on the sidelines.....its too easy to make loosing trades unless you use a faster MA which will give more entries, some of which will b inevitably be loosers....
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Trading Levels with WRBs
  • #6,776
  • Jan 15, 2024 3:45am Jan 15, 2024 3:45am
Dax M 15 chart. Remember its a Holiday in USA
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Trading Levels with WRBs
  • #6,777
  • Jan 15, 2024 5:19am Jan 15, 2024 5:19am
Loads of sell signals on M1 and the a buy.....more than 150 points available
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Trading Levels with WRBs
  • #6,778
  • Jan 15, 2024 6:58am Jan 15, 2024 6:58am
Quoting Islander
Nas M 1 chart During a narrow range period, like today's mid session, it is better to remain on the sidelines.....its too easy to make loosing trades unless you use a faster MA which will give more entries, some of which will b inevitably be loosers.... {image}
Good stuff I'm all for single MA systems with bands around, but what is the optimal MA?
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  • #6,779
  • Jan 15, 2024 10:47am Jan 15, 2024 10:47am
Quoting medici
{quote} Good stuff I'm all for single MA systems with bands around, but what is the optimal MA? {image}
KISS is best

As to the Optimal MA, that's for the individual trader to do some research. Its not difficult for a diligent trader to work out what we are showing on our M 1 charts and try on their own charts.....
Trading Levels with WRBs
  • #6,780
  • Edited 3:49pm Jan 15, 2024 3:22pm | Edited 3:49pm
Quoting Islander
{quote} KISS is best As to the Optimal MA, that's for the individual trader to do some research. Its not difficult for a diligent trader to work out what we are showing on our M 1 charts and try on their own charts.....
Absolutely, and my question wasn't posed to you but to the interested reader. And I wanted to point out possible different approaches. My way of KISS is to use the MA itself as support/resistance, and not to care too much about HL/LHs. candle pattern, etc, in the way you seem to do. Both approaches work, obviously, and it's a matter of preferences.

My preference is to minimise the need to read price action, which is both tedious and error prone, and to trade using tick charts with one simple question - does the level or MA hold or break? It gets a bit more complicated than that, but that's the main principle.

Limited to MT4 I'd probably try to play the same kind of game using range bars. For example, for the Nasdaq index a 20 second chart, a 350 tick chart, and a 22 tick range bar chart are very similar, if not identical, in terms of suitable MA channel setups. I prefer a slower chart than that though.
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