Islander and Medici trade the European open | Page 340 | Forex Factory

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Islander and Medici trade the European open

  • #6,781
  • Jan 15, 2024 4:12pm Jan 15, 2024 4:12pm
Same US session with 30 tick range bars covered with Heikin-Ashi candles. I think I'd prefer this to my time-based chart above.
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  • #6,782
  • Jan 16, 2024 3:35am Jan 16, 2024 3:35am
In haste, M 1 so far,
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Trading Levels with WRBs
  • #6,783
  • Jan 16, 2024 3:37am Jan 16, 2024 3:37am
and my faster TF choice is S 20
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Trading Levels with WRBs
  • #6,784
  • Jan 16, 2024 7:40am Jan 16, 2024 7:40am
Here's my preferred tick chart, which is fast or slow in sync with the market.

And the first trade for today...a sequence of shrinking inside bars, then breakout. 30 points in the bag.
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  • #6,785
  • Jan 16, 2024 9:50am Jan 16, 2024 9:50am
and here's my fast chart, S 20, from NYO.

just trade with the MA, Buy when it turns blue & sell when it turns red

Sell for 50 pts, Buy for 40 pts then buy again 80 pts

KISS
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Trading Levels with WRBs
  • #6,786
  • Jan 16, 2024 10:50am Jan 16, 2024 10:50am
Quoting Islander
and here's my fast chart, S 20, from NYO. just trade with the MA, Buy when it turns blue & sell when it turns red Sell for 50 pts, Buy for 40 pts then buy again 80 pts KISS {image}
Indeed, potential for 200 points today...didn't quite get there.
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  • #6,787
  • Jan 16, 2024 1:03pm Jan 16, 2024 1:03pm
Hi Islander & Medici,
always appreciate when i can read sth from u guys, thx for all the gems in this thread.

Got caught today on a pb entry, only for price to stop me out and then continue up (marked it on your screenshot Islander). Entered again (green circle) so it didnt throw me off completely, but yeah i find it interesting as both trades have the color chg of MA but on the 1st entry u take a lot of heat (around 20 pts). In hindsight it was a textbook abc correction. Any thoughts on this situation, sth that would've prevented u guys taking the 1st one?
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  • #6,788
  • Edited 4:28pm Jan 16, 2024 1:21pm | Edited 4:28pm
Quoting Kloppo
Hi Islander & Medici, always appreciate when i can read sth from u guys, thx for all the gems in this thread. Got caught today on a pb entry, only for price to stop me out and then continue up (marked it on your screenshot Islander). Entered again (green circle) so it didnt throw me off completely, but yeah i find it interesting as both trades have the color chg of MA but on the 1st entry u take a lot of heat (around 20 pts). In hindsight it was a textbook abc correction. Any thoughts on this situation, sth that would've prevented u guys taking...
Islander may have other things to say about this, but to me it's good to have a couple more indicators on the chart for big picture. Such as EMA200 and daily VWAP. With that you would have seen what was going on, and where to place your stop.

Makes sense?

Issues such as the one you suffered are one of the reasons that I prefer tick charts during the NY morning session. As seen below, the tick chart provides another level of clarity and transparency....and no 20+ point candles.
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  • #6,789
  • Jan 16, 2024 10:48pm Jan 16, 2024 10:48pm
Quoting Islander
Buy when it turns blue & sell when it turns red Sell
I like that plan.
Just not on those timeframes
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  • #6,790
  • Jan 17, 2024 5:04am Jan 17, 2024 5:04am
Quoting Kloppo
Hi Islander & Medici, always appreciate when i can read sth from u guys, thx for all the gems in this thread. Got caught today on a pb entry, only for price to stop me out and then continue up (marked it on your screenshot Islander). Entered again (green circle) so it didnt throw me off completely, but yeah i find it interesting as both trades have the color chg of MA but on the 1st entry u take a lot of heat (around 20 pts). In hindsight it was a textbook abc correction. Any thoughts on this situation, sth that would've prevented u guys taking...

I'm still looking for my ideal input for my Very Fast MA.....on the chart I posted it was a 10 LWMA which is too fast ofor an S 20 chart.

Whilst I like to keep indicator to a minimum I do use a slower MA as a filter.

Remember I also have a M 1 chart open alongside my S 20 and this is also a filter
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Trading Levels with WRBs
  • #6,791
  • Edited 5:39am Jan 17, 2024 5:07am | Edited 5:39am
Quoting Shaggalo
{quote} I like that plan. Just not on those timeframes {image}
I'm an intra day trader trading Dax for 2 hours in the mornings & Nasdaq for 2 hours in the afternoon, so need the lower TFs

Nice chart, I hope you took your buy signal
Trading Levels with WRBs
  • #6,792
  • Jan 17, 2024 5:28am Jan 17, 2024 5:28am
Quoting medici
{quote} Islander may have other things to say about this, but to me it's good to have a couple more indicators on the chart for big picture. Such as EMA200 and daily VWAP. With that you would have seen what was going on, and where to place your stop. Makes sense? Issues such as the one you suffered are one of the reasons that I prefer tick charts during the NY morning session. As seen below, the tick chart provides another level of clarity and transparency....and no 20+ point candles. {image} {image}
Thx guys,

yeah the Globex VWAP wasnt on my radar as I dont have realtime futures data rn and from experience it can differ quite a bit from e.g. CFD Nasdaq Chart. But think i found a workaround now to have it on my charts too. Medici, so to be sure i understand your logic correct: in your tick chart pic i marked a potential entry with a green circle. As you said: EMA200 + VWAP now below and price does a quick move into EMA200 and the central Keltner MA. Looks pretty solid reaction from there imo. So is an entry there viable in your book, but the SL needs to go to the lower rectangle (quite far) or no entry cause of bad R:R? Or entry ok, but e.g. exit at upper red rectangle to keep risk tight?

Sorry for the hypotheticals, its less about this special trade for me, more about how you guys see a situation like this.

Good trades to you
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  • #6,793
  • Jan 17, 2024 5:42am Jan 17, 2024 5:42am
Nasty morning to be trading Dax.....continual chop.

The grey area is a 50 pts range a very difficult range to trade and be profitable. The actual range was 82 pts.

Best was to take the morning off, which I did after the first hour

Note the ultra low volumes, another hint to walk away
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Trading Levels with WRBs
  • #6,794
  • Jan 17, 2024 5:44am Jan 17, 2024 5:44am
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Trading Levels with WRBs
  • #6,795
  • Jan 17, 2024 6:08am Jan 17, 2024 6:08am
Quoting Islander
Nice chart, I hope you took your buy signal
Yes sir!
But I did get sow whipsaw, and now maybe a down wave
I've gone from MA + candles to HA + TDI trying to minimze whipsaw.
With HA whipsaws more often but smaller range. And HA is faster entry and exits.

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I may try HA and MA and remove TDI. It would've avoided some whipsaw, but this is only one instance need to back test.
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Appreciate your posts, I'm working my way back with much interest.
Cheers
  • #6,796
  • Edited 7:13am Jan 17, 2024 6:11am | Edited 7:13am
The seed of this thread was a thread I started on 11 December 2009 with a feeling of gratitude after having had a couple of very good years trading during the collapse of the sub-prime bubble. Islander liked what he read, and we joined forces. And here we are, still going after all these years. Sometimes I wonder why. But I think it's about what Islander said in his recent post noticing the anniversary - it's about continuing to share ideas about what we have found works for us in our trading.

Now on to the main message of this post. Our recent posts have generated some appreciation and interest, and also quite a bit of PMs. I suppose it's natural that people would like to learn about what works so they can start earning money asap based on that, but it's not that simple. And that has to do with cats, and a story that appeared in an American gentlemen's journal in 1840. The story is called The Money Diggers and it begins like this:

Quote
This is a money digging world of ours; and, as it is said, "there are more more ways than one to skin a cat," so are there more ways than one of digging for money.

An obvious interpretation here is that there isn't just one objectively optimal way to trade.

So if you are looking here to find that, it isn't that simple. Why? That has to do with another cat from a thought experiment by the quantum physicist Erwin Shrödinger. The story is about the effect of measurement from a quantum mechanical point of view, and its point is that observation affects the system in ways that one cannot know before actually measuring. In other words, the state of the system before the measurement cannot predict the outcome of measurement.

The obvious interpretation here is that no specific indicators or rules are sufficient for profitable trading, simply because you, the trader, is a part of the market system in ways that may be less obvious. How you engage with the market is more important than the indicators and charts you use.

All of this just to say that if you aren't actively trading, then what you will find on this thread may be of less value. It isn't what MAs Islander and I are using that is the most important thing, but how we are using them. And what works for him may not work for me, and what works for me may not work for you. As the slogan goes, "You are The Holy Grail."

To summarise, that's how I think this thread can be most useful to you - as a way to evaluate your own trading as it relates to what we post here. Rather than as a source of the "secret sauce" in the form of indicators or mechanical rules.

So please get in the game, and share your attempts and the results thereof, and maybe we can all learn from that.
  • #6,797
  • Jan 17, 2024 6:25am Jan 17, 2024 6:25am
Quoting medici
All of this just to say that if you aren't actively trading, then what you will find on this thread may be of less value. It isn't what MAs Islander and I are using that is the most important thing, but how we are using them. And what works for him may not work for me, and what works for me may not work for you. As the slogan goes, "You are The Holy Grail."

To summarise, that's how I think this thread can be most useful to you - as a way to evaluate your own trading as it relates to what we post here. Rather than as a source of the "secret sauce" in the form of indicators or mechanical rules.

So please get in the game, and share your attempts and the results thereof, and maybe we can all learn from that.

Many years ago a trader used to the word "eyes".
He said he had eyes for Index futures, anything else he was hopless at.
His friend had "options eyes", made a fortune after he stopped losing at everything else.
Bob had "oil eyes", Jim had "scalping eyes" etc.

So I guess the process is to do it and find the sport you are fairly good at, then go through the procees of finding a jersey, shorts, socks, bat, ball etc that improves your game.
  • #6,798
  • Jan 17, 2024 7:15am Jan 17, 2024 7:15am
Quoting Shaggalo
{quote} Many years ago a trader used to the word "eyes". He said he had eyes for Index futures, anything else he was hopless at. His friend had "options eyes", made a fortune after he stopped losing at everything else. Bob had "oil eyes", Jim had "scalping eyes" etc. So I guess the process is to do it and find the sport you are fairly good at, then go through the procees of finding a jersey, shorts, socks, bat, ball etc that improves your game.
Very true.

I would likely mess up trading in FOREX Pairs, but found my winning game (eyes) in Indexes.
It's better to be out wishing to be in... than to be in wishing to be out!
  • #6,799
  • Jan 17, 2024 7:21am Jan 17, 2024 7:21am
Quoting Kloppo
{quote} Thx guys, yeah the Globex VWAP wasnt on my radar as I dont have realtime futures data rn and from experience it can differ quite a bit from e.g. CFD Nasdaq Chart. But think i found a workaround now to have it on my charts too. Medici, so to be sure i understand your logic correct: in your tick chart pic i marked a potential entry with a green circle. As you said: EMA200 + VWAP now below and price does a quick move into EMA200 and the central Keltner MA. Looks pretty solid reaction from there imo. So is an entry there viable in your book,...
Thank you for your contribution and questions. And yes to all the questions, in my view. Entry viable, and I took it, but with awareness of the possible/likely pullback to VWAP. Considering what was setting up, a small whipsaw would be a small price to pay for not missing out on the move about to begin.
  • #6,800
  • Jan 17, 2024 8:23am Jan 17, 2024 8:23am
Quoting Shaggalo
{quote} Many years ago a trader used to the word "eyes". He said he had eyes for Index futures, anything else he was hopless at. His friend had "options eyes", made a fortune after he stopped losing at everything else. Bob had "oil eyes", Jim had "scalping eyes" etc. So I guess the process is to do it and find the sport you are fairly good at, then go through the procees of finding a jersey, shorts, socks, bat, ball etc that improves your game.
My word is "how WE see" the charts that are posted, some people see them & some dont.

Medici "sees" tick charts.....I dont
Trading Levels with WRBs
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