Islander and Medici trade the European open | Page 49 | Forex Factory

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Islander and Medici trade the European open

  • #961
  • Feb 25, 2010 5:12am Feb 25, 2010 5:12am
Quoting Vantage
In the further quest to get closer to Islanders methods, the spin that Mrs V and I have on 1 min.

Admittedly today was a good example.

OK the simple basis is, we viewed ej as down, well daily, 4hr, 1hr everything is down so we are looking to sell. When price has any green ie up move followed by a red negative close candle we are looking to sell a break below the low of red candle.

The attached screenshot shows x where there is a red close but no move below low of red candle SO NO TRADE and the check marks are the successful trades.

A high...

Hi V

I have been following this thread for a while. And its interesting the way Islander enters and exits. Could never quite zero in on things.

Thank you for your explaination on entrys. Is your plan only to trade with the trend (with the day/4hr/1hr) or do you trade counter trend as well - i think Islander goes both ways.

How do you exits your trades on 1 min - with target or do you have runners? Or some kind of combination. Would really appreciate your thought process on the matter.

Thanks and Cheers
  • #962
  • Feb 25, 2010 8:03am Feb 25, 2010 8:03am
The US data was not far out from expectations and following the action I waited till the red hammer / graveyard doji that formed the new low, under the 5250 level that I mention this morning, completed.

Then 4 candles later there was a HL in a small green doji and I bought as soon as price started to move up, exiting at the 75 level / S3 that had been support earlier......a quick 20 pips with little risk....

Now I'll wait for another set up.....perhaps Helicopter Ben's testomony will provide one.....TWT
Trading Levels with WRBs
  • #963
  • Feb 25, 2010 8:53am Feb 25, 2010 8:53am
Quoting laimonk
Hi V

I have been following this thread for a while. And its interesting the way Islander enters and exits. Could never quite zero in on things.

Thank you for your explaination on entrys. Is your plan only to trade with the trend (with the day/4hr/1hr) or do you trade counter trend as well - i think Islander goes both ways.

How do you exits your trades on 1 min - with target or do you have runners? Or some kind of combination. Would really appreciate your thought process on the matter.

Thanks and Cheers
Just want to stress thats its my perception of Islanders trades. For the most part I'll be looking to trade with the trend. Islander does go both ways but if its counter trend he often says hes going with smaller lot size. I normally trade same amount.


OK so I would go counter trend but

  1. normally only after either a 5 min hl/lh or a solid 15 min candle with vsa making sense (at least to me with my limited knowledge). See post 917, 932.
  2. or after a substantial move (125+ pips) and reject of a key level such as a W/M pivot or round number

Mrs V does think we should try scalping as per Islander levels but even then I think I'd need a hl/lh on 1 min. We often trade 3rd 1 min hl/lh when its near to a top/bottom with good success.

What we have in mind trying to get closer to Islanders entries is scalp first ie get stop to BE asap, around +8 or so. Hope then you get in a trade thats a more typical situation for us, ie a 5 min hl/lh that is in direction of trend 10-15 pips earlier than we would have. All said we are hoping that some of the 10-20 pip trades will actually work through to the 125+ pip range trade.

  • #964
  • Feb 25, 2010 9:07am Feb 25, 2010 9:07am
Quoting laimonk
How do you exits your trades on 1 min - with target or do you have runners? Or some kind of combination. Would really appreciate your thought process on the matter.

Thanks and Cheers
On exits we target a level. See post 640 I think it was 2 pages back. Our ej sells, the first 2 trades targeted a W pivot, W S2 I think and the 2nd one was the 75 psych level. We do look for reaction at that level, so sometimes if things look weak they break lower. What it also means is sometimes yes we have a 20-30 pip trade whatever that has a very quick strong bounce and we get little from it. We try to get something from every trade where we are +20 to +30. We NEVER want to see +30m taken out at BE. Thats just us.

What it also means is that if there is no/little bounce from that level and we've exited we have to be prepared to re-enter what becomes a breakout type trade. IF we have exited right on the level targeted we are pretty much happy to re-enter any 1 min hl/lh.
  • #965
  • Feb 25, 2010 9:15am Feb 25, 2010 9:15am
I suspect 1 of the things I have to get right with this method is counter trend trading the key levels like the psych levels and round numbers like Islander does.

This goes against my typical method trying to sell every hl/lh in trend hoping that 1 will break lower so you are in the bigger run of day. Only then going counter trend at minimum of either 5 min hl/lh or after 125+ pip run at W/M pivots.

There is a reason why Islander is so good at trading this time period with this method. He's put the hours in and knows gu like the back of his hand.
  • #966
  • Feb 25, 2010 9:28am Feb 25, 2010 9:28am
The last high just above the 5300 level came very close to a time line, so I sold and quickly banked pips when price stalled and then bounced up from the slow ema.

The bounce was into a LH and so I sold again.......lets see if it can retest its lows.....




Edit: I dont like the green 5m hammer, but I'm holding as €s stalled at MS1 .....IF it turns back down I expect cable to drop fast....
Trading Levels with WRBs
  • #967
  • Feb 25, 2010 9:50am Feb 25, 2010 9:50am
Quoting Islander
The last high just above the 5300 level came very close to a time line, so I sold and quickly banked pips when price stalled and then bounced up from the slow ema.

The bounce was into a LH and so I sold again.......lets see if it can retest its lows.....




Edit: I dont like the green 5m hammer, but I'm holding as €s stalled at MS1 .....IF it turns back down I expect cable to drop fast....

The spike down to the 5250 level with € rallying was as much as cable could manage.....for now....I banked my pips...
Trading Levels with WRBs
  • #968
  • Feb 26, 2010 12:38am Feb 26, 2010 12:38am
GM - Euro held a LH at its R1 level and cable made a 5 pip HH just above its DP. This was in a wider lower volume candle that was immediatly sold....I was one of those selling.....I also sold €
Trading Levels with WRBs
  • #969
  • Edited 1:04am Feb 26, 2010 12:47am | Edited 1:04am
Quoting Islander
GM - Euro held a LH at its R1 level and cable made a 5 pip HH just above its DP. This was in a wider lower volume candle that was immediatly sold....I was one of those selling.....I also sold €


Closed both at their 75 levels.....cable made a small doji type spike under after a normal red candle....no follow thru....at this time of the morning I dont expect big moves....

Edit:....but I should have waited and let the trade run longer as per my own research....
Trading Levels with WRBs
  • #970
  • Feb 26, 2010 1:23am Feb 26, 2010 1:23am
Euro put in a LL at its MR1 level with a green graveyard doji, the timing's correct for a bounce, so I bought.....I'm still watching cable....
Trading Levels with WRBs
  • #971
  • Feb 26, 2010 1:24am Feb 26, 2010 1:24am
Long cable off the 5250 level - small position
Trading Levels with WRBs
  • #972
  • Feb 26, 2010 1:37am Feb 26, 2010 1:37am
Closed both in spike up to their 50% retraces.......also € had stalled at its 75 level....
Trading Levels with WRBs
  • #973
  • Feb 26, 2010 1:43am Feb 26, 2010 1:43am
Nice trading man, i was a bit late with my entry and got in around the 60 level, exited at 65, not much gain...
  • #974
  • Feb 26, 2010 1:46am Feb 26, 2010 1:46am
Quoting Islander
I use Swissy as a proxy for the dollar and if its making larger moves this will clarify what's happening in cable / euro - always assuming its not got its own news in play.

I also watch the €s action as its often clearer than cables - like just now....

Thanks for the reply mate, ill do some screentime on it and see if i can see what you see
  • #975
  • Feb 26, 2010 1:52am Feb 26, 2010 1:52am
Sold the LH....both € and cable held at their falling slow emas
Trading Levels with WRBs
  • #976
  • Feb 26, 2010 2:05am Feb 26, 2010 2:05am
Closed both after the LO spike didnt follow thru
Trading Levels with WRBs
  • #977
  • Feb 26, 2010 2:11am Feb 26, 2010 2:11am
Hi Islander
I've also started putting up eur and chf and it does appear that they often seem to lead gbp, interesting.

Gu may struggle here below 5250, yesterdays move below was quickly rejected. Lots of pivots, clear on this 4 hr.

If we do break lower could be a long fall.
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  • #978
  • Feb 26, 2010 2:14am Feb 26, 2010 2:14am
Looking at above chart and expanding on a question posed yesterday on taking profits. My expectations are a lot lower selling where we are now with all those lower pivots as opposed to selling at upper pivots around 1.58 and then a little later at 1.5524.
  • #979
  • Feb 26, 2010 2:26am Feb 26, 2010 2:26am
I've pulled a fib over the last move and that gives the Decision Zone from 5260 up to 5272 with the 50% - cable's favourite number - at 266

The days open level and falling slow ema are both at 5260.

I'll be watching the PA around these levels for a sell.....if not reached, I'll consider selling the break - something that I dont like doing, too many are fakeouts....
Trading Levels with WRBs
  • #980
  • Feb 26, 2010 2:30am Feb 26, 2010 2:30am
Yep, a high vol doji on 15 min buyers coming in maybe, like always will need to see follow up candles. If next 15 min cannot go above doj'i high could also be sell signal. In and around same area you are looking at.
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