Islander and Medici trade the European open | Page 127 | Forex Factory

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Islander and Medici trade the European open

  • #2,521
  • Aug 27, 2010 3:14am Aug 27, 2010 3:14am
Quoting reflex
Medici do you use ProRealTime charts? I think you said you did when you posted me the Indicator.
If you do use them do you know if I can get volume on these charts I thinks I time I started to look at it.

Cheers
I have rang up IgIndex and they say they don't have volume on forex.
Is there something I can buy to get it I really don't have a clue about this sort of stuff
  • #2,522
  • Aug 27, 2010 3:16am Aug 27, 2010 3:16am
Attach this to your mt4 charts bud
Attached File(s)
File Type: mq4 BetterVolume 1.4.mq4   5 KB | 324 downloads
  • #2,523
  • Aug 27, 2010 3:23am Aug 27, 2010 3:23am
Quoting reflex
I have rang up IgIndex and they say they don't have volume on forex.
Is there something I can buy to get it I really don't have a clue about this sort of stuff
Yes, buy a Reuters 3000 Xtra license and you get the real deal, no broker volume

You could open a demo account with an MT4 broker. That kind of volume is enough for Islander and V, so why not for you?
  • #2,524
  • Aug 27, 2010 3:25am Aug 27, 2010 3:25am
So can it be that easy ?
from one divergence to the next one ?
Well ...only if you know how to read PA correctly ...
pic #1 Still short looking for a possible exit/reversal .
Medici, I have marked the divergence from last swing low (a) , while it looks you have chosen the very last lows .
Does it make any difference ?
pic#2 still waiting ... I am updating on real time , the green TL's ,on every new LL on price & CI.
Is this tiny div. enough to exit ?
pic#3 is that enough to exit ?
pic#4 closed the short and I am Long ... but price is going against me ...
So what do I have ?
Looking only at M5 , not switching to M1 ...
DD of about -12 pips ...I think you said your max loss is about 10 , and I was ready to lose about 15p
I have divergence , I see ret ext of 127% of last swing High
I see hammer (5min ?!) at the 127% level ...H at MS1
So is that enough to take a trade ?
Should I look for more confluence , S/R , TL's , RN , more fibo studies. Higher TF ?
Well I hold it ... (wise/lucky ?)
pic #5 looking to exit
I see price trying to break previous swing H , not so far away from DP , and DOpen ... news in about 20 min ...
So I am out with +16p
Not trying to maximize the amount of pips but to make my daily target .
Comments are welcome .
Do you think it's mandatory to switch to M1 at some point to better trigger the entries ?
Tks
David



Quoting reflex
Has today been a textbook day so far? Or maybe I'm getting better at identifing levels from reading this thread.
all turning areas confirmed by div.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: still short looking for reverse.jpg Size: 130 KB
Click to Enlarge Name: 2 waiting.jpg Size: 121 KB
Click to Enlarge Name: enough.jpg Size: 125 KB
Click to Enlarge Name: 4.jpg Size: 123 KB
Click to Enlarge Name: gu ex +17.jpg Size: 131 KB
  • #2,525
  • Aug 27, 2010 3:26am Aug 27, 2010 3:26am
Quoting Sim
Attach this to your mt4 charts bud
I will have to get mt4 charts 1st then. I spread bet through Igindex so have just always used there advanced charts (Prorealtime).

What brokers do you reccomemnd because I know the Mt4 charts come for free with alot of them when you sign up with a broker.

And what are the benefits of using a broker I have never understood why people don't spread bet when its tax free but all of you seem to use brokers so I must be missing something?

Cheers
  • #2,526
  • Aug 27, 2010 3:32am Aug 27, 2010 3:32am
Quoting Vantage
My limited vsa knowledge definitely helped me a lot.

All vol is not equal apparently. I'd suggest you compare your charts to some of those that Maclb has posted on his vsa thread. He uses tradeguider I think. To be honest my fxpro live vol was so close to every chart he posted, that paying for a service just didn't seem worthwhile.
I see that you are using the standard Vol indi that comes with MT4. I'd like to keep it simple to, but that indi could perhaps be improved on...

I'll check Sim's and Islander's version, but I am also interested in Bill Williams Market Facilitation Index (comes with MT4) that does the VSA thing colour coded for interpretation, i.e. different colours for high vol/small bar, low vol/long bar, etc. Looks interesting. Comments on that anyone?
  • #2,527
  • Aug 27, 2010 3:35am Aug 27, 2010 3:35am
Quoting medici
Yes, buy a Reuters 3000 Xtra license and you get the real deal, no broker volume

You could open a demo account with an MT4 broker. That kind of volume is enough for Islander and V, so why not for you?
Cheers Medici I am thinking about just switching to a broker with a live account and closing down my IG one.
Have you ever spread bet? and what do you think about spread betting its just the no tax on spread betting that I like.

If this is to off topic just say and I'll stop talking about it.
  • #2,528
  • Aug 27, 2010 3:36am Aug 27, 2010 3:36am
Quoting medici
You're welcome!

I'm of a different opinion there. I think this market, and all markets for that matter, are mathematical constructs much in the same way as Bach fugue is. Deep topic, if you like, and then read Constance Brown's Fibonacci Analysis.

For the intraday stuff we do Fibs are essential. Looking at GBPUSD right now, and the support and resistance levels that it is bouncing between are Fibonacci levels. Without them, how could you trade?
Woot they made me a member, no more posting delay!

The techniques I use seem so basic compared to what you guys are doing. Maybe it's just for beginners like myself, but it's been profitable for me so far.

Here's an example of a successful GBP trade I took this week.
GBP on Wed was an inside day, I sold on the break of the day high yesterday, stop loss was at half bar, so it means my stop loss was about 50 pips. I take 2 trades on that setup, one is more like a scalp so I took 20 pips or so on it, the other trade is meant to be left for the day and catch the trend. Due to the market being so volatile lately, my own pscyhology has made me move the stops up, so I got stopped out at about 75 pips profit on that one.

His trading style is more like, take a lot of small wins and losses to break even, then you make a pile of money on a big trend move. For me psychologically that's been tough, it's great when it works, but the papercut losses do wear on you. I.e. in your analogy of you being a 20 pip profit a day trader is better than making 100 pips now and then, he's the make 1000 pip profits now and then trader. The advantages of his strategy is, you only need to trade about 30 minutes a day. Of course the above example is not the only technique I learnt, but most of the trades work on a longer timefram then 1 day.

For me, I'm really enjoying trading, and I think the 20 pip a day mentality works better for me. Also what get's to me at times is the techniques I've learnt you might have a 100 pip stop loss to make 20 pips.

From following your posts and watching the market, I'm inclined to agree that Fib's do work, but it always creeps back into my mind, maybe it's one of those self fullfilling prophecies, because so many traders use Fib, that does create support and resistance on the lines, which in turns brings more traders to look at Fib to use it which in turn makes the support resistance stronger.

Looking forward to learning lots, and unfortuantely for you guys, I am willing to look like a fool and ask a lot of questions.

Cheers
furble
  • #2,529
  • Aug 27, 2010 3:37am Aug 27, 2010 3:37am
Quoting reflex
I will have to get mt4 charts 1st then. I spread bet through Igindex so have just always used there advanced charts (Prorealtime).

What brokers do you reccomemnd because I know the Mt4 charts come for free with alot of them when you sign up with a broker.

And what are the benefits of using a broker I have never understood why people don't spread bet when its tax free but all of you seem to use brokers so I must be missing something?

Cheers
I believe ODL does SB through MT4? And after their acquisition by FXCM, maybe their mischievous ways have been tempered.

The reason people don't spreadbet is that once you start making real money, they (the SB company) may make life impossible for you.
  • #2,530
  • Aug 27, 2010 3:38am Aug 27, 2010 3:38am
Really? Connie Brown says that she's done it and that she's got it copyrighted. Do you have a source on that claim?

She writes this in her own book -" The positive and negative reversals characteristics of the RSI were not discovered by J.WELLES WILDER but by Andrew Cardwell who has been giving lectures around the world since 1989 to select audiences." The word on the street at the time was that Caldwell was not a happy bunny with Connie taking his ideas especially since he was her mentor. IF you add Stoller bands to this story -you have one hell of a concept. THE last statement is a quote from Cardwell and he is right.
  • #2,531
  • Aug 27, 2010 3:40am Aug 27, 2010 3:40am
Quoting medici
I believe ODL does SB through MT4? And after their acquisition by FXCM, maybe their mischievous ways have been tempered.

The reason people don't spreadbet is that once you start making real money, they (the SB company) may make life impossible for you.
Ok thanks alot.
  • #2,532
  • Aug 27, 2010 3:47am Aug 27, 2010 3:47am
Quoting reflex
Cheers Medici I am thinking about just switching to a broker with a live account and closing down my IG one.
Have you ever spread bet? and what do you think about spread betting its just the no tax on spread betting that I like.

If this is to off topic just say and I'll stop talking about it.
I have my experiences, and I think IG is one of the best so think twice before you close the account.

Some of the SB companies are pure crooks, so you need to do your due diligence.

The no tax element is hard to beat. You could open an MT4 account, put $200 in it, and make a small trade every other week, and use them for charts in exchange. And still trade with IG, if you're happy with them.
  • #2,533
  • Aug 27, 2010 3:52am Aug 27, 2010 3:52am
Quoting reflex
I will have to get mt4 charts 1st then. I spread bet through Igindex so have just always used there advanced charts (Prorealtime).

What brokers do you reccomemnd because I know the Mt4 charts come for free with alot of them when you sign up with a broker.

And what are the benefits of using a broker I have never understood why people don't spread bet when its tax free but all of you seem to use brokers so I must be missing something?

Cheers
Hi Reflex

I also use ProRealTime but I'm not using IG, I only have "free charts" for the daily indicators I put on them, and use smaller timeframe charts from my platform, since I'm looking at doing more day trading, looks like I'll need to invest in something better, so I'm also interested in this topic
  • #2,534
  • Aug 27, 2010 3:56am Aug 27, 2010 3:56am
Quoting medici
I have my experiences, and I think IG is one of the best so think twice before you close the account.

Some of the SB companies are pure crooks, so you need to do your due diligence.

The no tax element is hard to beat. You could open an MT4 account, put $200 in it, and make a small trade every other week, and use them for charts in exchange. And still trade with IG, if you're happy with them.
Cheers for the advice I will probably do that.
And yeah I am happy with them I haven't really had many problems at all but I'll find out one day when I start making big money if they will be just as good then.

cheers
  • #2,535
  • Aug 27, 2010 3:57am Aug 27, 2010 3:57am
Quoting ph54
Really? Connie Brown says that she's done it and that she's got it copyrighted. Do you have a source on that claim?

She writes this in her own book -" The positive and negative reversals characteristics of the RSI were not discovered by J.WELLES WILDER but by Andrew Cardwell who has been giving lectures around the world since 1989 to select audiences." The word on the street at the time was that Caldwell was not a happy bunny with Connie taking his ideas especially since he was her mentor. IF you add...
Thank you very much for info. But I don't see the advantage of Stoller bands over BBs. Apart from that I agree with Cardwell.
  • #2,536
  • Aug 27, 2010 4:10am Aug 27, 2010 4:10am
Quoting furble
Hi Reflex

I also use ProRealTime but I'm not using IG, I only have "free charts" for the daily indicators I put on them, and use smaller timeframe charts from my platform, since I'm looking at doing more day trading, looks like I'll need to invest in something better, so I'm also interested in this topic
I use IG index atm and then use any of the large brokers Mt4 Demo accounts they say they run out after 1 month but I've had them for over a year and use all the indicators, so you get the best of both .........that is if your making money
  • #2,537
  • Aug 27, 2010 4:12am Aug 27, 2010 4:12am
According to Connie -the CCI and the Stoller bands ensure- quote " a method that would give a clear warning when the RSI would be caught on the wrong side of the market". BBs do not help in this regard.
  • #2,538
  • Aug 27, 2010 4:12am Aug 27, 2010 4:12am
Quoting furble
Hi Reflex

I also use ProRealTime but I'm not using IG, I only have "free charts" for the daily indicators I put on them, and use smaller timeframe charts from my platform, since I'm looking at doing more day trading, looks like I'll need to invest in something better, so I'm also interested in this topic
Hi furble I think I'm just going to take medicis advise and start up an account with a broker that has MT4 and put a small amout in so I get the charts and volume.
And still trade through IG I have had no problems yet so no need for me to switch to a broker untill or if I ever get problems with them.

Cheers
  • #2,539
  • Aug 27, 2010 4:13am Aug 27, 2010 4:13am
Don't need to pay to use mt4 charting or volume
  • #2,540
  • Aug 27, 2010 4:16am Aug 27, 2010 4:16am
Quoting ph54
According to Connie -the CCI and the Stoller bands ensure- quote " a method that would give a clear warning when the RSI would be caught on the wrong side of the market". BBs do not help in this regard.
Still not sure I agree. Could you explain that one?
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