Islander and Medici trade the European open | Page 152 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Highest Open / Lowest Open Trade 21,151 replies

As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

Getting a handle to open trades in the open trade tab 3 replies

EA to open trade on Next Candle open (help please) 4 replies

Medici trades the London open 435 replies

Attachments: Islander and Medici trade the European open
Exit Attachments

Islander and Medici trade the European open

  • #3,021
  • Edited 3:44pm Nov 26, 2010 3:32pm | Edited 3:44pm
Quoting bug
The results so far seem to speak for themself (I've managed to reach my daily goal each day this week).
Well done!

Quote

I didn't want to overwhelm my brain so I didn't use fibonacci levels or pivot points but I'm going to be adding those things along the way. I hope you're doing as well as I am.
I put a lot less emphasis on 'levels' these days, apart from the obvious short-term ones. I don't clutter my charts with fibs the way I used to do. And generally I think it's a good idea to try to underwhelm the brain, ideally to be trading without thinking just following the rules. So I tend to stick to BBs and CI on M1, M5, and M15 - with pivots and short-term levels being the only levels added to the chart.
  • #3,022
  • Nov 29, 2010 7:05am Nov 29, 2010 7:05am
After reading what medici posted last week, I'm thinking that perhaps I should not put fibs on my chart at all. I've had problems understanding them ever since I first saw them. So for now, I'm going to keep it simple.

Today we had a classic Franky fake reaching the Irish bailout high with negative divergence (trade nr. 1). The second trade, although it looked good and did what it was supposed to failed because I took it on cable (it had the same setup). I can't trade cable that well and I am still wondering why I took the trade (this setup might have worked for people who can trade cable, I'm no good). Itchy fingers I guess (got to work on that...).

The third trade was a breakout from the Frankfurt low. I was going to keep it but the price stalled at the 3200 level so I just cashed in my winnings. It eventually went below the round number and stalled again, carving out a positive divergence which I took with a very thight stop and a very thight profit objective (took profit at the post bailout low at around 3180). The 5th trade was taken on the rejection of the bailout low.

So far so good. Target reached for today.
Attached Image (click to enlarge)
Click to Enlarge Name: morning 29 nov 2010 fiber.gif Size: 18 KB
If you don't risk, you don't ever have to lose.
  • #3,023
  • Dec 13, 2010 4:45pm Dec 13, 2010 4:45pm
Hi guys,

hopefully you will read this, could you please tell me your thoughts on trading over the Christmas New Year break.

I am thinking it would be OK to trade up till maybe next Wednesday 22/12 then may be wise to join the holiday exodus, I would start again on Monday 10/1.

You have way more experience than me at trading this time of day, so what do you intend to do ?

Thanks for your time and patience this year, a Merry Christmas and a Happy, Healthy New Year to you both.
Money grows on the tree of persistence
  • #3,024
  • Dec 14, 2010 1:28pm Dec 14, 2010 1:28pm
Quoting ozmacca
Hi guys,

hopefully you will read this, could you please tell me your thoughts on trading over the Christmas New Year break.

I am thinking it would be OK to trade up till maybe next Wednesday 22/12 then may be wise to join the holiday exodus, I would start again on Monday 10/1.

You have way more experience than me at trading this time of day, so what do you intend to do ?

Thanks for your time and patience this year, a Merry Christmas and a Happy, Healthy New Year to you both.
Hello ozmacca,

and thank you for Holiday wishes. Best wishes for your Holiday period too!

To answer your question: I will take next week off, but will be back at it again after Boxing Day or maybe early in the new year. In my experience year end period means end-of-year transactions that may be less predictable, which in combination with lower liquidity may mean some good moves, but also more risk of course.
  • #3,025
  • Dec 14, 2010 5:13pm Dec 14, 2010 5:13pm
Thanks Medici, I may come back just after New Year then

All the best
Money grows on the tree of persistence
  • #3,026
  • Edited 3:34am Jan 10, 2011 3:01am | Edited 3:34am
2011 is here and the European morning open hasn't gone anywhere. Still the same old up and down bouncing. Best of luck for all thread followers this year!

Actually I didn't come here just to say hello, but to introduce a new indicator that I have discovered while doing some extensive research on trend following (the posts of CrucialPoint were instrumental in making the last leg of the journey and helping change my beliefs). I assume people here are familiar with Richard Donchian and the Donchian channel (also known as 'price channel' at stockcharts.com and some other places), if not, google it. Taking a closer look at the channel, one can see that momentum and channel width are correlated - this is due to the way the DC is coded and it gave me an idea. What if I could find or code an indicator that would display the width of the channel - ie the range the low to the high during the last X candles. I've tried quite a few momentum indicators before, but I none of them gave me what I wanted. The closest I ever came to a perfect fit was Bollinger Band Width indicator.

5 days of trying different search terms, making a few new usernames on a couple of fx forums in order to download stuff and I finally found it. It turned up under the name of LoHi_Range. I use it to gauge momentum - if the width of the range goes above a pre-specified number of pips it means that there is enough liquidity/volatility for a nice directional move. Good for using together with CI2 and conventional trend following techniques. Chart example below.

If people here are interested in using this indicator let me know and I will post it here.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 16 KB
If you don't risk, you don't ever have to lose.
  • #3,027
  • Jan 10, 2011 7:10pm Jan 10, 2011 7:10pm
Interesting concept Bug. As you know this thread is not big on lots of indicators, but I (for one) would like to check it out, thanks.
  • #3,028
  • Jan 11, 2011 12:27am Jan 11, 2011 12:27am
Quoting orientos
Interesting concept Bug. As you know this thread is not big on lots of indicators, but I (for one) would like to check it out, thanks.
Yes, and I hope it stays that way. I thought long before posting the info on this new indicator and even then I didn't add it to the post. Alright, enough talk. Here's the indicator.
Attached File(s)
File Type: mq4 LoHi.mq4   2 KB | 364 downloads
If you don't risk, you don't ever have to lose.
  • #3,029
  • Jan 13, 2011 2:38am Jan 13, 2011 2:38am
Hello bug, and Happy New Year!

Good idea to measure swing momentum, but don't you think that the MAAngle type indicators do perhaps an even better job at that? You can set the level and colours to get an indication of low slope - signifying low swing momentum.
Attached File(s)
File Type: mq4 EMAAngleZero.mq4   4 KB | 310 downloads
File Type: mq4 SMAAngle.mq4   4 KB | 315 downloads
  • #3,030
  • Jan 13, 2011 2:47am Jan 13, 2011 2:47am
Quoting medici
Hello bug, and Happy New Year!

Good idea to measure swing momentum, but don't you think that the MAAngle type indicators do perhaps an even better job at that? You can set the level and colours to get an indication of low slope - signifying low swing momentum.
Happy New Year to you too!

I like the DC range better because there are only absolute values (angle indicators range from positive to negative). I find that it is easier to interpret the DC range from a momentum perspective than the angle indicator. I guess it's a question of personal preference. Also, I've done some research on Donchian channels and I like to combine the two.
If you don't risk, you don't ever have to lose.
  • #3,031
  • Jan 13, 2011 5:23pm Jan 13, 2011 5:23pm
Bug - thanks for the indicator. I will continue to test it, but not sure it will add much to my style of trading.

And Medici - just to let you know I use the CII div. you introduced on all my charts and find it VERY reliable, especially when combined with RN's, S/R levels or any other form of PA confluence. Greatest thing since sliced bread......... Thanks again.
  • #3,032
  • Jan 18, 2011 2:40am Jan 18, 2011 2:40am
I like this strategy !
I'm sorry to see that nobody enter here.
I wish to see soon the BIGS " Islander & Medici ".

Regards !

Quoting medici
Hello ozmacca,

and thank you for Holiday wishes. Best wishes for your Holiday period too!

To answer your question: I will take next week off, but will be back at it again after Boxing Day or maybe early in the new year. In my experience year end period means end-of-year transactions that may be less predictable, which in combination with lower liquidity may mean some good moves, but also more risk of course.
  • #3,033
  • Edited Jan 19, 2011 12:26am Jan 18, 2011 9:09am | Edited Jan 19, 2011 12:26am
Quoting orientos
And Medici - just to let you know I use the CII div. you introduced on all my charts and find it VERY reliable, especially when combined with RN's, S/R levels or any other form of PA confluence. Greatest thing since sliced bread......... Thanks again.
You're welcome Glad you like it, and that you mention S&R and PA, as that remains the core of my trading.

It has been an interesting year since the thread started with many avenues of research explored, which all for me has come full circle. The kind of visual pattern recognition set-ups that this thread started with, but from which attention soon was drawn to other things, are still my main focus, as they help me anticipate the action most mornings. The research done, and indicators explored, come in as good support and provide consistency and further context to the typical morning trades.

My sincere gratitude to all who have contributed during the year. I am, of course, particularly indebted to Islander

Over the coming year I intend to solidify the type of trading that best fits my perception and mental make-up. In concrete terms this means: Get up before 6am, have breakfast, recognise patterns and set-ups from H1 and M5 charts, trade for a few (2-4) hours, withdraw profits, and then go out and enjoy the day.

The overall purpose is to make trading as much a routine activity in the morning as the bathrooms routines, and as demanding intellectually and emotionally as those activities.

As a consequence I have no intentions to post regularly on the thread, but will of course be around for discussion and q&a should anybody feel so inclined.

Best wishes to all for the New Year and happy trading!
  • #3,034
  • Jan 18, 2011 2:00pm Jan 18, 2011 2:00pm
Hi Medici !

I'm thinking to write the rules for this strategy that I'm using I will send you a copy.

Best regards !

Quoting medici
You're welcome Glad you like it, and that you mention S&R and PA, as that remains the core of my trading.

It has been an interesting year since the thread started with many avenues of research explored, which all for me has come full circle. The kind of visual pattern recognition set-ups that this thread started with, but from which attention soon was drawn to other things, are still my main focus, as they help me anticipate the action most mornings. The research done, and indicators explored, come in as good support and provide consistency...
  • #3,035
  • Jan 19, 2011 5:46am Jan 19, 2011 5:46am
Quoting vasi
Hi Medici !

I'm thinking to write the rules for this strategy that I'm using I will send you a copy.

Best regards !
Looking forward to receiving it. Thanks!
  • #3,036
  • Jan 26, 2011 12:26am Jan 26, 2011 12:26am
Quoting vasi
Hi Medici !

I'm thinking to write the rules for this strategy that I'm using I will send you a copy.

Best regards !

Hi Vasi,

I'd like a copy too, please, if you don't mind.

thanks.
cheers.
  • #3,037
  • Jan 26, 2011 1:08am Jan 26, 2011 1:08am
Quoting vasi
Hi Medici !

I'm thinking to write the rules for this strategy that I'm using I will send you a copy.

Best regards !
I'd love to see a copy as well.

Thanks and regards
Raza
  • #3,038
  • Jan 26, 2011 1:13am Jan 26, 2011 1:13am
vasi, feel free to post your strategy on the thread
  • #3,039
  • Edited 7:52am Jan 27, 2011 7:10am | Edited 7:52am
It's all based on analyse. I like the old school.
  • #3,040
  • Feb 15, 2011 2:12am Feb 15, 2011 2:12am
Quoting vasi
It's all based on analyse. I like the old school.
I'm sorry to see that this thread is ...."closed".
I will post some screenshots.
I will put first of all my mistakes. Perhaps ... someone will help me.
Thanks in advance.
24 traders viewing now