Islander and Medici trade the European open | Page 174 | Forex Factory

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Islander and Medici trade the European open

  • #3,461
  • Dec 7, 2011 3:54am Dec 7, 2011 3:54am
medici is the an indicator for mt4 that will plot range bars..? have been looking around this morning and can't seem to find one.
  • #3,462
  • Dec 7, 2011 4:00am Dec 7, 2011 4:00am
Quoting rebelheart
medici is the an indicator for mt4 that will plot range bars..? have been looking around this morning and can't seem to find one.
There are EAs that do it. There's a commercially available one, and there's a free version that Dr. Scalpall has posted on this thread not too long ago.
  • #3,463
  • Dec 7, 2011 4:20am Dec 7, 2011 4:20am
http://vimeo.com/6153913
  • #3,464
  • Edited 5:58am Dec 7, 2011 5:33am | Edited 5:58am
Quoting medici
http://vimeo.com/6153913
Excellent video that I remember from the original E:60 airing. Good to see it again. Revizza was co-author of a manual written for the U.S. Army Maneuver Support Center that may be of interest. Obviously we're not dealing with IEDs here, but it's still many of the same relaxation and focus techniques discussed in the video.

http://findarticles.com/p/articles/m.../ai_n57237594/

Edit: He also has a book, Heads Up Baseball, which I haven't read but which Amazon reviews suggest is very solid. I've read a number of other books focused on sports psychology as a part of improving my trading and I've found them all quite useful in their own way.

Edit 2: Before anyone asks, my favourites are 10 Minute Toughness and Hockey Tough. 10 Minute Toughness is probably superior but I can't help but enjoy almost anything related to ice hockey. So mental toughness for ice hockey that I can adapt to my trading? Yes, please!
  • #3,465
  • Dec 7, 2011 5:43am Dec 7, 2011 5:43am
Quoting Auron112
Excellent video that I remember from the original E:60 airing. Good to see it again. Revizza was co-author of a manual written for the U.S. Army Maneuver Support Center that may be of interest. Obviously we're not dealing with IEDs here, but it's still many of the same relaxation and focus techniques discussed in the video.

http://findarticles.com/p/articles/m.../ai_n57237594/
Good article! Thanks
  • #3,466
  • Dec 7, 2011 5:57am Dec 7, 2011 5:57am
€ finally got its act together with a ~80 pip fall vs cable's half of that.....which of course is the age old problem of which one to trade - so I guess we have to do all three -or four
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Trading Levels with WRBs
  • #3,467
  • Dec 7, 2011 6:54am Dec 7, 2011 6:54am
This will be my last post for today, as I am going out now.

Just thought I should post the T3 M5 perspective on today, from which it was clear what was going on.

Requires a bit more patience than the quick M1 swings, but pays more
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  • #3,468
  • Dec 7, 2011 8:29am Dec 7, 2011 8:29am
Quoting Auron112
I use a combination of either a M1 or M5 chart on 1/3rd of the screen with a RB chart on the other 2/3rd. My primary entry method is using RBs on GU, I would say around 80% of the time. There are exceptions, such as the very easy M1 short at mid-FH just below MR1 which was harder to see or enter off the RB chart.
just curious - what range do you use? I have been using 8 pip range bars with some success on the pound.
  • #3,469
  • Dec 7, 2011 8:35am Dec 7, 2011 8:35am
Quoting enochben
just curious - what range do you use? I have been using 8 pip range bars with some success on the pound.
I've just been using 5RBs with GU, EU and AU. I've experimented with 4-8 on those pairs but find 5 allows me to maintain a high hit rate while keeping risk as low as possible. There was a time not so long ago when I no doubt would have used 6 or 7RBs on GU if I was using 5 on EU/AU just because of the way GU would move, but it seems less necessary these days.
  • #3,470
  • Dec 7, 2011 8:38am Dec 7, 2011 8:38am
Quoting Auron112
I've just been using 5RBs with GU, EU and AU. I've experimented with 4-8 on those pairs but find 5 allows me to maintain a high hit rate while keeping risk as low as possible. There was a time not so long ago when I no doubt would have used 6 or 7RBs on GU if I was using 5 on EU/AU just because of the way GU would move, but it seems less necessary these days.
interesting, i'll have to have a look at 5. and what kind of targets do you seek?
  • #3,471
  • Dec 7, 2011 11:17am Dec 7, 2011 11:17am
Quoting enochben
interesting, i'll have to have a look at 5. and what kind of targets do you seek?
I'm quite flexible on targets so it's hard to give a good answer on that. Today on GU I could see we were tight so it was just 15-20 pip scalps. 15 is about the minimum I will aim for unless there's a level I think is highly likely to give a good bounce, then I might take it off the table early. I just find that whenever I start aiming to take smaller scalps around 10 or so then I run into trouble.

That said, in the right situations I'll definitely look for bigger targets. If we're trending, we have a nice false break of a range, or if I simply see good momentum after my entry then I will adjust accordingly. For example, GU broke the range with a strong move just before NYSE Open and then pulled back for a HL entry. Because of the force of the prior move I figured if it took off I would just try to hold as long as price allowed. Once we had the exhaustive move beyond R2 and started to pull back that seemed a good place to get out. So no TP and just letting price decide for 55-60 pips.

Most trades tend to get cut off in the 40 range unless they just keep breaking levels, in which case I will trail them on the M1. For this reason, I almost never use a Take Profit. I'll always have my finger on the mouse at my target level but I want to at least give it a chance to break it. The number of times I've taken profit right at what seemed a strong level only to see it take off for 40+ more pips without looking back, well, it's a disgusting amount.

As has been mentioned in this thread before, it's really trade management that is the key to everything in this game. I'm always improving at it but I'll never master it. So it's all about being adaptable and developing your ability to set appropriate targets through study and lots of repetition and using that experience to adjust on the fly when necessary.

If you want to see specific examples of how I've managed some trades you can click my name and look at my attachments (although most are prior to my current range bar experiment). I usually describe my thought process there. I'll also try and make an effort to post some more charts in here now that the thread is alive when I have a bit more time.
  • #3,472
  • Edited 4:13pm Dec 7, 2011 2:23pm | Edited 4:13pm
For what it's worth, here are my thoughts on targets.

In following the market, the number one thing I keep an eye on is the T3MAs on M5 - with the objective of spotting the early signs of a trend in order to follow it all the way. Then I use the M1 and range bars to enter with minimal risk.

To that end, I have found that it almost always (haven't seen any examples of the opposite) pays to hang on as long as the faster MA doesn't change colour.

This may at times mean taking 20 pip retracement bounces off levels, such as in today's morning session, and only if I were sure of a good re-entry would I exit before the fast MA turns.

And once out, I'd get in again, over and over, as long as the slower MA keeps going in the same direction.

KISS, but if you stick to it and manage it well, you can take a break on the flat days and leave the small scalps to the ADD sufferers out there. Which isn't to say that I haven't had (and sometimes still have) serious bouts of scalpitis...and the better you are at it, the more serious the condition. As Auron points out, targets of less than 10 pips isn't conducive to long-term health and happiness, even though the short-term thrill can be better than coke and champagne.

Today is a good example of what I mean. Even though I wasn't in for the beautiful afternoon session

Do some visual back-testing for yourself, and you'll discover plenty of 100+ pip trades that are offered for free in exchange for patience only.
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  • #3,473
  • Dec 8, 2011 12:06am Dec 8, 2011 12:06am
Quoting medici

In following the market, the number one thing I keep an eye on is the T3MAs on M5 - with the objective of spotting the early signs of a trend in order to follow it all the way. Then I use the M1 and range bars to enter with minimal risk.
I also try to keep my eyes on the M5 picture for intraday. However, I really like watching M1 because I find it improves my RB entries and helps me get an improved feel for the market.

My solution to this is to have my M1 chart zoomed out and to use MTF MAs so I always have an idea of what's going on in a M5 context. These MAs have been posted in the thread before but it seems relevant to the current discussion to post them again. For a long time I used the MTF M5 T3MA9 along with MTF M15 T3MA9 but what I'm currently working with is just the M5 version in 9 and 20 flavours like in Medici's chart above.
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Attached File(s)
File Type: mq4 T3M9 M5 mtf.mq4   6 KB | 225 downloads
File Type: mq4 T3M9 M15 mtf.mq4   6 KB | 244 downloads
  • #3,474
  • Dec 8, 2011 2:13am Dec 8, 2011 2:13am
Quoting Auron112
I also try to keep my eyes on the M5 picture for intraday. However, I really like watching M1 because I find it improves my RB entries and helps me get an improved feel for the market.

My solution to this is to have my M1 chart zoomed out and to use MTF MAs so I always have an idea of what's going on in a M5 context.
That's something coming from somebody who used to trade H1+

Attached is a new indy that provides Keltner type envelopes to the T3MA. You can specify ATR length and multiple separately from the MA.
Attached File(s)
File Type: mq4 T3MA Dynamic Envelope.mq4   2 KB | 309 downloads
  • #3,475
  • Dec 8, 2011 2:46am Dec 8, 2011 2:46am
GM - nice to see some more charts and ideas

I too continue to try out fresh ideas - here the 30P CB has proved useful - and thanks for reminding me not to just focus on €!

I'm looking into this stochastic for its possible use of OB/OS areas - being a bounded indy its better for this than the MACD. This version places an arrow on both entry and exit from the defined levels and also has alerts....thus an increased potential for setting rules....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #3,476
  • Dec 8, 2011 2:59am Dec 8, 2011 2:59am
Quoting medici
That's something coming from somebody who used to trade H1+

Attached is a new indy that provides Keltner type envelopes to the T3MA. You can specify ATR length and multiple separately from the MA.
Thanks M, this looks like an interesting indy, dynamic too
Trading Levels with WRBs
  • #3,477
  • Dec 8, 2011 9:09am Dec 8, 2011 9:09am
I just thought I would post a quick Range Bar chart to show how useful they can be when things become highly volatile. All the lines were there from before the move.

Unfortunately I missed the first potential short just below our prior high as I was too focused on EU at the time. As EU chopped a bit, I turned my focus to GU for the next two trades. The second would have been very difficult to get on a M1 chart but on the RB chart it was quite clear. A couple attempts to push up after a strong momentum move and fails in a shooting star. In strongly trending moves it's often best to wait for a second "confirmation" range bar I've found. Sometimes it means price gets away from you a bit but the best ones are like these, where the close of the bar is the same or just a pip or two lower. You can see that the first trade had a similar second bar confirmation. The third short was easy as can be as well with either direct entry off the very clear level or a second bar confirmation.

I find that watching the M1 during these very quick moves is difficult and fairly dangerous, but the range bars make it all quite clear. Considering the amount of very strong moves around New York that we've seen lately the RBs can be well worth watching. There's been hundreds and hundreds of pips available and many of the trades are as simple as waiting for a pullback, a bull/bear RB, and then hit the button. Just take a look at some of those prior moves (especially the Nov 30th one) and you'll see what I mean.

And then management can be as simple as following the bars until we see a colour change that follows through or we hit what is likely to be a very strong level. For me that was about as easy as a +40, +30 gets and well worth it with the very small risk involved.
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  • #3,478
  • Dec 8, 2011 1:47pm Dec 8, 2011 1:47pm
Quoting Auron112
I just thought I would post a quick Range Bar chart to show ......... A couple attempts to push up after a strong momentum move and fails in a shooting star. In strongly trending moves it's often best to wait for a second "confirmation" range bar I've found.
Aaagghh, the shooting stars, a personal favorite! (celestial navigation in Islanders terminology)..

Try looking for pairs of opposing hammers of relatively equal proportions aswell. There's some in your posted chart.

Regards

doc
Attached Image
  • #3,479
  • Dec 8, 2011 2:38pm Dec 8, 2011 2:38pm
Quoting Dr.Scalpall
Aaagghh, the shooting stars, a personal favorite! (celestial navigation in Islanders terminology)..

Try looking for pairs of opposing hammers of relatively equal proportions aswell. There's some in your posted chart.

Regards

doc
I've rather forgotten about my RB charts, thanks for the reminder....so collecting my trusty sextant and copy of Tables for Air Navigation - noon sights being more appropriate than star sights http://www.forexfactory.com/images/icons/icon12.gif ...... I too picked up on the clear shooting stars - and the odd hammer too......what MAY be very interesting is combining them with Medici's new Dynamic Envelope.....especially when a gravestone doji / dragonfly doji falls mostly outside of The Envelope in a Evening / Morning Doji Star pattern...

The Evening Doji Star with the doji almost totally outside of the envelope at todays high is a classic and most tradeable signal if these RBs follow some research I remember from a couple of years ago.....
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Trading Levels with WRBs
  • #3,480
  • Dec 8, 2011 3:08pm Dec 8, 2011 3:08pm
Food for thought - Out of hours brave trading 3 RB's.
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