Islander and Medici trade the European open | Page 184 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Highest Open / Lowest Open Trade 21,205 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

  • #3,661
  • Feb 27, 2012 3:44am Feb 27, 2012 3:44am
Another 15 minutes for me and I'm gonna call it over here for tonight.
  • #3,662
  • Feb 27, 2012 3:48am Feb 27, 2012 3:48am
Quoting nhen
Seems I could have saved you the lengthy answer with your quoted text
Your 'lengthy' answer appreciated This kind of level play deserves attention. Will get around to some kind of statistical study when I get the time.

What I dislike about what I've seen is that it's highly discretionary, and if the 'belief' that prices moves between these levels is justified, then it should be possible to formulate some rules for trading them. My own use of the is in conjunction with the RB MA rules as described here.
  • #3,663
  • Feb 27, 2012 3:49am Feb 27, 2012 3:49am
Quoting nhen
Another 15 minutes for me and I'm gonna call it over here for tonight.
Agreed, the fun is over. I'll call it a morning and get on with my day.
  • #3,664
  • Feb 27, 2012 3:58am Feb 27, 2012 3:58am
Quoting medici
Your 'lengthy' answer appreciated This kind of level play deserves attention. Will get around to some kind of statistical study when I get the time.

What I dislike about what I've seen is that it's highly discretionary, and if the 'belief' that prices moves between these levels is justified, then it should be possible to formulate some rules for trading them. My own use of the is in conjunction with the RB MA rules as described here.
Sounds good mate, would be keen to hear your thoughts.

I've managed to develop a set of rules - based on guidelines given to me by the guy who showed me this method - with my own spin added.
I trade off a 10 tick chart as it enables me to see things clearer trading this way.

Gonna call it over here, time to relax!

Have a great day mate.
  • #3,665
  • Feb 27, 2012 4:00am Feb 27, 2012 4:00am
Quoting nhen
Sounds good mate, would be keen to hear your thoughts.

I've managed to develop a set of rules - based on guidelines given to me by the guy who showed me this method - with my own spin added.
I trade off a 10 tick chart as it enables me to see things clearer trading this way.

Gonna call it over here, time to relax!

Have a great day mate.
What kind of track record, in terms of hit rate and risk/reward, would those rules give?

Enjoy your evening!
  • #3,666
  • Feb 27, 2012 4:22am Feb 27, 2012 4:22am
Quoting medici
What kind of track record, in terms of hit rate and risk/reward, would those rules give?

Enjoy your evening!
Since I've really started to grasp the concept - it's taken me awhile and I definitely still have some polishing to do!
I'm probably hitting 3/5 on a sloppy night and better on normal nights (sloppy meaning price flopping around the levels and not respecting them as usual)
All trades 6 pips risk and 12 pt sometimes banking at 10-11 or 13-15 or more.

The guy who taught me this hits about 4/5 very consistently. He uses pending orders on pullbacks which I used to but with such a tight stop it was annoying watching price pull back through my entry and stopping me sometimes, only to watch it continue on to my pt.
So now I enter still only on pullbacks (as this makes the tight stop viable) but I let it pull through the level a bit and judge it on the spot, then market in. Sometimes I miss a pip or two this way.

My rules are simple but complex - lots of: if, then, but, then, if etc.

I use my rules from studying PA around these levels in combination with normal PA knowledge, LH HH etc, RBs (now), other candle info and little things I've just picked up after watching PA play around these levels for awhile.

There were many times when I was figuring this out that it seemed impossible to trade this way - but now I see it, it makes perfect sense to me.
  • #3,667
  • Feb 27, 2012 4:46am Feb 27, 2012 4:46am
I had another possible entry after price broke the recent low, hit 34125 and then pulled back to 34185. Would have shorted on the pullback and taken my 12 at 34065.
That to me is a riskier trade as it based on entering at the final breakdown of the lines from the quarters. But still a valid entry given we broke the low and that move down that preceded the trade was a clean 12 pip move.
Price may have pulled through 34185, in which case I would have looked to re-short at 3425.

If you were aggressive you could also have taken the early marked short at 3425 as price hit 34185 and pulled back. In a situation like this I ideally like price to break the recent low before taking my next signal.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 27-02-02 tick.jpg Size: 112 KB
  • #3,668
  • Edited Feb 28, 2012 7:24am Feb 27, 2012 8:58am | Edited Feb 28, 2012 7:24am
Quoting medici
GM all - here's the first trade of the week. Seems to be going well so far.

EDIT - closed at the 3438 level.
Too busy early am so missed that nice LH at today's open level.

Didn't like the subsequent sideways action but I took the later drop below the cloud at 3399 (two half size positions). Stupidly didn't adjust my stop to above the SS on one position so got stopped out for -15. Re-entered that one at 3403 and took a third position at 3394 after another LH.

Closed the first two positions for average +15 and let the other run to see if we could reach the 5 day ADR at 3366 which we did. +26 on that one.

In retrospect it would have been better to wait for the 3403 to enter after the lower high which stopped me out as my original entry was after a HH. I don't normally like entering so near to a RN but looking back at charts has shown that it often can work out quite well. A good example being entry just below 3400 on Friday:
http://www.forexfactory.com/showthre...62#post5418062

Attached Image (click to enlarge)
Click to Enlarge Name: eu_20120227-rb5.gif Size: 19 KB


Attached Image
Follow, don't anticipate.
  • #3,669
  • Feb 27, 2012 1:08pm Feb 27, 2012 1:08pm
Quoting nhen


Indeed! Once I get to the full-time point with this I may pack up shop and move countries for awhile. I hear the tax scheme in Switzerland is good
Very nice idea. Apart from the fiscal advantages I can think of several worse places to live. Whilst holidaying in Northern Italy a couple of years ago we ventured over the border to Lugano. Nice city, stunning lake and views, civilised people. Enjoying a lake-view restaurant terrace with a plate of seafood risotto and a cold beer my companions and I were earnestly discussing the possibility of not bothering to catch the return flight back to London.

Attached Image
Follow, don't anticipate.
  • #3,670
  • Feb 27, 2012 3:36pm Feb 27, 2012 3:36pm
That trend line paid out a few times today.

Attached Image (click to enlarge)
Click to Enlarge Name: eu_20120227-rb5-1.gif Size: 43 KB
Follow, don't anticipate.
  • #3,671
  • Feb 28, 2012 1:45am Feb 28, 2012 1:45am
Two trades for me tonight so far..

First I would normally have closed at BE but decided to see if it would bounce, it didn't, got out with paying for the spread plus a touch.

Second trade my entry was a little early for my rules but after a drop then pullback to my entry it eventually made the DP which was my target. Bit slow to close so didn't get all of it.

Flat at the moment, see what LO has to offer.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 28-02-02 tick.jpg Size: 105 KB
  • #3,672
  • Feb 28, 2012 1:57am Feb 28, 2012 1:57am
Quoting Ian
Closed the first two positions for average +15 and let the other run to see if we could reach the 5 day ADR at 3366 which we did. +26 on that one.
nicely done

Is that 5 day ADR an indi or a line you've manually drawn on?

Quoting Ian
Very nice idea. Apart from the fiscal advantages I can think of several worse places to live. Whilst holidaying in Northern Italy a couple of years ago we ventured over the border to Lugano. Nice city, stunning lake and views, civilised people. Enjoying a lake-view restaurant terrace with a plate of seafood risotto and a cold beer my companions and I were earnestly discussing the possibility of not bothering to catch the return flight back to London.

Attachment
Beautiful picture! I don't blame you for contemplating cashing in the return tickets.
It's a serious option for me; I love Australia but the tax is a joke and I'm not a fan of the heat. A few more years here I think and I'll be taking my laptop and trading with a lake view
  • #3,673
  • Feb 28, 2012 2:12am Feb 28, 2012 2:12am
Grabbed a long after posting first chart at 3425 after the HL.
Tried a short at 34375 but was cautious with recent momentum up and closed quickly when I saw the 1H close that was approaching - again got out with just paying for spread and a touch.

I've gotta head to dinner so that's all for me for tonight unfortunately. Hope price plays nice for everyone
Attached Image (click to enlarge)
Click to Enlarge Name: eu 28-02-02 tick.jpg Size: 103 KB
  • #3,674
  • Feb 28, 2012 2:35am Feb 28, 2012 2:35am
Quoting nhen
Since I've really started to grasp the concept - it's taken me awhile and I definitely still have some polishing to do!
I'm probably hitting 3/5 on a sloppy night and better on normal nights (sloppy meaning price flopping around the levels and not respecting them as usual)
All trades 6 pips risk and 12 pt sometimes banking at 10-11 or 13-15 or more.

The guy who taught me this hits about 4/5 very consistently. He uses pending orders on pullbacks which I used to but with such a tight stop it was annoying watching price pull back through my entry...
Thanks for sharing. 4/5 at better than 1:1.5 would be good enough, I think.

Considering the 6 pip stop, why not trade 3 pip range bars (as Doc Scalpall does) instead of the noisy tick charts? Then put a couple of MAs on, and rule making could be simplified, perhaps. What do you think?

See attached for your trades this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: rb3 28 feb.PNG Size: 40 KB
  • #3,675
  • Feb 28, 2012 2:37am Feb 28, 2012 2:37am
Quoting Ian
Too busy early am so missed that nice LH at today's open level.

Didn't like the subsequent sideways action but I took the later drop below the cloud at 3399 (two half size positions). Stupidly didn't adjust my stop to above the SS one one position so got stopped out for -15. Re-entered that one at 3403 and took a third position at 3394 after another LH.

Closed the first two positions for average +15 and let the other run to see if we could reach the 5 day ADR at 3366 which we did. +26 on that one.

In retrospect it would have been better to wait...
Thanks Ian. Good to see the Cloud put to use. It certainly stops one from stupid CT trades.
  • #3,676
  • Feb 28, 2012 2:39am Feb 28, 2012 2:39am
Quoting nhen
Is that 5 day ADR an indi or a line you've manually drawn on?
I've got the indi on my m5 chart, I just manually drew the line on the rb chart.
Follow, don't anticipate.
  • #3,677
  • Feb 28, 2012 3:15am Feb 28, 2012 3:15am
Quoting nhen
Beautiful picture! I don't blame you for contemplating cashing in the return tickets.
It's a serious option for me; I love Australia but the tax is a joke and I'm not a fan of the heat. A few more years here I think and I'll be taking my laptop and trading with a lake view
Dunno, guys. Over the past 10 years I've tried living in the mountains near ski resort, in bungalow with ocean view, and a couple of places in between, and my finding was that one easily underestimates one's social needs. So bring your mates with you, or you may, after a few months, start to feel very isolated socially and culturally.
  • #3,678
  • Feb 28, 2012 5:24am Feb 28, 2012 5:24am
Great to see this thread alive and well. I apologize for not doing my part and posting but I've been in semi-vacation mode for weeks now and have only been trading sporadically.

I did however get down to business today for the European morning only and took some solid pips all things considered. We've barely moved but the trades were fairly straight-forward.

Trade 1 isn't the best looking but as a LH at FO after a smooth Asia run up I thought it worth a shot. +12

I missed the potential mid-FH long. Not the best of levels here but a play out of that sort of consolidation with a bit of room to MR1 could have been taken.

Trade 2 was a "Triple Tap" (did I steal that name from somewhere? Not sure) right off R1 at a nice turn time. Held for decent pips. +20

Trade 3 was a bit of a longshot considering how flat things were. Figured I could get 10-15 but was ready to reverse if needed. Didn't take them when I had a chance but exited when we got the double bottom w/ divergence. +5

Trade 4 was an exit and reverse. Was hoping as a W pattern (admittedly a messy one) we might see this run to the upper BB (plus we have seen a number of 11:00ish runs lately). Probably should have exited at the 50 since it was sort of a H+S but going to hold at BE instead because I wasn't quick enough up there originally to bank. Not too convinced by the PA but hopefully it pushes up again for some decent pips.

So all in all ok pips on a slow morning. And perhaps with a bit better management (feeling somewhat rusty) I could have made the session quota quite easily.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-rb.gif Size: 45 KB
  • #3,679
  • Feb 28, 2012 5:32am Feb 28, 2012 5:32am
Quoting medici
Thanks for sharing. 4/5 at better than 1:1.5 would be good enough, I think.

Considering the 6 pip stop, why not trade 3 pip range bars (as Doc Scalpall does) instead of the noisy tick charts? Then put a couple of MAs on, and rule making could be simplified, perhaps. What do you think?

See attached for your trades this morning.
Mm interesting mate, thanks for that.

To be honest I don't find the tick data noisy after watching it for so long, but I'm all for simplification

I've gotten so used to taking a couple of stops a night and still being up that it hasn't bothered me, but if I can hand less back by being more efficient that seems like the logical thing to do.
My last trade tonight was invalid, had HL and momentum; so really although in other circumstances a short there would be valid, it was not here.

Is it possible to run two instances of the constant range bar script, do I need to run the other instance on an M3 offline chart perhaps?
  • #3,680
  • Feb 28, 2012 5:33am Feb 28, 2012 5:33am
Quoting medici
Dunno, guys. Over the past 10 years I've tried living in the mountains near ski resort, in bungalow with ocean view, and a couple of places in between, and my finding was that one easily underestimates one's social needs. So bring your mates with you, or you may, after a few months, start to feel very isolated socially and culturally.
You may be right there.

Although I am a personable guy I do like my solitude as well..

What are the girls like in Switzerland? That's a big factor for me
2 traders viewing now