Islander and Medici trade the European open | Page 187 | Forex Factory

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Islander and Medici trade the European open

  • #3,721
  • Feb 29, 2012 9:50am Feb 29, 2012 9:50am
Quoting nhen
Thanks mate.

Perhaps the RB3 can also be of assistance? I think it's clearer for me.
Did some testing on this, and so did Auron112 I believe, and the finding was that there were too many false entries.

Still, I agree that RB3 many times is clearer, and it remains an open question whether the MAs that make up the Cloud could somehow be tweaked to filter out the false signals. Will get to it in due course.

Another idea is to keep the RB3 side by side with RB5, with RB5 and the main chart and RB3 used for zooming in to areas of potential entry.

Other thoughts?
  • #3,722
  • Feb 29, 2012 9:54am Feb 29, 2012 9:54am
Quoting Auron112
Didn't trade today but it doesn't look like I missed too much. Other than the mid-FH short and possibly the 11:40 long there wasn't much I would call "no-brainers" though there were certainly other pips to be taken. The long (see attached) was an interesting one, since the bearish triangle that formed looked so perfect (especially on M5). Too perfect, I think, so when the false break hammer presented itself I would have had to go for it.

Speaking of No Brainers, it popped in my head today where I had heard of Triple Tap trades and I...
Good day for a break, indeed. When I was too late for the 7.30 short due to a late night and fumbling with breakfast, I gave today a miss.

As to Triple Taps, the term may be Steve's but the type of idea has a long history in the markets, and over the years I've read and heard many people using it in different ways.
  • #3,723
  • Feb 29, 2012 9:58am Feb 29, 2012 9:58am
Quoting medici
Good day for a break, indeed. When I was too late for the 7.30 short due to a late night and fumbling with breakfast, I gave today a miss.

As to Triple Taps, the term may be Steve's but the type of idea has a long history in the markets, and over the years I've read and heard many people using it in different ways.
Yeah, we've all been using it and have read about it somewhere before. I just didn't like the idea of using his name, Triple Tap, without giving the proper credit. Then again, I'm using the concept somewhat differently and have adapted it to RBs, so if someone has a better name suggestion I'm all for it. After all, what trader doesn't feel more confident taking trades when they have a proper name in their plan?
  • #3,724
  • Feb 29, 2012 10:18am Feb 29, 2012 10:18am
Quoting medici
Did some testing on this, and so did Auron112 I believe, and the finding was that there were too many false entries.
As for this, I did what I consider fairly extensive testing on RB3 to RB6. All of it was just done through visual backtesting but I did a good chunk with time consuming bar-by-bar analysis so I feel pretty confident in the results. I found RB5 to be the most accurate by a decent margin but RB4 wasn't so bad either. I actually traded RB4 live for a while and did pretty well with it before moving back to RB5 again.

Obviously RB6 was good too but it didn't offer an advantage worth the extra risk, IMO. I didn't find RB3 to be very good myself. That said, traded in the proper context and with the right rules there's no reason it wouldn't work. And given enough trades during the day a lower hit rate might not be an issue. But for traders like myself and Medici who would prefer to be able to take less trades while still remaining positive each day the high hit rate RB5 affords was optimal.

I do think the idea of combining RB5 with possible RB3 triggers is a concept worth exploring further though. I'm not sure where it fits on the agenda for me because I'm rather pleased with RB5 alone but I could see some possible advantages from such a setup. If you do keep pushing ahead with RB3s, nhen, keep us updated. Just because I didn't find it useful doesn't mean you won't, especially considering the type of trading you've been doing lately with solid results.
  • #3,725
  • Feb 29, 2012 1:03pm Feb 29, 2012 1:03pm
Anyone considered using the oscillator colour change for entry?. Has served me most generously taking only 5's on mins & RB charts .The Selectivity of trades is an obviously an Issue as noted by the posts above and due diligence needs to be taken around pivots, round numbers etc , you all know the score .

doc.
  • #3,726
  • Feb 29, 2012 5:31pm Feb 29, 2012 5:31pm
Quoting Dr.Scalpall
Anyone considered using the oscillator colour change for entry?. Has served me most generously taking only 5's on mins & RB charts .The Selectivity of trades is an obviously an Issue as noted by the posts above and due diligence needs to be taken around pivots, round numbers etc , you all know the score .

doc.
I do it all the time Particularly reliable on M5.
  • #3,727
  • Feb 29, 2012 5:36pm Feb 29, 2012 5:36pm
Quoting Auron112
As for this, I did what I consider fairly extensive testing on RB3 to RB6. All of it was just done through visual backtesting but I did a good chunk with time consuming bar-by-bar analysis so I feel pretty confident in the results. I found RB5 to be the most accurate by a decent margin but RB4 wasn't so bad either. I actually traded RB4 live for a while and did pretty well with it before moving back to RB5 again.

Obviously RB6 was good too but it didn't offer an advantage worth the extra risk, IMO. I didn't find RB3 to be very good myself....
Agreed. I wouldn't want to give up the reliability and hit-rate of RB5 for the doubtful pleasure of being exposed to more noise. RB5 with RB3 trigger, on the other hand, could be very interesting, as you say. Still, RB5 catches all the good opportunities (no?), so one may wonder about the purpose of going for more info/noise. A bit more comfort in taking the RB5 setups? In that case I'm all for it.
  • #3,728
  • Edited 6:43pm Feb 29, 2012 5:58pm | Edited 6:43pm
Quoting medici
Did some testing on this, and so did Auron112 I believe, and the finding was that there were too many false entries.

Still, I agree that RB3 many times is clearer, and it remains an open question whether the MAs that make up the Cloud could somehow be tweaked to filter out the false signals. Will get to it in due course.

Another idea is to keep the RB3 side by side with RB5, with RB5 and the main chart and RB3 used for zooming in to areas of potential entry.

Other thoughts?
That's almost what I was suggesting with my other chart, sorry mate I wasn't clear!

I have the RB5, RB3, 5M, 15M and 1H (which I use to scroll through 4H and Daily as well). Although I look at the 5M and 15M, it seems to me that they can be too slow to respond at times - especially when I want to get in at certain levels so I am able to keep a tight stop.

Looking at the RB3 next to the RB5 last night I think provided a few extra clues on when to close and when to hold.

What do you reckon?

EDIT - To be clear I'm talking about using the RB3 for exits not entries.
  • #3,729
  • Feb 29, 2012 6:06pm Feb 29, 2012 6:06pm
Quoting Auron112
Didn't trade today but it doesn't look like I missed too much. Other than the mid-FH short and possibly the 11:40 long there wasn't much I would call "no-brainers" though there were certainly other pips to be taken. The long (see attached) was an interesting one, since the bearish triangle that formed looked so perfect (especially on M5). Too perfect, I think, so when the false break hammer presented itself I would have had to go for it.

Speaking of No Brainers, it popped in my head today where I had heard of Triple Tap trades and...
Thanks for that mate, nice spotting of the long.
  • #3,730
  • Feb 29, 2012 6:07pm Feb 29, 2012 6:07pm
Quoting Auron112
Yeah, we've all been using it and have read about it somewhere before. I just didn't like the idea of using his name, Triple Tap, without giving the proper credit. Then again, I'm using the concept somewhat differently and have adapted it to RBs, so if someone has a better name suggestion I'm all for it. After all, what trader doesn't feel more confident taking trades when they have a proper name in their plan?
How about the 'RB Triple Slap Down'
  • #3,731
  • Feb 29, 2012 6:20pm Feb 29, 2012 6:20pm
Quoting Auron112
I do think the idea of combining RB5 with possible RB3 triggers is a concept worth exploring further though. I'm not sure where it fits on the agenda for me because I'm rather pleased with RB5 alone but I could see some possible advantages from such a setup. If you do keep pushing ahead with RB3s, nhen, keep us updated. Just because I didn't find it useful doesn't mean you won't, especially considering the type of trading you've been doing lately with solid results.
After spending a bit of time here with you RB folk I am warming to this idea of less trades, holding for longer with a high hit rate
I still like being able to clip of 12s when I want to, but having another tool in my arsenal with potentially higher R:R is handy.

As I said in my other post from the tiny bit of looking I've done it seems like RB3s could be used to monitor current trades and make exit points a bit clearer. It obviously won't be perfect but after a bit of scrolling through history it seems like it may be viable.
My main focus at the moment is finding a firm way to identify when it's time to exit or hold.
  • #3,732
  • Mar 1, 2012 4:59am Mar 1, 2012 4:59am
Well, I actually traded the morning today. Not exactly riveting stuff but a few pips available. I'd prefer not to take small chunks but sometimes you just have to take what the market gives.

I've kept my charts "messy" this time in case anyone cares to see what they often look like when I trade. I just throw on the lines as I go and then stop extending them as they stop being relevant. Usually it's not as jumbled as this as we hopefully move beyond 50 pips in the morning.

Trade 1 was the FO short. A break below that mini-consolidation seemed a good one as we had a bit of room to run to the next level. Just took the profit on the hammer as I was pleased with that for a FO run.

Trade 2 was a mid-FH continuation. Might have taken pips at the lows but it came back on me and I took a BE. Possibly could have tried again on the next move off T Open but I didn't like the "look". Still worth a scalp.

Trade 3 was the continuation off the prior resistance. I wanted to get in off the bottom but I hesitated trying to pick the right spot (as the M5 was chopping around) and missed the takeoff. So settled for this knowing I was likely in for a quick scalp with the BB sloping down. I was hoping to hit the level around 45 but once we broke above the shooting star and came down right away I exited for 9 or so.

Next we had some divergence come in and a possible short opportunity on the two hammers. Good for a few but I passed on it. Had it been a Triple Tap I would have gone for it. So without much momentum around I was looking short. The next hammer on the pullback again didn't have the "look" and I wanted it a bit higher. Once we failed to push higher the third time though I was all over it for Trade 4. I'm still hanging in that one right now since we've poked through that important T Open level. On these slow days we often see good 10:30 or later runs so I'm willing to hold if it gives me reason to. Still, I won't let it come back much since all pips are good pips on a day like this.

So that's it and not sure if I'll trade this afternoon even though I don't have a lot in the bank. It should be worth it for those who do.

Edit: Updated screenshot. Took my 18 pips as the hammer brought price back across T Open. Had it come a little lower than MS1 I might have been willing to let it pull back a bit rather than bailing.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-rb.jpg Size: 127 KB
  • #3,733
  • Edited Mar 2, 2012 1:00am Mar 1, 2012 8:25am | Edited Mar 2, 2012 1:00am
Quoting Auron112
Well, I actually traded the morning today. Not exactly riveting stuff but a few pips available. I'd prefer not to take small chunks but sometimes you just have to take what the market gives.

I've kept my charts "messy" this time in case anyone cares to see what they often look like when I trade. I just throw on the lines as I go and then stop extending them as they stop being relevant. Usually it's not as jumbled as this as we hopefully move beyond 50 pips in the morning.

Trade 1 was the FO short. A break below that mini-consolidation...
Nice trading mate, thanks for running us through your thinking with the trades.

Haven't even opened my charts tonight as was playing, will hopefully get to trade tomorrow night and mark my catch up on my charts during the afternoon.
  • #3,734
  • Mar 2, 2012 1:16am Mar 2, 2012 1:16am
Quoting nhen
That's almost what I was suggesting with my other chart, sorry mate I wasn't clear!

I have the RB5, RB3, 5M, 15M and 1H (which I use to scroll through 4H and Daily as well). Although I look at the 5M and 15M, it seems to me that they can be too slow to respond at times - especially when I want to get in at certain levels so I am able to keep a tight stop.

Looking at the RB3 next to the RB5 last night I think provided a few extra clues on when to close and when to hold.

What do you reckon?

EDIT - To be clear I'm talking about using...
If you want to clip your 12s then they could be useful. For me it's either exit at a level or ride the trend till the end, and RB3 doesn't seem that useful for that, but I may be wrong.
  • #3,735
  • Mar 2, 2012 2:05am Mar 2, 2012 2:05am
Being a late starter again, here's my first for today.

EDIT - closed or handful...
Attached Image (click to enlarge)
Click to Enlarge Name: first trade 2 march.PNG Size: 21 KB
  • #3,736
  • Mar 2, 2012 2:57am Mar 2, 2012 2:57am
RB3 could have its distinct advantages Here with MAs 11, 23, 41, 70 (still experimental).
Attached Image (click to enlarge)
Click to Enlarge Name: RB3 2 march.PNG Size: 18 KB
  • #3,737
  • Mar 2, 2012 3:58am Mar 2, 2012 3:58am
Current chart setup. RB3 excellent for scalping
Attached Image (click to enlarge)
Click to Enlarge Name: chart setup 3 march.jpg Size: 151 KB
  • #3,738
  • Mar 2, 2012 5:22am Mar 2, 2012 5:22am
Quoting medici
Current chart setup. RB3 excellent for scalping
Lookin' good
  • #3,739
  • Mar 5, 2012 3:14am Mar 5, 2012 3:14am
RB5 is still the way to go methinks. RB3 is useful occasionally, but RB5 is all one needs, I think.
Attached Image (click to enlarge)
Click to Enlarge Name: trades 5 march.png Size: 44 KB
  • #3,740
  • Mar 5, 2012 4:53am Mar 5, 2012 4:53am
Yep - I have been using RB5 for many months now and it suits my style of trading. But to each his own...........
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