Islander and Medici trade the European open | Page 188 | Forex Factory

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Islander and Medici trade the European open

  • #3,741
  • Mar 5, 2012 4:57am Mar 5, 2012 4:57am
Quoting orientos
Yep - I have been using RB5 for many months now and it suits my style of trading.
Good to hear. Anything to share?

Quote
But to each his own...........

Of course.
  • #3,742
  • Edited Mar 6, 2012 1:26am Mar 5, 2012 5:46am | Edited Mar 6, 2012 1:26am
Quoting medici
RB5 is still the way to go methinks. RB3 is useful occasionally, but RB5 is all one needs, I think.
RB5 is definitely more solid and trustworthy but I still like flicking to RB3.

Nice divergence on RB3 tonight around 31625, that with HL and candlesticks on 5M and off we go

Sorry no chart for me, prepping for an interview tomorrow - hopefully will be my last day job ever as I'm planning on this job getting me through until I'm good to go FT with the charts! Wish me luck ya'll

Hope everyone had a successful evening.

EDIT - HL not LH
  • #3,743
  • Mar 6, 2012 2:50am Mar 6, 2012 2:50am
Quoting nhen
RB5 is definitely more solid and trustworthy
Exactly. In the development of the system used we (Auron112 and I) had a slogan which was "One pair, one chart, 100 pips per day", and the RB5 seems at the present moment to be the best solution for that.

Quote
but I still like flicking to RB3.

Me too. Question is when not to flick, or, differently put, how the RB3 could be integrated into some set of rules.

Quote
Sorry no chart for me, prepping for an interview tomorrow - hopefully will be my last day job ever as I'm planning on this job getting me through until I'm good to go FT with the charts! Wish me luck ya'll

Hope it went well
  • #3,744
  • Mar 6, 2012 3:42am Mar 6, 2012 3:42am
A morning that tested patience...but I managed to get both Euro entries. Cable paid better, and if the Euro is going to continue its sideways existence it would be a good idea to follow both pairs.
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  • #3,745
  • Mar 6, 2012 6:41am Mar 6, 2012 6:41am
Hello Medici,

I am trying to get all things together and get a better idea of the rb setups you and other ppl (i suspect all of you to be cyborgs ) use on this thread.
I have a problem with
http://www.forexfactory.com/showthre...66#post5171966

I am not sure if you remember -It was dead simple, hmm but not for me. Was that trading of pivot or earlier established resistance? Those trades are killers and I bet you set sl just above their highs...
Can you comment that post please?
  • #3,746
  • Mar 6, 2012 6:50am Mar 6, 2012 6:50am
Quoting Krisdetrader
Hello Medici,

I am trying to get all things together and get a better idea of the rb setups you and other ppl (i suspect all of you to be cyborgs ) use on this thread.
I have a problem with
http://www.forexfactory.com/showthre...66#post5171966

I am not sure if you remember -It was dead simple, hmm but not for me. Was that trading of pivot or earlier established resistance? Those trades are killers and I bet you set sl just above their highs...
Can you comment that post please?
Hello Kris, and welcome to the thread

Take a look at the xx65 levels in Aussie on a H1 or H4 chart. The tend to be in focus a lot, and these two trades were (1) a break of the level, and (2) a bounce off it, all aligned with the T3MA8 (in the second case being very far from it...a fuzzy notion, I know).

hope that helps.
  • #3,747
  • Mar 6, 2012 7:10am Mar 6, 2012 7:10am
Nice cloud reversal in cable for what seems to become 25+ easy ones

Now some lunch.
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  • #3,748
  • Mar 6, 2012 7:41am Mar 6, 2012 7:41am
Quoting Krisdetrader
Hello Medici,

I am trying to get all things together and get a better idea of the rb setups you and other ppl (i suspect all of you to be cyborgs ) use on this thread.
I have a problem with
http://www.forexfactory.com/showthre...66#post5171966

I am not sure if you remember -It was dead simple, hmm but not for me. Was that trading of pivot or earlier established resistance? Those trades are killers and I bet you set sl just above their highs...
Can you comment that post please?
Don't worry, Kris. I've been trading for quite some time and using range bars for a while, and I still get the same feeling sometimes from Medici's charts. Not always so simple for us mere mortals.

Give it some screen time though and it will start to sink in, bit by bit.
  • #3,749
  • Mar 6, 2012 7:46am Mar 6, 2012 7:46am
Quoting medici
Nice cloud reversal in cable for what seems to become 25+ easy ones

Now some lunch.
A nice trade I just barely missed. I didn't trade the morning again (still on a well deserved semi-working holiday) so missed some good ones then sat down at the charts just after this trade passed by. I've still been watching EU with a bit of AU on the side but I've been considering GU more and more lately. A quick look at the last month or more of AU daily bars tells a story compared to the action of the pair late last year.

Now, let's get some afternoon pips...
  • #3,750
  • Mar 6, 2012 10:55pm Mar 6, 2012 10:55pm
Quoting medici
Exactly. In the development of the system used we (Auron112 and I) had a slogan which was "One pair, one chart, 100 pips per day", and the RB5 seems at the present moment to be the best solution for that.



Me too. Question is when not to flick, or, differently put, how the RB3 could be integrated into some set of rules.



Hope it went well
I like that slogan

For me the RB3 and my tick chart are useful because things are spread out more so I can see the ST levels that have been repeatedly hit better. Although that could just be because I've been looking at the ticks for so long.
Definitely think for candle closes the RB5 is boss.

Had two interviews and got offered both jobs, can't complain about that! So took the one with the better salary and culture.

Nice trading as usual mate! Always learning from your charts.
  • #3,751
  • Edited 2:48am Mar 7, 2012 2:32am | Edited 2:48am
A morning which brings up some 'philosophical' points about the cloud approch.

The idea with the cloud is that the juicy parts of all trends are those when both sides of the cloud point in the same direction.

For the whole of FH the two sides were pointing in different directions - indicating the absence of a trend. So one may take two approaches.

Noting the overnight range one may go with the fast side, here the upper one and take a short either on the rejection of 3150 at around 6.30 or on a LH. This would be a range or counter-trend trade, and should be treated as such. Any expections of a reversal would be pure speculation.

Or one may choose to play for trends and only trade in the direction of the slow side. That would mean taking the HLs available for a continuation upwards.

Then when 3150 failed again, the more aggressive approach would take the short on the micro LH visible in the tick flow (or RB3), and the more prudent trend approach would mean waiting for a LH and cloud line-up after the first swing down.
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  • #3,752
  • Mar 7, 2012 3:12am Mar 7, 2012 3:12am
I'm starting to get along quite well with the RB3

The chart setup I'm using is T3MAs 11 and 23 with a 20 pip Dynamic Envelope/Keltner Channel around the latter.
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  • #3,753
  • Mar 7, 2012 5:40am Mar 7, 2012 5:40am
For newcomers to the thread, here are today's setups - yellow for safer trend trades and purple for more aggressive trades for the more experienced.
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  • #3,754
  • Mar 7, 2012 9:03am Mar 7, 2012 9:03am
Another few setups.
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  • #3,755
  • Mar 7, 2012 9:29am Mar 7, 2012 9:29am
And another one
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  • #3,756
  • Mar 7, 2012 10:09am Mar 7, 2012 10:09am
Quoting medici
Another few setups.
So for the benefit of newcomers to the thread (and some of the vets like myself as well), could you provide a bit of detail on how you properly time entries like the first arrow you've marked here? Why would you wait to trade on the arrow rather than on the bar two earlier that gets near full drawdown? Both are LHs that push past a downward sloping cloud (or MA8). So how best to select the ideal low drawdown entry?

I'll share my own impression but yours would be useful as well. For me the key to properly timing the continuation would be the combination of RB and M5. That move down came into the important intraday 3131 level where we initially bounced. I would pass on the first LH as I wouldn't want to trade right into that level again so soon without more supporting evidence which the next attempt to push up then provided. That attempt up not only provided us with the LH but also a potential trendline break off the M5 doji. With that I'm more than happy to take the trade into the level.

Obviously both opportunities ended up working but the less drawdown the better. Sometimes my need for "extra evidence" does cause me to miss these trend continuations but in the end it seems to pay off for me with less drawdown / increased consistency. So what would you use to properly time it and avoid the earlier drawdown entry? Do you have a simpler RB-only way of doing so compared to my methods?

Note: I've also included an interesting RB3 trade (the thumbs up) I've been watching as I typed this. Assuming you missed the rather nice divergence long off the 3100 level it provided a good little pullback to jump in on.
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  • #3,757
  • Mar 7, 2012 10:55am Mar 7, 2012 10:55am
Quoting Auron112
So for the benefit of newcomers to the thread (and some of the vets like myself as well), could you provide a bit of detail on how you properly time entries like the first arrow you've marked here? Why would you wait to trade on the arrow rather than on the bar two earlier that gets near full drawdown? Both are LHs that push past a downward sloping cloud (or MA8). So how best to select the ideal low drawdown entry?

I'll share my own impression but yours would be useful as well. For me the key to properly timing the continuation would be the...
I actually entered on the very first LH using RB3 based on the hypothesis that price would very likely return to 3138 and that I could make a decision on whether to cut the trade based on what happened around that level.

When price broke above 3138 after the green HL candle I cut it without a loss. Then it was a 1-2-3 entry on the break below the low of the previous green candle, and I should perhaps have marked the level for clarity.

Thanks for RB3 chart. Did you take that trade based on that alone? One thing I am cautious of is to use RB3 when there isn't much of a direction.
  • #3,758
  • Mar 7, 2012 11:02am Mar 7, 2012 11:02am
Quoting Auron112

Note: I've also included an interesting RB3 trade (the thumbs up) I've been watching as I typed this. Assuming you missed the rather nice divergence long off the 3100 level it provided a good little pullback to jump in on.
Yes, I actually missed that one I contemplated an old skool fade of the 3100 level but it didn't feel right...which was wrong

As to your comment on M5...I use that timeframe less and less. Today I've used an RB5 cloud chart as 'big picture' and an RB3 with T3MAs 11 and 23 much like I used to use M5 and M1 once upon a time.
  • #3,759
  • Mar 7, 2012 11:11am Mar 7, 2012 11:11am
Quoting medici
I actually entered on the very first LH using RB3 based on the hypothesis that price would very likely return to 3138 and that I could make a decision on whether to cut the trade based on what happened around that level.

When price broke above 3138 after the green HL candle I cut it without a loss. Then it was a 1-2-3 entry on the break below the low of the previous green candle, and I should perhaps have marked the level for clarity.

Thanks for RB3 chart. Did you take that trade based on that alone? One thing I am cautious of is to use RB3 when...
Thanks for the additional detail. I figured your second entry would be below the green candle which I marked (which works nicely with the break of the trendline) and that makes more sense because it explains why the candle two prior wasn't a proper entry. Interesting to see you already integrating RB3 into your trading of levels. I am watching it carefully...

As for the RB3 long, it wasn't off that alone. I only sat down at the charts just before the prior drop into 3100 which I took. I got out as we rejected but we came off the level too quick and I missed the divergence reversal. I had seen a lot of tick flow coming in (can also be seen from the M5 volume) which seemed to confirm my suspicions we could turn at this level. I was then looking for a HL, preferably right around Y Lows. For me the RB3 worked because it was A) at the right spot B) after a strong push up and C) had the right look for me as a false break lower of the M5 doji that could then continue the hammer move. So I decided to jump in a couple pips early basically, as I would have taken the RB5 HL anyways moments later.

Edit: Oh, and I should say that for the most part I'm probably thinking like you. I'm watching RB3 carefully to see where it might fit in but initial impressions tell me it's best used only in quick, confirmed trend moves. Perhaps I will find other uses later but for now that seems to be the place for it except in rare exceptions like this trade (which really was just me jumping the gun ).
  • #3,760
  • Mar 7, 2012 11:17am Mar 7, 2012 11:17am
Quoting Auron112
Thanks for the additional detail. I figured your second entry would be below the green candle which I marked (which works nicely with the break of the trendline) and that makes more sense because it explains why the candle two prior wasn't a proper entry. Interesting to see you already integrating RB3 into your trading of levels. I am watching it carefully...

As for the RB3 long, it wasn't off that alone. I only sat down at the charts just before the prior drop into 3100 which I took. I got out as we rejected but we came off the level too...
Thanks, and well done For some reason, I sometimes hesitate with such strong momentum reversals...which are really the best opportunities
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