Islander and Medici trade the European open | Page 191 | Forex Factory

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Islander and Medici trade the European open

  • #3,801
  • Mar 13, 2012 9:41am Mar 13, 2012 9:41am
Quoting Auron112
Phew, hope you took your patience pills today.
No, I had lunch instead...and it did reach the target area...
  • #3,802
  • Mar 13, 2012 9:49am Mar 13, 2012 9:49am
Quoting medici
Excellent for precision scalping
Exactly
  • #3,803
  • Mar 13, 2012 11:12am Mar 13, 2012 11:12am
One thing I like when using 15-second candles is that sometimes they reveal patterns invisible in higher timeframes.

This was an aggressive trade, but I could not resist this HNS at the end of a large move to scalp a few
Attached Image (click to enlarge)
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  • #3,804
  • Mar 13, 2012 11:20am Mar 13, 2012 11:20am
Quoting TraderJF
One thing I like when using 15-second candles is that sometimes they reveal patterns invisible in higher timeframes.
I have done similar experiments with 10-second charts. These days I want to trade rule based without too much discretion, and patterns on 10s or RB3 (which does a similar job) is something I am trying to get away from. But you may find RB3 to your liking?
  • #3,805
  • Mar 13, 2012 12:06pm Mar 13, 2012 12:06pm
Quoting medici
Took this one and put stop at BE fairly quickly...saved by a pipette... Could be good for Y's low.
Is there anything that would have stopped you taking the hl reversal off the 58 level 8 bars to the left of your arrow?
Follow, don't anticipate.
  • #3,806
  • Mar 13, 2012 12:17pm Mar 13, 2012 12:17pm
Quoting medici
I have done similar experiments with 10-second charts. These days I want to trade rule based without too much discretion [...]
You are absolutely right, I also strive to remove discretion. However, I find this goal difficult to achieve. In my opinion, the HNS pattern is sort of an objective reason to sell short there - but, as you said, a lot of open questions remain: exact shape of HNS, exact entry, SL, TP etc.

Do you have a setup which you consider objective that you are willing to share?

Quoting medici
[...] patterns on 10s or RB3 (which does a similar job) is something I am trying to get away from.
Why?

Quoting medici
But you may find RB3 to your liking?
I do not know, I would have to try out. My first thought is that range bars eliminate the time factor which makes me a bit sceptical. For example, if there was a strong uptrend and then a pullback I would usually be looking for a long entry when the market starts moving up again. But if there was a longer period of sideways action before the new move up I would be reluctant to enter. Range bars would filter out the sideways area, making the action look like a perfect uptrend.
  • #3,807
  • Mar 13, 2012 12:17pm Mar 13, 2012 12:17pm
Quoting Ian
Is there anything that would have stopped you taking the hl reversal off the 58 level 8 bars to the left of your arrow?
Yes. The slope of the lower side of the cloud. With the entry I took, break of the MA would mean turn of slope, and price did break, and the MA turned. All RB5 based.
  • #3,808
  • Mar 13, 2012 12:25pm Mar 13, 2012 12:25pm
Quoting TraderJF
Do you have a setup which you consider objective that you are willing to share?
Yes, the RB5 charts have enabled that. If you had been hanging around this thread, you would have known about the setups.

Auron's and my posts (not the reversal trade) today are examples. For the details, may I ask you to read back on the thread a bit?

Quote
Why?
Because they are not needed for catching the chunk of all the juicy moves as Auron's and my posts today show.

And, more importantly, because sticking to RB5 makes for stress-free trading with little/no discretion.

Quote
I do not know, I would have to try out. My first thought is that range bars eliminate the time factor which makes me a bit sceptical. For example, if there was a strong uptrend and then a pullback I would usually be looking for a long entry when the market starts moving up again. But if there was a longer period of sideways action before the new move up I would be reluctant to enter. Range bars would filter out the sideways area, making the action look like a perfect uptrend.
Agreed, but if you put to use the beautiful indicators used by some people on this thread such ambiguities will disappear For RB5, that is...
  • #3,809
  • Mar 13, 2012 12:53pm Mar 13, 2012 12:53pm
Quoting medici

Because they are not needed for catching the chunk of all the juicy moves as Auron's and my posts today show.
I endorse this statement. Then again, it doesn't take much to convince me to avoid the 10s chart.

Range bars are also useful because they allow us to avoid having tiring discussions such as this:

http://www.forexfactory.com/showthread.php?t=327553

  • #3,810
  • Mar 13, 2012 1:03pm Mar 13, 2012 1:03pm
Another brilliant aspect of RBs is that they allow for profitable trading of fast moving markets such as after NFP or the upcoming FOMC statement:

Inserted Video
  • #3,811
  • Mar 13, 2012 1:16pm Mar 13, 2012 1:16pm
Quoting medici
[...] For the details, may I ask you to read back on the thread a bit?
Thanks, I will have a look and see what I can find ...


Quoting medici
Because they are not needed for catching the chunk of all the juicy moves as Auron's and my posts today show.
Yes, that is true. Perhaps it is only a bad habit to watch 15-second charts. I will have to find that out.

There is one thinking which lures me into watching them: If I can scalp into a position with an initial profit of a few pips with high probability, the risk on the entire trade is less than if I had simply pulled the trigger and set a 10 pip SL.

On the other hand I have seen a deadly scalper who mainly uses 15-minute charts (tradeitdontdateit).

Quoting medici
And, more importantly, because sticking to RB5 makes for stress-free trading with little/no discretion.
For the "no discretion" part I would like to challenge you:
Give me the rules, I will write you a program which does exactly that

I know this is almost impossible. But only almost.

Quoting medici
Agreed, but if you put to use the beautiful indicators used by some people on this thread such ambiguities will disappear For RB5, that is...
Fine, I will look into this.

Thank you for your detailed answer, Medici!

Cheers,
TraderJF

PS: FOMC!!!
  • #3,812
  • Mar 13, 2012 2:49pm Mar 13, 2012 2:49pm
Quoting medici
Another brilliant aspect of RBs is [...]

http://www.youtube.com/watch?v=PyzibZTCYko
Wow - now that is convincing

Hmmm - if that was the holy grail then why the hell they are giving it away with this video

I will have a closer look into this...

Thank you!
  • #3,813
  • Mar 13, 2012 3:59pm Mar 13, 2012 3:59pm
Quoting medici
Yes. The slope of the lower side of the cloud. With the entry I took, break of the MA would mean turn of slope, and price did break, and the MA turned. All RB5 based.
Ah, so am I correct in thinking that your entry was during or after the bar marked with the right hand arrow which crossed the ma on both RB3 and RB5 as it was turning? If so then all is clear.

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Follow, don't anticipate.
  • #3,814
  • Mar 13, 2012 4:10pm Mar 13, 2012 4:10pm
Quoting TraderJF
There is one thinking which lures me into watching them: If I can scalp into a position with an initial profit of a few pips with high probability, the risk on the entire trade is less than if I had simply pulled the trigger and set a 10 pip SL.
This is one of the benefits of RBs too. I trade with a hard 7 pip SL and rarely let it go that far.
  • #3,815
  • Mar 13, 2012 4:15pm Mar 13, 2012 4:15pm
Quoting Ian
Ah, so am I correct in thinking that your entry was during or after the bar marked with the right hand arrow which crossed the ma on both RB3 and RB5 as it was turning? If so then all is clear.

Attachment
No, it was during the first bar, with entry at 1.30547... An experimental RB3 trade using a good bit of discretion, so not by any rules stated here :nerd:and not recommended.

Something I did just because I felt confident about it, but I wouldn't want to base the bulk of my trading on such gut feel. My gut is too sensitive for it...

And I think I am scrapping the RB3 chart for the time being. One can always enter early on an RB5 bar.
  • #3,816
  • Mar 13, 2012 6:06pm Mar 13, 2012 6:06pm
Quoting medici
No, it was during the first bar, with entry at 1.30547... An experimental RB3 trade using a good bit of discretion, so not by any rules stated here :nerd:and not recommended.

Something I did just because I felt confident about it, but I wouldn't want to base the bulk of my trading on such gut feel. My gut is too sensitive for it...

And I think I am scrapping the RB3 chart for the time being. One can always enter early on an RB5 bar.
Thanks for clearing that up, and I agree about keeping to the RB5s as there are plenty of pips available on the bread and butter trend trades. Throw in the odd 2B/div at a key level and there's no need to get too fancy. I know when I try it usually ends in tears ...

I was just interested in your thinking behind the trade. My gut is of a similar disposition and, anyway, it doesn't have nearly enough screen time for that kind of discretion yet...
Follow, don't anticipate.
  • #3,817
  • Mar 14, 2012 2:55am Mar 14, 2012 2:55am
They make it look so simple by progressing through the event brick by brick. Lets not forget that in real time a circa 32 pip move in only a few second will result in a near instant four bars appearing on the screen, how many of us can deliberate about two block colours,macd etc like the video creator and execute a trade in that time?...... but still many of us have tried!!.

Quoting TraderJF
Wow - now that is convincing

Hmmm - if that was the holy grail then why the hell they are giving it away with this video

I will have a closer look into this...

Thank you!
  • #3,818
  • Mar 14, 2012 3:40am Mar 14, 2012 3:40am
First trade of the day. EU/AU not looking particularly interesting, but I took a glance at GU and saw I missed a nice move up. So why not take the next opportunity?

GU is usually third on my radar by a good margin but if it's trending I'm interested.
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  • #3,819
  • Mar 14, 2012 4:41am Mar 14, 2012 4:41am
Quoting Auron112
First trade of the day. EU/AU not looking particularly interesting, but I took a glance at GU and saw I missed a nice move up. So why not take the next opportunity?

GU is usually third on my radar by a good margin but if it's trending I'm interested.
Good stuff I ought to look more to cable.

My thinking was that Aussie heading down means equity markets heading down, which sooner or later will affect the Euro.

So I first took a short Aussie trade down to Y's low, then a short Euro trade from 3070 to 3050. Why not a Euro long? Because I was distracted by other things...And I thought the second Aussie short might be less successful due to support at Y's low.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu trade 14 march.PNG Size: 22 KB
  • #3,820
  • Mar 14, 2012 4:51am Mar 14, 2012 4:51am
Quoting medici
So I first took a short Aussie trade down to Y's low, then a short Euro trade from 3070 to 3050. Why not a Euro long? Because I was distracted by other things...And I thought the second Aussie short might be less successful due to support at Y's low.
3070? You must be doing your tick flow divination again.

I'm sort of kicking myself for not taking the EU long at 8:30 from the bottom of the range. Could have been a nice 25 or so to MS1. But the focus was on GU at the time so I went with that and did at least take a chunk out of it so can't really complain.
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