Islander and Medici trade the European open | Page 192 | Forex Factory

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Islander and Medici trade the European open

  • #3,821
  • Mar 14, 2012 4:58am Mar 14, 2012 4:58am
Quoting Auron112
3070? You must be doing your tick flow divination again.
You know me too well... I was looking at tick flow around the level while waiting for the MA to turn. Then, when the MA was flattening and it failed to take off above 3070, I shorted at 1.30703. No need to give away pips.

EDIT: Another clue was the double top in cable. One benefit of following cable side by side with the Euro.
  • #3,822
  • Mar 14, 2012 5:09am Mar 14, 2012 5:09am
Quoting Auron112
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.
That would have been an anticipation trade. No problem with that, but the "safe" one that I sadly missed was the hanging man candle after the bounce down from 1.3058. That was a beautiful one and shows the power of RBs compared to M5.
  • #3,823
  • Mar 14, 2012 5:19am Mar 14, 2012 5:19am
Quoting medici
That would have been an anticipation trade. No problem with that, but the "safe" one that I sadly missed was the hanging man candle after the bounce down from 1.3058. That was a beautiful one and shows the power of RBs compared to M5.
Ha! You're not the only one kicking themselves for missing that. My buddy pipmyride (who I've seen lurking the thread today) was giving himself a hard time earlier on Skype over the same one. Good opportunity to call the guy out, even if I'm guilty of being a habitual lurker too...
  • #3,824
  • Mar 14, 2012 5:36am Mar 14, 2012 5:36am
Quoting Dr.Scalpall
[...] how many of us can deliberate about two block colours,macd etc like the video creator and execute a trade in that time? [...]
That is true, but you could write a computer program to execute your trades faster than you can breathe
It would take me only half an hour to write such a program (but I suspect it is not worth the time) ...

Another point is a lot more important: In this video, macd and ema and a 2-bar exit rule are used. Range bars, macd and ema have a period setting which is arbitrary and has almost certainly been chosen to match the move in hindsight. The same applies to the 2-bar exit rule. And there is another important point: during such news, you usually get enormous amounts of slippage.

So, when you apply this system to a similar news event in the future, you likely will lose big time instead of making a fortune.
  • #3,825
  • Mar 14, 2012 5:46am Mar 14, 2012 5:46am
Quoting medici
You know me too well... I was looking at tick flow around the level while waiting for the MA to turn. Then, when the MA was flattening and it failed to take off above 3070, I shorted at 1.30703. No need to give away pips.
For newcomers to the thread: This is the kind of trades I used to take in the early days of this thread. They are not my staple trades anymore, but why say no to 20 pips when offered at low cost?

So if you are looking for "safe" trades you can simply ignore posts like this one and yesterday's long from 1.30547.
  • #3,826
  • Mar 14, 2012 5:51am Mar 14, 2012 5:51am
Quoting TraderJF
Another point is a lot more important: In this video, macd and ema and a 2-bar exit rule are used. Range bars, macd and ema have a period setting which is arbitrary and has almost certainly been chosen to match the move in hindsight.
Well, one could trade the usual rules and make good pips during news time. Take a look at yesterday after FOMC. Straightforward stuff with the setups used here, and in no way too fast to trade.
  • #3,827
  • Mar 14, 2012 6:06am Mar 14, 2012 6:06am
Quoting medici
Well, one could trade the usual rules and make good pips during news time. Take a look at yesterday after FOMC. Straightforward stuff with the setups used here, and in no way too fast to trade.
Yup, and I've been trading NFP with RBs for months now with no problems and excellent results. As long as you're not trading the first couple minutes after a major release, you really shouldn't have issues with "enormous amounts of slippage".
  • #3,828
  • Mar 14, 2012 6:11am Mar 14, 2012 6:11am
Quoting Auron112
Yup, and I've been trading NFP with RBs for months now with no problems and excellent results. As long as you're not trading the first couple minutes after a major release, you really shouldn't have issues with "enormous amounts of slippage".
Agreed. No slippage except for the first couple of minutes. In terms of range bars - let the first spike retrace and wait for the first candle in the direction of the spike. Then you are ready to go, i.e. from that point on, which doesn't necessarily mean entry on that candle...just to be clear.
  • #3,829
  • Mar 14, 2012 6:25am Mar 14, 2012 6:25am
Coming close to possibly wrapping up my third GU trade of the day. The second trade short was far from ideal I'll admit. Then I was a bit slow on the exit and lost a few instead of the BE it should have been. Oh well, sometimes mistakes are made.

But I did make up for it later with the double bottom (2B? ) trade off 5700. I had been watching EU wanting to get in on the trending move but couldn't find a setup I liked so I took this instead. It's possible I would not have jumped in without the extra evidence EU provided, so as Medici mentioned earlier it's useful to look at multiple pairs sometimes.

I've also been trading a bit of EU today but for some reason I decided to go mostly with the Mistress. Perhaps I wanted to be punished, but she's been rather sweet today...
Attached Image (click to enlarge)
Click to Enlarge Name: gu-rb.gif Size: 46 KB
  • #3,830
  • Mar 14, 2012 6:36am Mar 14, 2012 6:36am
Quoting Auron112
I had been watching EU wanting to get in on the trending move but couldn't find a setup I liked so I took this instead. It's possible I would not have jumped in without the extra evidence EU provided, so as Medici mentioned earlier it's useful to look at multiple pairs sometimes.
Well done After the first couple of trades, when Eu started chopping around without decent setups, I lost focus...But I am tempted by the idea of trading Gu and Eu side by side like in the good old days. Then if they are moving in opposite directions, replace Gu with Au. Thoughts?
  • #3,831
  • Mar 14, 2012 6:52am Mar 14, 2012 6:52am
Medici, hate asking these type of questions.. Im trying to load the eur/usd 2 min offline chart, on the screen shoot you can see there is only the number 1 under the bars, I cant get the chart to work so Im thinking i need more bars, how can i increase this number on MT4..

Good to see the thread alive again

All the best from Ireland

Rebel
Attached Image
  • #3,832
  • Mar 14, 2012 6:53am Mar 14, 2012 6:53am
Quoting medici
Well done After the first couple of trades, when Eu started chopping around without decent setups, I lost focus...But I am tempted by the idea of trading Gu and Eu side by side like in the good old days. Then if they are moving in opposite directions, replace Gu with Au. Thoughts?
Hmm, interesting idea to follow GU unless it is moving opposite of EU. I find I can't follow more than two pairs at a time without hurting overall performance but I often have trouble deciding which pair to watch out of GU/AU. Usually I start with AU and then end up missing some good trades before eventually switching to GU later. So that might be a good solution for defining when to actually switch off GU and look elsewhere, which would be happening a lot these days as GU correlation with EU drops off.
  • #3,833
  • Mar 14, 2012 7:00am Mar 14, 2012 7:00am
Quoting rebelheart
Medici, hate asking these type of questions.. Im trying to load the eur/usd 2 min offline chart, on the screen shoot you can see there is only the number 1 under the bars, I cant get the chart to work so Im thinking i need more bars, how can i increase this number on MT4..

Good to see the thread alive again

All the best from Ireland

Rebel
Failte ar ais, cara sean

As to your problem, I have no idea. What script/EA are you using?
  • #3,834
  • Mar 14, 2012 7:22am Mar 14, 2012 7:22am
Quoting medici
Failte ar ais, cara sean

As to your problem, I have no idea. What script/EA are you using?
Range bar generator, I got it way back on this thread... Ill download another mt4 to see how that goes, thanks for the reply tho.


If he's not fishing he's mending his nets. = Medici.

Good trading
  • #3,835
  • Mar 14, 2012 7:27am Mar 14, 2012 7:27am
Quoting rebelheart
Range bar generator, I got it way back on this thread... Ill download another mt4 to see how that goes, thanks for the reply tho.


If he's not fishing he's mending his nets. = Medici.

Good trading
Can any body using the range bar generator be of help here?
  • #3,836
  • Mar 14, 2012 7:28am Mar 14, 2012 7:28am
Quoting medici
Can any body using the range bar generator be of help here?
I don't even know what the range bar generator is. A search of that term didn't come up with anything. Do you know the name of it?
  • #3,837
  • Mar 14, 2012 7:30am Mar 14, 2012 7:30am
Quoting Auron112
I don't even know what the range bar generator is. A search of that term didn't come up with anything. Do you know the name of it?
I don't use it but it could be this one...

http://www.forexfactory.com/showthre...72#post5145272
Follow, don't anticipate.
  • #3,838
  • Mar 14, 2012 7:31am Mar 14, 2012 7:31am
Quoting medici
[...] No slippage except for the first couple of minutes. In terms of range bars - let the first spike retrace and wait for the first candle in the direction of the spike. Then you are ready to go, i.e. from that point on, which doesn't necessarily mean entry on that candle...just to be clear.
I agree that slippage will only occur during the first minutes. But in terms of range bars, this could be a lot (I do not trust the video ...).

I love to hear that you seasoned traders make money from news. I always had the impression that this should be possible but I had no idea how - until now, that is

Thank you for the description of your trading tactic! It is quite concrete. So if I understand it correctly, you are basically placing a single trade and try to ride that move out?
  • #3,839
  • Mar 14, 2012 7:32am Mar 14, 2012 7:32am
Quoting Auron112
I don't even know what the range bar generator is. A search of that term didn't come up with anything. Do you know the name of it?

It is here

http://www.forexfactory.com/showthre...12#post5137112


Also, click on the "paperclip" at top tight, see the number 980? that is where to find all attachments in every thread

Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #3,840
  • Mar 14, 2012 7:37am Mar 14, 2012 7:37am
Quoting TraderJF

Thank you for the description of your trading tactic! It is quite concrete. So if I understand it correctly, you are basically placing a single trade and try to ride that move out?
Oh no, there could be several trades. Whatever the chart is saying...
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