Unfortunately it's a bit hard to see exactly what's going on in the screenshot (probably because MT4 does a poor job taking them when you try to save the whole Active Workspace) but looks quite solid.
Islander and Medici trade the European open
- #3,881
- Mar 15, 2012 5:47am Mar 15, 2012 5:47am
- #3,882
- Mar 15, 2012 6:55am Mar 15, 2012 6:55am
By mid-FH turn, I mean the 7:30GMT one. Frankfurt gets going an hour before London at 7:00GMT and it's pretty common to see the early move get turned right around the half hour mark. So today our trending move from 6:00 got stopped dead in its tracks right at 7:30. Ian's trade, around 8:30, is also a pretty common time to see a turn.
I have noticed that in general times :00 and :30 are often followed by strong moves (continuation as well as reversal). A theory of mine is that there are automatic trading programs which work with 1-h and 30-min bars so they trigger their decision to buy or sell at these times. But this is just a theory ...
As for the scalps, nicely done! Unfortunately it's a bit hard to see exactly what's going on in the screenshot (probably because MT4 does a poor job taking them when you try to save the whole Active Workspace) but looks quite solid.
As you already noticed, this is not MT4. It's MultiCharts (I like it very much).
The chart is messy because of the many trades and because FF scaled the chart down. Below is a magnified view of the chart so you can see the trades along with my comments.
These are only part of my trades today, as a total I am currently at +9 pips. The basic Idea of my trading is to go into the market with a very tight stop (of 3 to 7 pips) and trail to BE after a profit of +2 or so. I am trying this as a new approach.
Edit: Oh, and don't worry about sharing your "crappy scalps". I'm far from a good scalper myself but I find them quite interesting. And if you're planning on testing out and possibly incorporating RBs into your analysis as well then all the better for them to be posted in this thread.
- #3,884
- Edited 1:53pm Mar 15, 2012 7:17am | Edited 1:53pm
I also really liked how this one was a HL that lined up nicely with the trendline. Did you use that in your analysis? I don't use trendlines often on my RB charts as I find them far more useful on time-based charts, but in this case the M5 trendline looked almost identical so it would make sense to use it. As you can see the potential entry bar (green arrow) didn't print nearly as well on my charts as it did yours due to the smaller wick but still a solid little trade that I would have liked to have joined you in taking.
only noticing them afterwards. I have to say I've missed lots of good trades like this. I wasn't sure if they'd work on RB charts when I first started using them but they do seem to have their place.I did have time for one speculative short on EU at the 9.40 gmt high. Not really by any rules but I liked the level a lot. Daily closed candle support from 15/16 Feb, ditto on H4 from Tuesday, NY Open yesterday was 3065 and mid FH high at 3066.
I sold at 3064 after the neg close RB5 bar which had divergence. I wasn't able to monitor the trade fully so moved my stop down to 3055 after the retrace hoping(???) that we'd push on down to make new lows. If I'd been in front of the chart I probably would have exited after the double bottom with div off 38 level when the push down through the pivot failed. Anyway stopped out with +8.
Follow, don't anticipate.
- #3,886
- Mar 15, 2012 8:04am Mar 15, 2012 8:04am
Here's a couple more GU trades I've taken.
The first (red arrow) was my first full loss in probably close to a month. Not a smart trade. Why did I take it? I can't even really answer that, which is a very bad sign.
I actually wasn't very focused at the time but looked over, saw a continuation pattern, and hit the button. I knew right away it was foolish and should have closed out but I didn't when it came back on me. The funny thing is that I say continuation pattern above, but continuation of what and is that even a "pattern"? We're sitting in the middle of the range and there's really nothing there. At least the prior continuation attempt long was still part of the initial London move. So my lack of focus and proper analysis equals just making things up so I can give pips away. Not going to beat myself up too much because mistakes are sometimes made, but you need to learn from the foolish ones...
But I made up for it later with the CT short off DP. Right at NYO1 and I liked what I saw in the push up so I gave it a go. The move down was very "wicky" which I don't like on GU so I bailed prior to the news on the first bullish sign. Makes up for the loss and then some.
Overall GU is paying quite well today but you do need to focus on her. She's a fickle one and rather moody, so if you don't give her the attention she deserves she will make you pay for it.
The first (red arrow) was my first full loss in probably close to a month. Not a smart trade. Why did I take it? I can't even really answer that, which is a very bad sign.
I actually wasn't very focused at the time but looked over, saw a continuation pattern, and hit the button. I knew right away it was foolish and should have closed out but I didn't when it came back on me. The funny thing is that I say continuation pattern above, but continuation of what and is that even a "pattern"? We're sitting in the middle of the range and there's really nothing there. At least the prior continuation attempt long was still part of the initial London move. So my lack of focus and proper analysis equals just making things up so I can give pips away. Not going to beat myself up too much because mistakes are sometimes made, but you need to learn from the foolish ones...But I made up for it later with the CT short off DP. Right at NYO1 and I liked what I saw in the push up so I gave it a go. The move down was very "wicky" which I don't like on GU so I bailed prior to the news on the first bullish sign. Makes up for the loss and then some.
Overall GU is paying quite well today but you do need to focus on her. She's a fickle one and rather moody, so if you don't give her the attention she deserves she will make you pay for it.
- #3,887
- Mar 15, 2012 8:42am Mar 15, 2012 8:42am
For me, scalping works best when there is a good chop in the market.
Like today when PPI came out at 13:30 GMT+1.
10 Trades, 10 Winners
I guess my broker loves me
).
Follow, don't anticipate.
- #3,888
- Mar 15, 2012 8:48am Mar 15, 2012 8:48am
Arrgh. Missed this one as I wasn't paying proper attention. Thought I would post it anyways because it's a good example of a tight Cloud break. Also figured that Ian was waiting for me to mention this so he could gloat a bit about the pips he no doubt banked off it.
- #3,889
- Mar 15, 2012 8:55am Mar 15, 2012 8:55am
Here's a couple more GU trades I've taken...
....But I made up for it later with the CT short off DP. Right at NYO1 and I liked what I saw in the push up so I gave it a go. The move down was very "wicky" which I don't like on GU so I bailed prior to the news on the first bullish sign. Makes up for the loss and then some....
Could you explain a bit more about what it was specifically that you liked on the move up?
Also I noticed that the top in addition to being around the pivot was also coincident with yesterday's London Close at 1600GMT at 5684. I've been watching these additional levels and notice they are often respected. Other levels I have on my m5 chart atm are FO, LO, NYO.
Follow, don't anticipate.
- #3,890
- Mar 15, 2012 9:00am Mar 15, 2012 9:00am
Arrgh. Missed this one as I wasn't paying proper attention. Thought I would post it anyways because it's a good example of a tight Cloud break. Also figured that Ian was waiting for me to mention this so he could gloat a bit about the pips he no doubt banked off it.
Follow, don't anticipate.
- #3,891
- Mar 15, 2012 9:02am Mar 15, 2012 9:02am
Nice recovery Auron..
Could you explain a bit more about what it was specifically that you liked on the move up?
- #3,896
- Mar 15, 2012 3:18pm Mar 15, 2012 3:18pm
Thanks for the link, I've got three months data on my RB5 charts now..
Follow, don't anticipate.
- #3,897
- Mar 16, 2012 1:48am Mar 16, 2012 1:48am
[...] Are you playing the bounces off the BBs? Interested to know how you decide entries and exits (on the 15 sec chart, quickly, I suppose..
The setup shown is one I like very much - when price oscillates between upper and lower bb. You can then play this range with a clear entry and exit. Furthermore, you will often get more than only one trade. I remember that some months ago I had a sequence of 20 trades in about 20 minutes playing such a "speed zone", as I call them.
- #3,898
- Mar 16, 2012 3:25am Mar 16, 2012 3:25am
Basically I am trying to use simple chart setups, like in any other timeframe.
The setup shown is one I like very much - when price oscillates between upper and lower bb. You can then play this range with a clear entry and exit. Furthermore, you will often get more than only one trade. I remember that some months ago I had a sequence of 20 trades in about 20 minutes playing such a "speed zone", as I call them.
. The clouds are moving slowly.. I missed the pre-FO LH and entered at 3079 as all the ma's were turned down. About an hour later 
out for +8 when price failed to push on down to the pivot at earlier lows.
Follow, don't anticipate.
- #3,900
- Mar 16, 2012 3:49am Mar 16, 2012 3:49am
Thanks for that. I'm up to one trade so far this morning
Attachment
). But wow, what a crap FH that was. You might need to worry about overdosing on patience pills after waiting out that +8.