Islander and Medici trade the European open | Page 206 | Forex Factory

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Islander and Medici trade the European open

  • #4,101
  • Apr 10, 2012 3:36am Apr 10, 2012 3:36am
Quoting Auron112
Damnit, nhen, you owe me a new keyboard for causing me to laugh out loud while drinking a beer.

Haha thanks for returning the favour (the laughing that is). Sorry about your keyboard
  • #4,102
  • Apr 10, 2012 8:34am Apr 10, 2012 8:34am
I have noticed the stop should be no more than 2 pips below/above the candle. Because if the trade goes, it goes and seldom comes back to meet that SL, unless it has some vile plans to trap me.
At least I convinced myself for TP at 20 or no deal. Break even - still testing but no less than at 7 pips.
So besides medici's retracement (and since today 2b trades), I feel I do need more "mechanical" setups to look for, so if you guys have anything in mind...

Edit: awww... missed one while posting...

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  • #4,103
  • Apr 11, 2012 3:10am Apr 11, 2012 3:10am
Not much action in the thread so here's a chart. I've been trying to focus on trading primarily EU but today I've missed the 3100 continuation and also the extreme entry right at LO near the 3133 level. So having missed those I started to watch EY as well.

Once EY held Monday's Low at 106.10 and came down below 106.00 I started looking for shorts. EU was consolidating at its 18 level while suggesting a break lower so it was a matter of waiting for the more bearish EY to turn. I will admit I jumped the gun a bit when I saw something setting up on the tick flow that I liked so I shorted the momentum off 106.00. I knew this one might not go given the state of RB5 cloud and EU but also knew I could get a quick BE if needed which is what I did.

The safer and smarter trade came up just after, for a nice push into the March 6th low around 105.63. Took my pips once we failed to push down the second time. Back to looking for EU trades now that we've got a bit of movement...
Attached Image (click to enlarge)
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  • #4,104
  • Apr 11, 2012 11:11am Apr 11, 2012 11:11am
Quoting Krisdetrader
I have noticed the stop should be no more than 2 pips below/above the candle. Because if the trade goes, it goes and seldom comes back to meet that SL, unless it has some vile plans to trap me.
At least I convinced myself for TP at 20 or no deal. Break even - still testing but no less than at 7 pips.
Good thinking there Sometimes there aren't 20 on offer though, and it may be the best thing to take 18 or 12 instead. So you may consider holding until you get a 2B/2T against you or a reversal candle outside the OB/OS bands.

Quote
So besides medici's retracement (and since today 2b trades), I feel I do need more "mechanical" setups to look for, so if you guys have anything in mind...
You could do some research around HL/LH reversals. What I mean by that is setups when price has recently reversed from an intraday high or low, and when a new lower high or higher low is formed with the direction of the candle lining up with the directions of the two fastest MAs.

See attached for illustration, where the last EU trade was a bit iffy on RB5 trading into MA17 and the xx38 level. On RB3 it was ok, but the EY trade at that time was the one to take.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ey HL LH 11 april.jpg Size: 103 KB
Click to Enlarge Name: eu HL LH 11 april.jpg Size: 112 KB
  • #4,105
  • Apr 12, 2012 2:11am Apr 12, 2012 2:11am
Quoting medici
You could do some research around HL/LH reversals. What I mean by that is setups when price has recently reversed from an intraday high or low, and when a new lower high or higher low is formed with the direction of the candle lining up with the directions of the two fastest MAs.
Like this.
Attached Image (click to enlarge)
Click to Enlarge Name: eu lh 12 april.PNG Size: 24 KB
  • #4,106
  • Apr 12, 2012 2:34am Apr 12, 2012 2:34am
Quoting medici
Like this.
Or this.
Attached Image (click to enlarge)
Click to Enlarge Name: eu lh 2 12 april.PNG Size: 23 KB
  • #4,107
  • Apr 12, 2012 3:11am Apr 12, 2012 3:11am
Quoting medici
Or this.
Missed that first one with nice divergence.
Still getting out too soon, but +16 to start the day.
Logic for exit - 3118 level. Pivot at 3110 would have been a good target.

Attached Image (click to enlarge)
Click to Enlarge Name: eu_20120412-rb5.gif Size: 22 KB


Attached Image
Follow, don't anticipate.
  • #4,108
  • Apr 12, 2012 3:11am Apr 12, 2012 3:11am
This proves I am one of Mr T's crazy fools:

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  • #4,109
  • Apr 12, 2012 3:33am Apr 12, 2012 3:33am
Quoting medici
Or this.
Or this...
Attached Image (click to enlarge)
Click to Enlarge Name: eu hl 12 april.PNG Size: 24 KB
  • #4,110
  • Edited 3:50am Apr 12, 2012 3:38am | Edited 3:50am
Quoting Ian
Missed that first one with nice divergence.
Still getting out too soon, but +16 to start the day.
Logic for exit - 3118 level. Pivot at 3110 would have been a good target.
I exited there too for the same reason, and I blame it on a week's holiday

EDIT - one way of avoiding these early exits could be to switch to RB7 once stop is a BE. That way one would be less tempted to react to market noise.
  • #4,111
  • Apr 12, 2012 4:07am Apr 12, 2012 4:07am
Quoting medici
Or this...
Just wondering if you would have considered this one? Three pushes down, divergence, fake below Asian low, reversal bar at dynamic support.

Attached Image (click to enlarge)
Click to Enlarge Name: eu_20120412-rb5-1.gif Size: 21 KB
Follow, don't anticipate.
  • #4,112
  • Apr 12, 2012 4:14am Apr 12, 2012 4:14am
Quoting Ian
Just wondering if you would have considered this one? Three pushes down, divergence, fake below Asian low, reversal bar at dynamic support.

Attachment
I was about to post that one as 'or this.. '
  • #4,113
  • Apr 12, 2012 4:17am Apr 12, 2012 4:17am
Quoting Ian
Just wondering if you would have considered this one? Three pushes down, divergence, fake below Asian low, reversal bar at dynamic support.

Attachment
I would, but I tend to be more cautious with CT trades these days, and would have looked for a HL on RB3 or a tick volume chart before committing (see attached).

Also in the chart - a short I took off RB3 down to the support level for almost 20
Attached Image (click to enlarge)
Click to Enlarge Name: Eu RB3 12 april.jpg Size: 106 KB
  • #4,114
  • Apr 12, 2012 4:37am Apr 12, 2012 4:37am
Quoting nhen
I was about to post that one as 'or this.. '
Fair enough, but I have had my educational hat on and focused on LH/HLs in line with my response to Kris' question about other entries than pullbacks in trends.

And I thought LH/HLs would be simple and safe ones that also would be "mechanical" (as Kris put it) whereas triple-tap CT trades perhaps wouldn't fit that bill.
  • #4,115
  • Apr 12, 2012 4:38am Apr 12, 2012 4:38am
Quoting medici
I would, but I tend to be more cautious with CT trades these days, and would have looked for a HL on RB3 or a tick volume chart before committing (see attached).

Also in the chart - a short I took off RB3 down to the support level for almost 20
That's cool; so wait for the little level (yep real tech terminology) to be formed and then trade the break of that with less risk.
If it doesn't break south then no trade and no having to jump out quick at BE from initial LH?
  • #4,116
  • Apr 12, 2012 4:41am Apr 12, 2012 4:41am
Quoting nhen
That's cool; so wait for the little level (yep real tech terminology) to be formed and then trade the break of that with less risk.
If it doesn't break south then no trade and no having to jump out quick at BE from initial LH?
Exactly my thinking. And note also that it was a LH, by the MA rules, on RB3.
  • #4,117
  • Apr 12, 2012 4:47am Apr 12, 2012 4:47am
Quoting medici
Exactly my thinking. And note also that it was a LH, by the MA rules, on RB3.
Nice, nice, nice...

Oh no, I need another chart, I don't think my mt4 will stand it..
Follow, don't anticipate.
  • #4,118
  • Apr 12, 2012 4:48am Apr 12, 2012 4:48am
Quoting medici
Exactly my thinking. And note also that it was a LH, by the MA rules, on RB3.


Thanks for sharing.
  • #4,119
  • Apr 12, 2012 5:05am Apr 12, 2012 5:05am
Possible trades tonight - for me at least.

This is how I'm using RB3s - I have RB5 as my main chart with just the QTRs and pivots plotted. Then I have this messy chart with my divisions of the QTRs.

I find having it zoomed the way I do here helps me see things easier. I have a wider view than usual when on RB3, and can see quite clearly where price makes lows and highs; as well as those little levels.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 12-04-12 rb3.jpg Size: 143 KB
  • #4,120
  • Apr 12, 2012 5:16am Apr 12, 2012 5:16am
Quoting nhen
Possible trades tonight - for me at least.

This is how I'm using RB3s - I have RB5 as my main chart with just the QTRs and pivots plotted. Then I have this messy chart with my divisions of the QTRs.

I find having it zoomed the way I do here helps me see things easier. I have a wider view than usual when on RB3, and can see quite clearly where price makes lows and highs; as well as those little levels.
Thanks. I find RB3 essential at times, as shown above, but I find it a bit too much to be looking at all the time. And, as Auron and I have agreed here before, it isn't strictly needed for trend trading. But on a relatively choppy day like today I wouldn't want to be without it.

I am starting to like RB7 more and more, and I tend to watch that (together with RB5) when there are no opportunities setting up. Then when things start to get interesting, I replace RB7 with RB3.
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