Islander and Medici trade the European open

Before FO, € and UJ both in harmony and heading south, so sell €J.

Now there's +ve divergence on all three charts and my 1m alerts sounded on all three as that TF turned up...so I'm now flat and watching to see if these support areas hold....

OK - as requested in Sonic's thread....the Gaddi Tick is modified with his counter - but its fixed.....the other version can be adjusted and is also the mq version.....

and whilst I am posting indys....this is what I use to make my version of The Dragon

Islander, I have downloaded all of them. Thank you for them.
As for Cum.Delta indi - it's an instrument widely presented it the NT7.
The concept of it is as follows.
1/ Let us say that ASK is a deal (contract, transaction) type, volume of which - in this case the volume of all the contracts is supposed - is taken at the price of ASK.
2/ The BID is a deal (contract, transaction) type, volume of which - in this case the volume of all the contracts - is taken at the price of BID.
3/ Total volume = ASK + BID
4/ Delta = ASK - BID
5/ Cum.Delta = a sum of Delta

This indicator is a great tool for seeing the divergence between price and volume (delta).

Thank you so much Islander, more than 20 years trading experience,wow!
It's a bit late for me to read this thread. Pity.
This trading journal is so good.
I start to read from page 1, up to page 20 now.
I like your trading style .
I learned a lot from you!

Thank you - and there are a lot of ideas here for short term trading. Medici is VERY experienced and long ago gave up posting, so take up what you find here that agrees with your personal style of trading and adapt it into your own system.......god luck

After the last post of yours I have decided to read all of them in your thread. Thank you for sharing your experience. I think some of your thoughts are helpfull for understanding the market quite well.

I am practicing with vwap trading myself and I am thinking of sharing my experience in this kind of trading in the future, I suppose.

Good luck in your trading

By the way, Islander, I know you are using some kind of bands. I have an indies you might be interested in. They are below.

Thanks I will take a look - and I hope you find some useful posts here

I would like to post it here Islander as I do not want to mess up sonic's thread =)

here's what i thought about 3 dragons.


Chart 1 : H1
You can see here at the tick volume indi there that sellers are increasing and prices are hovering around. Finally, dragon starting to angle down and a red bar punch through the dragon, it might be time to look for shorting opportunity.

Chart 2 : M15
You can see here i drew a o blue rectangle, which is represent by the red bar in H1, it went though both dragons, and most importantly, i wait the dragon to cross with an angle. That's a nice place to place a short on the yellow arrow.

Chart 3: M5
And again, the green rectangle is represent by the red bar in H1, showing high selling when check on the tick volume, as well as candle closed below 2 dragons which going to cross soon.

Chart 4: M1
Finally, Look for opportunity to enter in M1, price closed below 3 dragons which used by Islander, around after 37 mins after LO. that's a good place to enter!

IMO, 3 dragons is really good, but i think there's a lots of false signal in M1. If price close above/below 2 dragons, it might reverse as well even depend on the Support and resistance. So i guess in future, i'll experiment more on this method, check from higher timeframe, which might be starting M15. Say.... 2 dragons crossed in M15 with a reasonable dragon's angle, then can look for opportunity in M1 and M5.

I myself not dare to risk into M1 which candle closed above/below 5m dragon watching support/resistance. I think i'll use Islander's method 3 dragons for long term. but maybe until 40 pips i'll stop. but it takes time to wait the price to reverse. As well as i notice something which maybe can be use in islanders 3 dragon, it's one of sonic R rules. Never place a LONG trade if price is below dragon 34ema, or short trade if price above dragon, and at the same time, i would prefer to refer this dragon to another, which is the 15m dragon in M1 chart 510ema.

Islander, please advise if i do anything wrong! =)

@ diginime Well done, you have made a god start and taken the time to look at the higher TF charts - and yes, 10:37 on your chart was a great time to take a sell.

Also, you are correct that the 1m TF can give false signal, which is why you need to add some filters - like waiting for the 15m Dragon to also turn (down)

Then there are times when it is better NOT to look for a trade - again, I have made plenty of comments about this.

Remember that trading with the Three Dragons is for experienced traders who will already be able to "filter out" potential poor signals - or have moved beyond needing the help of any EMAs, since this is reallly about reading PA and Tick Volumes around S&R levels - something that Medici and talked about throughout this thread!!

Keep watching your charts in real time at the busy times of the day and also look back at older charts and some more patterns will start to emerge.

Good luck

Excellent discipline!

I continue to use Islanders 3 dragons and read all I can on this and supporting texts (this thread is good for that). It is not dissimilar to the system I was using - THV using Trix but it is simpler - a purer methodology. I think when he says it is for experienced traders he is right. Like all short term trading systems it is screen hours that really make the difference - that and the learning process that goes with it. It all helps with getting in tune with the ways of the market. This thread and sonics have good suggestions on this latter point, some of which I reposted here http://www.forexfactory.com/showthre...02#post6973302.

I think you will learn more from this method than you will from an overly mechanistic scalping system simply because it makes you think about each trade and what is going on around it. I am not able to post on a regular basis, or trade as alas health issues prevent me from spending time in front of my monitor so the ability to drop in, analyse then trade a position within an hour is useful. What I am doing as a discipline is having a separate MT4 session running with clean charts on just so I can review raw bar charts, up to weekly... Probably overkill but I like to see all the patterns I can find. It helps me to see what other traders may be thinking and to make sure I have mapped all the S&R zones correctly. For instance this was my UJ scribble earlier.



Did it help me trade this? I took 3*10 pips on a quick 3 dragons after NYO, the chart gets me in the zone, and re-enforces signals. A 3 dragons signal on its own means nothing. It is what has gone before it that is important. Trade the past, it is the future - stole that from the Secrets of Japanese Candlesticks.

test for attachments

Signals research.....WIP.....

and.....

PS Revoli and others, please check your PMs....

Research continues....

Hi Islander,

I've been liking the 510 as the 15m dragon & the indicator of where the overall trend is. Have you changed your 3rd dragon to the 370 now on a permanent basis?

Cheers

Not yet, I continue to research different settings and that chart has several items that are under trial and was posted for a member who uses some those items - the arrows are actually generated by an indicator

Righto, thanks for that, & for everything else you've posted.