Islander and Medici trade the European open | Page 217 | Forex Factory

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Islander and Medici trade the European open

  • #4,321
  • Dec 3, 2013 9:26am Dec 3, 2013 9:26am
Quoting Islander
I find this Support and Resistance indicator useful and keep it on my higher TF charts.....the combination of increased tick volumes together with Wider Ranged Bar around these levels are worth watching.... {image} {file} {file}

Islander,

Your chart with the sr indi brings to mind a question re. s/r zones that must bother a lot of traders: which zones will hold and which will give way?

how do you resolve this?

thanks.
  • #4,322
  • Dec 3, 2013 10:02am Dec 3, 2013 10:02am
Quoting pgd
{quote} Islander, Your chart with the sr indi brings to mind a question re. s/r zones that must bother a lot of traders: which zones will hold and which will give way? how do you resolve this? thanks.
A strong move when the Big Dogs have decided to move price from one trading area to another will blow straight through any and all prior areas of S&R. However, as these are infreqent, price will more often respect S&R areas and this indicator tells us how many times it has done so.

On the left chart of the EurUsd, the light turquoise band - Proven Support - has a Test Count of 6, whereas on the right chart of GbpUsd, the Verified Support has its TC = 3, forming todays low.

Like any indicator, you need to see it in action for yourself - the higher TF charts show different, wider ranged levels....I have the 15m 60m and 4hr saved on different profile pages....
Attached Image (click to enlarge)
Click to Enlarge Name: dec3 15m sr 15m gbp eur.png Size: 92 KB
Trading Levels with WRBs
  • #4,323
  • Dec 4, 2013 12:23am Dec 4, 2013 12:23am
Quoting Islander
{quote} A strong move when the Big Dogs have decided to move price from one trading area to another will blow straight through any and all prior areas of S&R. However, as these are infreqent, price will more often respect S&R areas and this indicator tells us how many times it has done so. On the left chart of the EurUsd, the light turquoise band - Proven Support - has a Test Count of 6, whereas on the right chart of GbpUsd, the Verified Support has its TC = 3, forming todays low. Like any indicator, you need to see it in action for yourself - the...
Islander,

thanks.

...and what signs tell you that the "Big Dogs have decided to move price"?
  • #4,324
  • Dec 4, 2013 1:40am Dec 4, 2013 1:40am
Islander,

the SS_SupportResistance_v04c.mq4 file you posted seems to be a working copy. it popped up 4-5 compile errors.
kindly post the .mq4 file that compiled correctly.

thanks.
  • #4,325
  • Dec 4, 2013 1:52am Dec 4, 2013 1:52am
The trigger is usually a fundemental change of position by a Central Bank - BOE, ECB, Fed etc in either its interest rates or asset purchases etc or from a NFP announcement or similar, that is way out of expectations and thus suggesting a possible change by a CB.

The result is a strong move with wide ranged, higher volumed bars that blow straight through previously respected S&R levels giving a daily range 2x or 3x the normal. This may continue for several days and thousands of pips - the rally in UsdJpy from October last year is a good example......
Trading Levels with WRBs
  • #4,326
  • Dec 4, 2013 1:54am Dec 4, 2013 1:54am
Quoting pgd
Islander, the SS_SupportResistance_v04c.mq4 file you posted seems to be a working copy. it popped up 4-5 compile errors. kindly post the .mq4 file that compiled correctly. thanks.

Apologies, I was changing the colours - I need to change to my desktop...
Trading Levels with WRBs
  • #4,327
  • Dec 4, 2013 1:58am Dec 4, 2013 1:58am
Done - I found the standard colours too strong, these are paler....my apologies to the 16 people who downloaded the uncompiled version....
Attached File(s)
File Type: mq4 SS_SupportResistance_v04c.mq4   26 KB | 272 downloads
Trading Levels with WRBs
  • #4,328
  • Dec 4, 2013 2:25am Dec 4, 2013 2:25am
FYI I have added a +/- 4 pip band to the 1m 25ema as a visual reminder to only take a qualified entry whilst the price is close to the 25 ema. If I miss the first entry, there is frequently another opportunity in a pull back which is better than taking a late entry that is more that 4 pips from the signal.

To add such bands put on the standard 25 ema with colour set to None and add +/- 40 dashed levels....
Attached Image (click to enlarge)
Click to Enlarge Name: dec2 eurjpy 1m5m 1533 gmt.png Size: 146 KB
Trading Levels with WRBs
  • #4,329
  • Edited 3:03am Dec 4, 2013 2:49am | Edited 3:03am
This chart shows the use of the 1m 25ema 4 pip bands.....the second entry was after price retraced into the banded area

Whilst typing, my trade was closed for +10 pips on my tight trailing stop after that WRB up to the close / open line....

Very little activity so far this morning, but perhaps cable will wake up as we move towards its Services PMI at 9:30 gmt

PS I imported the green Verified Support zone from my 15m chart onto my 5m chart
Attached Image (click to enlarge)
Click to Enlarge Name: dec4 eur 1m5m 0841 gmt.png Size: 142 KB
Trading Levels with WRBs
  • #4,330
  • Dec 4, 2013 4:37am Dec 4, 2013 4:37am
Plenty of opportunities to sell cable - I was trailing a SL before the news.......

I imported the Verified Support TC 1 zone from my 15m chart.....
Attached Image (click to enlarge)
Click to Enlarge Name: dec4 gbp 1m5m 0955 gmt.png Size: 148 KB
Trading Levels with WRBs
  • #4,331
  • Edited 4:39pm Dec 6, 2013 3:58pm | Edited 4:39pm
Quoting Islander
Plenty of opportunities to sell cable - I was trailing a SL before the news....... I imported the Verified Support TC 1 zone from my 15m chart..... {image}
Islander,

i need some clarification re. your use of stocs.
kindly see the attached chart re. the cable trade you posted.
i have marked info re. time of different stocs based on completed candles on their respective timeframes.

accordingly, at 06:45 (the time of the m5 candle marked) --
m30 stoch will have finished painting only the 06:00 plot (the stoch line beyond that continues to be live until 07:00);
h1 stoch will have finished painting only the 05:00 plot (the stoch line beyond that continues to be live until 07:00).
so, in this state, neither of them shows a downward crossover which apparently contributes to your decision to look for a short on m1.

the downward crossovers would be visible only several candles later --
on m30 -- at 07:30 when m30 stoch finishes painting the 07:00 plot and,
on h1 -- at 08:00 when h1 stoch finishes painting the 07:00 plot.

i notice a similar situation on m1.

kindly comment.
thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm5.png Size: 35 KB
  • #4,332
  • Edited 2:24am Dec 9, 2013 1:48am | Edited 2:24am
Quoting pgd
{quote} Islander, i need some clarification re. your use of stocs. kindly see the attached chart re. the cable trade you posted. i have marked info re. time of different stocs based on completed candles on their respective timeframes. accordingly, at 06:45 (the time of the m5 candle marked) -- m30 stoch will have finished painting only the 06:00 plot (the stoch line beyond that continues to be live until 07:00); h1 stoch will have finished painting only the 05:00 plot (the stoch line beyond that continues to be live until 07:00). so, in this state,...

First - are you using the MTF Stochastic v2.1 with the settings 11,3,3? Also, note that I only use 1 line on the 30m stock, so how can I be looking for a cross??

Second - have you read the Genesis thread, especially the Pdf by RealJumper on his set ups and use of the 5m chart for "allowing" an entry and the 1m chart for making an entry? FYI the 30m stoch and 60m stoch have different uses.

Third - where is the Genesis Matrix on your 5m chart?

When you have done your homework you will have a better idea of the uses of the various indicators - and of course the higher TF stochs will always be moving when displayed on a lower TF chart. The question is what are they showing at the time of a signal from the G Matrix??

On my posted chart the 5m chart "allowed" an entry at the close of its 06:45 bar. At 07:11 price closed below the 1m 25 ema which had rolled over, the 1m GM was all red and both the 5m and 15m stochs were sloping down and open thus allowing a sell from the next bar onwards.

PS In case you ask, on the 5m chart the Matrix is not "fixed" until the close of each bar, therefore it does NOT repaint, but will be active and change colour whilst the bar is open. Thus a 1m entry may be taken - if "allowed" before the 5m bar closes. Again, this has been discussed before.....
Trading Levels with WRBs
  • #4,333
  • Dec 9, 2013 2:44am Dec 9, 2013 2:44am
Howdy; took 10p off EU. Entered at 8:05 (waited for 5m print though the 8:01 entry gave an extra 3p) & went to the untested resistance off the 15m chart at around 3716. MR1 was a concern as it has acted as support but the stochs & matrix looked good, as did the 5m chart so went for it. It then acted as support after the move up through it. Out at 8:38 & off to work.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm1.png Size: 24 KB
  • #4,334
  • Dec 9, 2013 3:33am Dec 9, 2013 3:33am
Quoting Sober_Colm
Howdy; took 10p off EU. Entered at 8:05 (waited for 5m print though the 8:01 entry gave an extra 3p) & went to the untested resistance off the 15m chart at around 3716. MR1 was a concern as it has acted as support but the stochs & matrix looked good, as did the 5m chart so went for it. It then acted as support after the move up through it. Out at 8:38 & off to work. {image}
Well done, you banked what was available at that time - and it was half an hour before € inched its way higher....

I was trading €urJpy as it usually offers more pips....
Trading Levels with WRBs
  • #4,335
  • Dec 9, 2013 2:11pm Dec 9, 2013 2:11pm
Quoting Islander
{quote} Well done, you banked what was available at that time - and it was half an hour before € inched its way higher.... I was trading €urJpy as it usually offers more pips....
Does your 10p hard stop always cover you on the Yen crosses? I've decided to stick to EU & GU at the open as I expect the 10p stop should cover them.
  • #4,336
  • Dec 10, 2013 1:28am Dec 10, 2013 1:28am
Quoting Sober_Colm
{quote} Does your 10p hard stop always cover you on the Yen crosses? I've decided to stick to EU & GU at the open as I expect the 10p stop should cover them.
I now increase my hard SL for €Y to 15p - but given that I am watching the PA around the 25ema, if a trade does not work quite quickly and the MA changes slope, I will be out well before then....
Trading Levels with WRBs
  • #4,337
  • Dec 10, 2013 2:49am Dec 10, 2013 2:49am
All very tight on EU & GU this morning. Wanted to sell GU down to the 6420 area just before 8:30 but just never got the complete signal so stayed out (& it now looks like that's where it's headed). The same went for an EU buy up to R1 (where it promptly went!) but it just didn't come together. I hate not getting a trade but I guess patience is the key; there's always tomorrow.
  • #4,338
  • Dec 10, 2013 3:16am Dec 10, 2013 3:16am
Quoting Sober_Colm
All very tight on EU & GU this morning. Wanted to sell GU down to the 6420 area just before 8:30 but just never got the complete signal so stayed out (& it now looks like that's where it's headed). The same went for an EU buy up to R1 (where it promptly went!) but it just didn't come together. I hate not getting a trade but I guess patience is the key; there's always tomorrow.
Now I focus on Gbp and EurJpy as one or the other usually give a trade in the hour from mid Frankies Hour

This morning it was €J as UJ turned down taking the cross with it....
Attached Image (click to enlarge)
Click to Enlarge Name: dec10 ej 1m5m 0809 gmt.png Size: 149 KB
Trading Levels with WRBs
  • #4,339
  • Dec 11, 2013 2:30am Dec 11, 2013 2:30am
I posted this in the Genesis thread with a detailed explanation of the trade....
Attached Image (click to enlarge)
Click to Enlarge Name: dec11 ej 1m5m 0755 gmt.png Size: 147 KB
Trading Levels with WRBs
  • #4,340
  • Edited 2:15am Dec 12, 2013 1:44am | Edited 2:15am
Grabbed 19 off GU there. Well supported at MS1, in at 7:09, up to DPV. Who knows, it might well go further but I'm happy with that for the day; in & out before Draghi hits the wires.

Edit: Up it went to MR1. Islander, may I please ask, would you have held onto this trade up towards MR1 considering that the 5m chart was still saying hold? Cheers.
Attached Image
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