Islander and Medici trade the European open | Page 218 | Forex Factory

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Islander and Medici trade the European open

  • #4,341
  • Dec 12, 2013 2:48am Dec 12, 2013 2:48am
Quoting Sober_Colm
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. {image}
As cable was flat into FO, I waited until mid FH when it started to rally and then bought. My exit was similar to yours - out in the WRB with high volume - apart from MR 1 I also have a S&R level 4 pips higher so the push up was close enough for me too
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Trading Levels with WRBs
  • #4,342
  • Dec 13, 2013 2:36am Dec 13, 2013 2:36am
Thanks for the above. I'm going to try & incorporate stopping volume into my exits from now on.

Only managed to grab 5p this morning. Waited for some volume & entered an EU long looking to go to the 3775 area (MR1 & 15m resistance are up there too) but the stall around the DPV scared me out of the trade so decided to bank & head to work, rather than move to BE & leave it play out. Price will probably hit the 75 mark now knowing my luck!
Attached Image
  • #4,343
  • Dec 13, 2013 2:55am Dec 13, 2013 2:55am
Quoting Sober_Colm
Thanks for the above. I'm going to try & incorporate stopping volume into my exits from now on. Only managed to grab 5p this morning. Waited for some volume & entered an EU long looking to go to the 3775 area (MR1 & 15m resistance are up there too) but the stall around the DPV scared me out of the trade so decided to bank & head to work, rather than move to BE & leave it play out. Price will probably hit the 75 mark now knowing my luck! {image}
IMO it helps a lot, especially if you are trading for a limited time and looking to bank 15 - 30 regular pips.....

I guess you've see the EurJpy trade that I posted in the Genesis thread......my exit was based on volume at the first fib retracement level.....also, FH, so bank asap as the pips are extra slippery in that period.....
Trading Levels with WRBs
  • #4,344
  • Dec 13, 2013 8:11am Dec 13, 2013 8:11am
Nice NY session trade in cable. I was hoping for either the **00 or S 1, but after the high volume at 13:57 decided to take the 23 pips that were on offer. Now to see what happens after NYO 2.....
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Trading Levels with WRBs
  • #4,345
  • Dec 16, 2013 2:34am Dec 16, 2013 2:34am
Not much on offer this morning. Steered clear of EU due to the data. GU had potential at 7:06/ 7:31 but I decided to stay out as the 15m stoch just wasn't doing it for me. Of course, price moved to MR1 immediately thereafter giving up 10p.
  • #4,346
  • Dec 16, 2013 9:13am Dec 16, 2013 9:13am
Quoting Sober_Colm
Not much on offer this morning. Steered clear of EU due to the data. GU had potential at 7:06/ 7:31 but I decided to stay out as the 15m stoch just wasn't doing it for me. Of course, price moved to MR1 immediately thereafter giving up 10p.
I looked at last weeks action and the average European Session ranges were €J 79 pips, GU 77 pips and GJ 136 pips.

This morning I took these two trades.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #4,347
  • Dec 16, 2013 5:05pm Dec 16, 2013 5:05pm
Quoting Islander
{quote} I looked at last weeks action and the average European Session ranges were €J 79 pips, GU 77 pips and GJ 136 pips. This morning I took these two trades..... {image}
Pip Pirate,

A nice scalp and the olde style trading log entries using hard copies - cool.

How are you using the Sonic VSA indicator these days on M1 TFs? What are you looking for by way of signal?

Ta

Figgsey
  • #4,348
  • Dec 17, 2013 1:37am Dec 17, 2013 1:37am
Quoting Islander
I looked at last weeks action and the average European Session ranges were €J 79 pips, GU 77 pips and GJ 136 pips.
I'm going to have to get involved with the Yen crosses in the new year methinks; looks like that's where the magic happens.
  • #4,349
  • Dec 17, 2013 1:53am Dec 17, 2013 1:53am
Quoting figgsey
{quote} Pip Pirate, A nice scalp and the olde style trading log entries using hard copies - cool. How are you using the Sonic VSA indicator these days on M1 TFs? What are you looking for by way of signal? Ta Figgsey
Hi Figgsey

Thanks - although I think of them as intra day swings rather than scalps which IMO are for a couple of pips and a few seconds....

Check my posts in the Genesis thread, I recently explained my way of using Sonic's volume plus that old ADR indicator as an alert to look for an exit

Cheers, Islander
Trading Levels with WRBs
  • #4,350
  • Dec 17, 2013 1:58am Dec 17, 2013 1:58am
Quoting Sober_Colm
{quote} I'm going to have to get involved with the Yen crosses in the new year methinks; looks like that's where the magic happens.
Agreed, that's my concluusion too. For us European Traders, I'm thinking €J and GJ depending on which base pair is active. As ever, if UJ moves in the opposite direction, then I revert to just the base pair
Trading Levels with WRBs
  • #4,351
  • Dec 17, 2013 3:36am Dec 17, 2013 3:36am
sir islander, how do use the Sonic PVA volume with your analysis? still high volume in key number like 00, 50?
  • #4,352
  • Dec 17, 2013 7:21am Dec 17, 2013 7:21am
Quoting Islander
{quote} Hi Figgsey Thanks - although I think of them as intra day swings rather than scalps which IMO are for a couple of pips and a few seconds.... Check my posts in the Genesis thread, I recently explained my way of using Sonic's volume plus that old ADR indicator as an alert to look for an exit Cheers, Islander
Ah, I see. Thanks

Perhaps this is where I am going wrong with my exits. At the moment, I am looking at only the Genesis indicator changing colour on M1. This means that I am not letting trades run and get bigger scalp! Other than the ADR, and Sonic VSA are there any other indicators/signs that you look for?

Cheers
  • #4,353
  • Dec 17, 2013 7:25am Dec 17, 2013 7:25am
Quoting faststare08
sir islander, how do use the Sonic PVA volume with your analysis? still high volume in key number like 00, 50?

Classic VSA analysis as taught by Tom Williams tells us to look out for an increase in volume some bars before an actual turn happens. When using tick volume on the 1m forex chart, we will also find that a high volumed candle with wider range will actually be the high or low of a short term intra day swing.

Thus I use it as an alert to watch the price action, especially if it is close to a prior S&R area, daily pivot level (all of them from S3 up to R3 and the mid levels) and the Sweet Spots......and if there is a confluence of the above, there is more possibility that price will react to that area.

If you wish to look into the use of volumes in greater detail, posts by HiddenGap, Malcolmb14 and Shamus should answer most of your questions
Trading Levels with WRBs
  • #4,354
  • Dec 17, 2013 7:40am Dec 17, 2013 7:40am
Quoting figgsey
{quote} Ah, I see. Thanks Perhaps this is where I am going wrong with my exits. At the moment, I am looking at only the Genesis indicator changing colour on M1. This means that I am not letting trades run and get bigger scalp! Other than the ADR, and Sonic VSA are there any other indicators/signs that you look for? Cheers
As I've just explained to faststare08 and elsewhere, my use is for banking regular pips off the short term ID swings and thus - depending on the time of day and the contract - I will be happy with anything from 15 pips to 30 pips.

So when I see a WRB with higher volume AND price is close to "A Level" I start looking to see if the move is stalling. If it is and I am happy with the pips available, I will close either half or all......there are always several opportunities per session and I hate to see a reasonable profit go back to hit my SL for +5 or +1

However, on those few days where the candles are all long, the MAs have a good slope, then its best to move up to the 5m TF and expect price to blow through these minor levels.....differentiating between the two scenarios does take some experience!
Trading Levels with WRBs
  • #4,355
  • Dec 17, 2013 8:05am Dec 17, 2013 8:05am
Quoting Islander
{quote} Classic VSA analysis as taught by Tom Williams tells us to look out for an increase in volume some bars before an actual turn happens. When using tick volume on the 1m forex chart, we will also find that a high volumed candle with wider range will actually be the high or low of a short term intra day swing. Thus I use it as an alert to watch the price action, especially if it is close to a prior S&R area, daily pivot level (all of them from S3 up to R3 and the mid levels) and the Sweet Spots......and if there is a confluence of the above,...
I have wrong concepts with volume then. I thought that all I need is look for high volume in key levels and then look for up bar (show of weakness) and vice versa for show of weakness. I watch my chart all day but i'm still confuse to use the volume with my trading arsenal. >.<
  • #4,356
  • Dec 17, 2013 8:14am Dec 17, 2013 8:14am
Quoting faststare08
{quote} I have wrong concepts with volume then. I thought that all I need is look for high volume in key levels and then look for up bar (show of weakness) and vice versa for show of weakness. I watch my chart all day but i'm still confuse to use the volume with my trading arsenal. >.<
As I keep saying, this MY PERSONAL use of tick volume. If it helps you fine, if not then follow my suggestions and see how others use it
Trading Levels with WRBs
  • #4,357
  • Dec 17, 2013 8:28am Dec 17, 2013 8:28am
Quoting Islander
{quote} As I keep saying, this MY PERSONAL use of tick volume. If it helps you fine, if not then follow my suggestions and see how others use it
thanks.
  • #4,358
  • Dec 17, 2013 3:12pm Dec 17, 2013 3:12pm
Quoting Islander
{quote} As I've just explained to faststare08 and elsewhere, my use is for banking regular pips off the short term ID swings and thus - depending on the time of day and the contract - I will be happy with anything from 15 pips to 30 pips. So when I see a WRB with higher volume AND price is close to "A Level" I start looking to see if the move is stalling. If it is and I am happy with the pips available, I will close either half or all......there are always several opportunities per session and I hate to see a reasonable profit go back to hit my...
Hi Capt., I am obliged. Yes, I now see that the MA slopes hadn't turned. And also to take a closer look at VSA. Ta
  • #4,359
  • Dec 19, 2013 1:53am Dec 19, 2013 1:53am
2 breakevens this week. GU on Tuesday (pic on left) made it to 5p but after hitting resistance & failing a few times I just moved to BE & got stopped. This saved me my stop loss as price then went North for around 13p thereafter. Yesterday on EU (pic on right), got to the Open Line for 10p & I moved SL to BE at that point. Held on as I was waiting for the run to DPV. Got stopped shortly after. If I hadn't moved to BE I would have made it to DPV in the end though so the trades evened themselves out anyway though disappointing not to have bagged anything.

One thing to note on both trades is that T3 was not in my favour on the matrix. I use the ASC Trend 2TF also so am seeing if I can trade without having the T3 in my favour too. Should I just stick with the matrix as it is & wait for the full set?
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  • #4,360
  • Dec 19, 2013 2:19am Dec 19, 2013 2:19am
On the 5m chart I look for 3 bars of the same colour with the M30 stoch sloping in the direction of the trade - remember that whilst the bar is still @open@ the matrix will change colour and only fixes on the close

Then I look at the 1m where I work with all 4 bars of the matrix agreeing - the exception being a continuation trade in a pull back situation......but waiting for price to be within +/- 4 pips of the 25 ema -(or 30 / 34 ema if you wish) - is best.....

PS when the markets are flat like now its a coin toss after the FOMC shake out.....so I'll look for a breakour and then try to enter on a pull back...

PSS using the 5m filter saves you from a lot of poor entries
Trading Levels with WRBs
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