Islander and Medici trade the European open | Page 223 | Forex Factory

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Islander and Medici trade the European open

  • #4,441
  • Jan 14, 2014 8:07am Jan 14, 2014 8:07am
Quoting Islander
{quote} I prefer to only trade early - around FO - if there is some trend aready in place. If the market is flat IMO its best to wait until at least mid FH - this morning again proved this..... If your trading time is limited, IMO banking around "levels" in high volume WRBs is the way to go.......if you have more time, then waiting for some divergence via either the fast ADX / Advanced ADX or the TVI At present I'm long GJ.....chart later.....
Do you happen to play the LO, NY or other exchange? Or do you focus only on FO?

PS - The latest screens/setups look excellent PP
  • #4,442
  • Jan 14, 2014 8:42am Jan 14, 2014 8:42am
Quoting figgsey
{quote} Do you happen to play the LO, NY or other exchange? Or do you focus only on FO? PS - The latest screens/setups look excellent PP
Yes, as Medici and I started, I still trade the European Opens and sometimes the NY Opens too - but most of the time its better to wait until mid FH or later before trading - especially for Cable and Fibre....
Trading Levels with WRBs
  • #4,443
  • Jan 14, 2014 10:43am Jan 14, 2014 10:43am
Quoting Islander
{quote} Yes, as Medici and I started, I still trade the European Opens and sometimes the NY Opens too - but most of the time its better to wait until mid FH or later before trading - especially for Cable and Fibre....
In that case you may want to try the Sunday gap opening strategy for your trend analysis. Talking of what pairs combos do you use for correlations...?
  • #4,444
  • Edited 2:39am Jan 15, 2014 2:26am | Edited 2:39am
Quoting figgsey
{quote} In that case you may want to try the Sunday gap opening strategy for your trend analysis. Talking of what pairs combos do you use for correlations...?
Currently I am focused on GbpJpy and EurJpy and as these are both crosses, I chart them + GU, EU and UJ.

This morning, action in the AustralAsian Session turned GJ down ~ an hour before FO, so I took an early entry there.....

Hint: Look for early trades in any contract that has Jpy or Aud in its name ......otherwise wait until closer to LO.....
Trading Levels with WRBs
  • #4,445
  • Jan 15, 2014 2:41am Jan 15, 2014 2:41am
The 5m multi screen for monitoring my chosen contracts showed both cable and UJ heading down ~FO - so look to sell GJ.....and I did......GJ charts follow...
Attached Image (click to enlarge)
Click to Enlarge Name: jan15 5m multi 0830.png Size: 109 KB
Trading Levels with WRBs
  • #4,446
  • Edited 3:07am Jan 15, 2014 2:48am | Edited 3:07am
Quoting Islander
This morning, action in the AustralAsian Session turned GJ down ~ an hour before FO, so I took an early entry there..... Hint: Look for early trades in any contract that has Jpy or Aud in its name ......otherwise wait until closer to LO.....
I saw the trade but didn't want to take it due to yesterday's GJ strength but, as you said, if it's a continuation of the Asian session trend then it's ok for a trade. Must keep this in mind; Yen crosses only for continuation trades. Had a bit of a mare this morning but a GJ long has got me out of a hole somewhat.

Entered GU short at 7:10 as I thought it was ok for a continuation trade as GBP had been selling off nicely since the Ldn close yesterday. It wasn't even a clean signal (the m30 stoch was choppy). I got cold feet at 7:50 when RSIOMA crossed up over the 50 so closed it for a 4p loss. Waited till 7:30 to enter GJ short (realise now I should have been in earlier). Again, got cold feet when I saw the divergence coming up to LO so bailed at +4p even though everything still looked good about the trade & would have bagged at least rr 1:1. The worst part was that I then entered EU long at 7:55 even though (in hindsight) the m30 stoch didn't support a buy at all. Terrible trade, lost my stake. Thankfully I got on GJ Long at 8:35 & managed to grab 13p off of it before bailing on divergence. What a bloody mess of a morning. If I had just stuck with the GJ short & then taken the glaringly obvious EU short at 8:10 it could have been a great morning! Gotta learn from the mistakes though so it will have been a good lesson.
  • #4,447
  • Jan 15, 2014 2:54am Jan 15, 2014 2:54am
So the 15m RSIOMA has come down out of its buy zone and the 5m RSIOMA and other indys show short with BB squeezez, so sell of the 1m as its RSIOMA and others cycle back to short.....the 171 area gave GJ a "rest" as Alien likes to call a consolidation with even the 1m staying in the sell zone and little increase in volumes, so stay in the trade....

The quick drop after LO had increasing volumes towards the **75 SS so I clucked and banked for a nice start to my day. Note that on the MA dashboard the higher TFs are still green and I confirmed this by changing my 5m chart to 60m to check its signals - thus I don't yet expect longer waves to the downside....
Attached Image (click to enlarge)
Click to Enlarge Name: jan15 gj multi 0833.png Size: 180 KB
Trading Levels with WRBs
  • #4,448
  • Edited 3:19am Jan 15, 2014 3:06am | Edited 3:19am
Quoting Sober_Colm
{quote} I saw the trade but didn't want to take it due to yesterday's GJ strength but, as you said, if it's a continuation of the Asian session trend then it's ok for a trade. Must keep this in mind; Yen crosses only for continuation trades. Had a bit of a mare this morning but long GJ at present which is getting me out of a hole.
When I looked at the Asian action, GJ had been rejected 5 times off the **50 SS area which helped my decision.....but IMO its too early to conclude that the rally is over and the 1m & 5m charts now show buy - as you did
Trading Levels with WRBs
  • #4,449
  • Jan 15, 2014 3:43am Jan 15, 2014 3:43am
Quoting Islander
{quote} Currently I am focused on GbpJpy and EurJpy and as these are both crosses, I chart them + GU, EU and UJ. This morning, action in the AustralAsian Session turned GJ down ~ an hour before FO, so I took an early entry there..... Hint: Look for early trades in any contract that has Jpy or Aud in its name ......otherwise wait until closer to LO.....

Thanks for that, I may take a look at FO myself but always thought this to be a riskier time. Talking of time I recall a post on Sonic regarding the monthly derivatives/contracts settlements and when MM look to settle. It was a good post but I can't find it!
  • #4,450
  • Jan 15, 2014 3:52am Jan 15, 2014 3:52am
Quoting figgsey
{quote} Thanks for that, I may take a look at FO myself but always thought this to be a riskier time. Talking of time I recall a post on Sonic regarding the monthly derivatives/contracts settlements and when MM look to settle. It was a good post but I can't find it!
Agreed, pre LO is "less reliable" and hence I need to see some trend already in progress and I'll trade EJ or GJ as the Yen markets are still open

When I traded futures, expiry was the third Friday of the month....but trading changed to the forward (next) month a week before....and most contracts were for three months....
Trading Levels with WRBs
  • #4,451
  • Jan 15, 2014 7:25am Jan 15, 2014 7:25am
Quoting Islander
{quote} Agreed, pre LO is "less reliable" and hence I need to see some trend already in progress and I'll trade EJ or GJ as the Yen markets are still open When I traded futures, expiry was the third Friday of the month....but trading changed to the forward (next) month a week before....and most contracts were for three months....
I see, but do you trade US/UK exchange time (and not opens)? Thanks

Re futures.. it will be interesting to see whether volumes peak when MM "Have" to settle...

As for today - more MT4 sheningans and I can't trade
  • #4,452
  • Jan 15, 2014 8:10am Jan 15, 2014 8:10am
Quoting figgsey
{quote} I see, but do you trade US/UK exchange time (and not opens)? Thanks Re futures.. it will be interesting to see whether volumes peak when MM "Have" to settle... As for today - more MT4 sheningans and I can't trade

I try to be free to trade from FO for ~ 3 hours and later from either NYO1 or NYO2 for a couple more hours.....
Trading Levels with WRBs
  • #4,453
  • Jan 15, 2014 8:27am Jan 15, 2014 8:27am
I was out when the first sell showed up at ~11:42 and there were three more as the 1m Green stoch and delayed stoch cycled up to OB with RSIOMA and the slower stochs staying under the 50 levels....a total of some 80 pips before divergence in the TVI suggested banking ~the DP.....I did get a few late ones....
Attached Image (click to enlarge)
Click to Enlarge Name: jan15 gj multi 1410.png Size: 183 KB
Trading Levels with WRBs
  • #4,454
  • Jan 15, 2014 9:43am Jan 15, 2014 9:43am
Research.....
Attached Image (click to enlarge)
Click to Enlarge Name: jan15 gu multi 1410.png Size: 181 KB
Trading Levels with WRBs
  • #4,455
  • Jan 15, 2014 10:18am Jan 15, 2014 10:18am
Quoting Islander
Research..... {image}
Thanks, looks excellent.

How did you manage to change the colour on the ADX indicator indicating trend?

My indicator does have the parameter...
  • #4,456
  • Jan 15, 2014 11:53am Jan 15, 2014 11:53am
Quoting figgsey
{quote} Thanks, looks excellent. How did you manage to change the colour on the ADX indicator indicating trend? My indicator does have the parameter...
I guess you mean the coloured histogram.....its the Advanced ADX from Aliens thread....
Attached File(s)
File Type: mq4 Advanced_ADX.mq4   2 KB | 254 downloads
Trading Levels with WRBs
  • #4,457
  • Jan 15, 2014 3:49pm Jan 15, 2014 3:49pm
Quoting Islander
{quote} I guess you mean the coloured histogram.....its the Advanced ADX from Aliens thread.... {file}
How kind and I am obliged to you PP

Been one of those days
  • #4,458
  • Jan 15, 2014 3:57pm Jan 15, 2014 3:57pm
After much study I've concluded that for scalping the best exits are either a change in momentum on the Advanced ADX 7 (as long as the adx 21 & 42 aren't floating above the histogram in which case, as per Alien, there should be more in the move), or volume divergence, both in conjunction with s/r. Such exits will usually get me out of a trade a lot earlier than most but as per the examples over the last few pages, there's always the option of jumping back in if the right conditions remain/ arise.

Since seeing the charts you posted Islander I've been doing some work around the m15 RSIOMA & it seems like a solid indicator, even for trading the m1 so I'm going to try it include it from tomorrow so thanks, as ever, for the pointer. As you say, still a work in progress but coming together nicely.
  • #4,459
  • Jan 15, 2014 5:49pm Jan 15, 2014 5:49pm
Islander - I was looking back through the thread. In March last year you posted a "clean template" with an MA ribbon. Can you please advise the settings for that. I presume that one will be a 10 LWMA but not entirely sure about the other. Also you have bands (plus/minus 300 around) - can you please explain how you use those. Thanks.
  • #4,460
  • Jan 16, 2014 1:20am Jan 16, 2014 1:20am
Quoting handy148
Islander - I was looking back through the thread. In March last year you posted a "clean template" with an MA ribbon. Can you please advise the settings for that. I presume that one will be a 10 LWMA but not entirely sure about the other. Also you have bands (plus/minus 300 around) - can you please explain how you use those. Thanks.
Please tell me the Page and post number and I'll take a look. The ribbon would probably be a 30 EMA with MA1Price = high and MA2Price = low.

Bands at 300 would be a guide / warning that price was OB / OS in a non trend move. In a strong trend price can remain in a +/- 300 to +/- say 500 band for some time - this is a rare event.....
Trading Levels with WRBs
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