Islander and Medici trade the European open | Page 226 | Forex Factory

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Islander and Medici trade the European open

  • #4,501
  • Jan 19, 2014 5:11am Jan 19, 2014 5:11am
Quoting figgsey
{quote} I do likewise The M15 trend for setting up (using RSIO but also HA). I look at the longer term trend through an M30 prism, as longer TFs are not too helpful for day trading.
I'm actually moving away from the HA candles on the m1 chart as I find they cloud my judgement when I see a pile of reds or a pile of greens, I think I've either missed the boat or there's nothing happening & it makes me hesitant. With normal candlesticks I feel there's more info there for me as to what is happening here & now, especially if I'm using the BB too.
  • #4,502
  • Jan 20, 2014 2:49am Jan 20, 2014 2:49am
Quoting Sober_Colm
{quote} I'm actually moving away from the HA candles on the m1 chart as I find they cloud my judgement when I see a pile of reds or a pile of greens, I think I've either missed the boat or there's nothing happening & it makes me hesitant. With normal candlesticks I feel there's more info there for me as to what is happening here & now, especially if I'm using the BB too.
Me too, I only need them if I post in the Genesis thread......I've also slightly changed my chart set ups, looking to reduce indicators etc and even removed price bars from the 5m & 15m as its only the indicators that I need to see.....
Trading Levels with WRBs
  • #4,503
  • Jan 20, 2014 3:05am Jan 20, 2014 3:05am
I was late into this one - a touch of the local bug made it difficult to leave my bed....

I'm testing the 5m matrix on the 1m chart, as soon as I'm happy that its duplicating the 5m's signals, I'll remove it from the 5m....
Attached Image (click to enlarge)
Click to Enlarge Name: jan20 ej new multi 0858.png Size: 166 KB
Trading Levels with WRBs
  • #4,504
  • Jan 20, 2014 3:30am Jan 20, 2014 3:30am
Tough one this morning. Trying my best to stick to the set of principles that are coming together, namely; trade with m15 RSIoMA & then m30 stoch. EJ, EU, GJ, GU were all long this morning after BB squeezes. USD was stronger than JPY but I thought it had finally run out of steam after 7:30 & so took an EU long after 7:40 but again, due to my hesitations (I wasn't 100% convinced on the m30 stoch), I got in 2 mins late which cost me 4p. Exited at LO when no real volume arrived, along with some other indys telling me to exit, for a paltry 3p &, of course, price moved to DPV thereafter. Oh well, it covers some commissions for the week I guess. There was a GU trade at 8:20 but I was otherwise occupied so wasn't on point after LO & didn't take it. At least the week hasn't started with a loss & I've stayed disciplined, which is probably the most important thing. As Alien has said, "sitting on your hands" is a key part of trading.

Here's the entry; m15, m5, UJ, m1 (entry & exit):
Attached Images
  • #4,505
  • Jan 20, 2014 3:54am Jan 20, 2014 3:54am
I am still comfortable with old 3 dragon system with addition matrix and stoch. Below is today's trade for which i was targeting pivot point, about to close it as there is no momentum.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurusdm1.png Size: 51 KB
  • #4,506
  • Jan 20, 2014 4:55am Jan 20, 2014 4:55am
Quoting zohaib
I am still comfortable with old 3 dragon system with addition matrix and stoch. Below is today's trade for which i was targeting pivot point, about to close it as there is no momentum. {image} {image}
that's great - there's no need to change something that's working for you and as SC said, this was a difficult morning...in fact, a typical non trending Monday!
Trading Levels with WRBs
  • #4,507
  • Edited 7:26am Jan 20, 2014 6:55am | Edited 7:26am
Got a lunchtime trade in there. Looked the classic post-accumulation, distribution phase that I was pointed to via the Sonic thread a good while back (see Martin Cole on YouTube for a wealth of free knowledge on how market makers work). EJ & GJ were the contenders but as GJ moved first on the m15 RSIoMA I took that trade when everything lined up on the m5 & m1 as per normal entry rules. Exit for 18p was divergence after hitting 171 (red line in pic). Here's how it looks from an accum/ distribution perspective & then the m5 with the nicely sloping m30 stoch:
Attached Images
  • #4,508
  • Edited 11:35am Jan 20, 2014 11:24am | Edited 11:35am
@ SC and I've been working with GJ too

I've been aware that my WIP has started to make my charts too complex and after a weekend of checking out signals, entries etc I realised that I already had the answer to my quest for a visual direction indicator - handy148 reminded me last week.....so now my 1m chart has just three windows. The top has price with Bolinger Bands to show "squeeze" areas and my old MA ribbon for a very visual only Buy / Sell using EMA30 & SMA 100.

The second window is pure Genesis with the M30 stoch (orchid) plus M15 & M5. Stochastics give plenty of information and often lead price.

The bottom window is Alien's multiple ADX set up and as the ADX is a momentum indicator, it often shows when a move is about to terminate. Likewise a pinch frequently happens before a move...

Thus my main rule becomes only enter in the direction of the coloured ribbon whilst the slope of the M30 is in agreement. Fine tuning by BBs and ADX.....simple...

My 5m multi screen for aiding with contract selection remains unchanged
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #4,509
  • Jan 21, 2014 12:07am Jan 21, 2014 12:07am
Quoting Islander
started to make my charts too complex ...... and my old MA ribbon for a very visual only Buy / Sell using EMA30 & SMA 100. The second window is pure Genesis with the M30 stoch (orchid) plus M15 & M5. Stochastics give plenty of information and often lead price. {image}

I like it.Simple and easy to know what to do or not to do.
We miss 100% of the shots we don't take
  • #4,510
  • Jan 21, 2014 2:34am Jan 21, 2014 2:34am
Took this buy in EJ - its a Yen cross, so I do take early trades in Yen or Aud

Happy to take +15 as the ADX was peaking and the M5 stoch starting to roll over as € began its fall....
Attached Image (click to enlarge)
Click to Enlarge Name: jan21 ej multi lo.png Size: 163 KB
Trading Levels with WRBs
  • #4,511
  • Edited 3:01am Jan 21, 2014 2:38am | Edited 3:01am
Then I jumped onto € as it started to roll over just after mid FH.....the high volumed WRB with the 2Xs was the alert to watch closely and as price stalled at the MS1 I took another 15 pips....

Edit: BTW, my settings will change as I fine tune this set up - viz: the ribbon is EMA30 with SMA 100 and not the older EMA30 / 125 as shown on the chart......WIP
Attached Image (click to enlarge)
Click to Enlarge Name: jan21 eu 1m lo.png Size: 38 KB
Trading Levels with WRBs
  • #4,512
  • Jan 21, 2014 3:05am Jan 21, 2014 3:05am
Quoting Islander
Took this buy in EJ - its a Yen cross, so I do take early trades in Yen or Aud Happy to take +15 as the ADX was peaking and the M5 stoch starting to roll over as € began its fall....
Same trade but vs GBP for me. Didn't get in as early. Close was the same though; Adv ADX momentum change & vol divergence up at **00. Out for only 5p . Chance of an earlier entry there but I wasn't convinced by the m30 stoch at FO.
  • #4,513
  • Jan 21, 2014 3:21am Jan 21, 2014 3:21am
Quoting Sober_Colm
{quote} Same trade but vs GBP for me. Didn't get in as early. Close was the same though; Adv ADX momentum change & vol divergence up at **00. Out for only 5p . Chance of an earlier entry there but I wasn't convinced by the m30 stoch at FO.
For me EJ was the clearer picture with M30 up since ~ 6:40 and a nice BB squeeze with an ADX pinch too....now I'm starting to watch € & EJ again, with the German ZEW due in ~40 mins....
Trading Levels with WRBs
  • #4,514
  • Jan 21, 2014 3:34am Jan 21, 2014 3:34am
Quoting Islander
{quote} For me EJ was the clearer picture with M30 up since ~ 6:40 and a nice BB squeeze with an ADX pinch too....
I had GJ m30 flatter but I've only realised now that I need to add the m30 to my m1 chart for a clearer picture of the flattening/ change in direction on the m30 as it doesn't show this on the m5 chart. This would have helped me get an earlier entry this morning.
  • #4,515
  • Jan 21, 2014 3:53am Jan 21, 2014 3:53am
I got caught on the wrong side of a EURUSD trade yesterday but overnight it broke even. So I go the longer trend right, but not the M1/M5 entry. Still studying and reverse engineering the trade...
  • #4,516
  • Jan 21, 2014 3:54am Jan 21, 2014 3:54am
Quoting Islander
@ SC and I've been working with GJ too I've been aware that my WIP has started to make my charts too complex and after a weekend of checking out signals, entries etc I realised that I already had the answer to my quest for a visual direction indicator - handy148 reminded me last week.....so now my 1m chart has just three windows. The top has price with Bolinger Bands to show "squeeze" areas and my old MA ribbon for a very visual only Buy / Sell using EMA30 & SMA 100. The second window is pure Genesis with the M30 stoch (orchid) plus M15 & M5....
Excellent analysis as ever BTW.

Nice and objective framework
  • #4,517
  • Jan 21, 2014 4:21am Jan 21, 2014 4:21am
Quoting figgsey
{quote} Excellent analysis as ever BTW. Nice and objective framework
Thanks, I'm putting any further research on the back burner and going to concentrate on fine tuning and pirating pips and this needs more focus on trading and less on posting etc, so posting analysis with charts will be in the quieter times....now I've finished for this morning....BFN
Trading Levels with WRBs
  • #4,518
  • Jan 21, 2014 6:36am Jan 21, 2014 6:36am
Quoting Islander
{quote} Thanks, I'm putting any further research on the back burner and going to concentrate on fine tuning and pirating pips and this needs more focus on trading and less on posting etc, so posting analysis with charts will be in the quieter times....now I've finished for this morning....BFN
The FO is really important all right. I am still investigating... and need to fine tune.
  • #4,519
  • Edited 8:57am Jan 21, 2014 8:42am | Edited 8:57am
Several 5m & 15 buy signals from 12:30. I was late in after the second buy and so only got some of the ~55pips of that rally. The volumes & PA with the 5m stoch starting to turn suggested exiting ~the R2 level

Now monitoring UJ, EU & GU for a possible sell later in a cross....

Edit: 15:56 UJ's found support at its R 1 level so its sit on hands time
Attached Image (click to enlarge)
Click to Enlarge Name: jan21 gu multi 1427.png Size: 161 KB
Trading Levels with WRBs
  • #4,520
  • Jan 21, 2014 8:55am Jan 21, 2014 8:55am
Quoting zohaib
I am still comfortable with old 3 dragon system with addition matrix and stoch. Below is today's trade for which i was targeting pivot point, about to close it as there is no momentum. {image} {image}
PP - I agree, looking back at the 3 Dragons approach was very successful.

Is it worth revisiting?

Fig
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