Islander and Medici trade the European open | Page 229 | Forex Factory

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Islander and Medici trade the European open

  • #4,561
  • Feb 3, 2014 2:00am Feb 3, 2014 2:00am
Quoting zohaib
Today's pre london 3 dragon trade hit my tp of 20 pips on gbp/jpy. Couldn't let it run as i was not on screen so set my tp at 20 pips. {image}
Nice one - thank's for posting
Trading Levels with WRBs
  • #4,562
  • Feb 3, 2014 2:03am Feb 3, 2014 2:03am
posted elsewhere....taking note of Sonic's comments about FH not "reliable"......I look to wait until ~mid FH as my compromise for EU & GU.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb3 gu 1m 0746.png Size: 41 KB
Trading Levels with WRBs
  • #4,563
  • Feb 3, 2014 4:59am Feb 3, 2014 4:59am
In reply to several PMs I am posting some answers.....

Why not trade the higher TFs. Firstly, which TFs to trade is not only personal preference, but is also dictated by the time a trader has available to actually trade.

I live in Spain and thus in THE best TZ for trading the European Session which has 4 major market closes and 3 major market opens. This allows me to trade the shorter TFs and take advantage of the smaller Intra Day Swings which offer between 150% and 200% more pips than the Average Daily Range. I also prefer the action offered by the lower TFs.

Why have I changed from the subjective trading I used in Sonic's thread to the Objective trading I now use? Because adding filters via selected indicators makes trading less stressful and also easier for others to follow my entries and exits.

I now use a hybrid system in which I have combined ideas from both the excellent Genesis Matrix thread and Alien's ET Visual Systems thread and it is ESSENTIAL to read up on these threads for a full understanding of my reasoning. I monitor the 5m charts via my multi screen and also the 15m charts - more than sufficient for ID trading. Daily Pre FO work includes a look at the higher TFs for S&R areas etc.

I do use an initial Hard Stop Loss - now usually 22.2 pips - and that should tell you why I use that ammount in MT4 trades! My mental SL is the "other side" of the fast EMA. When I am seeing a potential ST reversal I will tighten my SL on any remaining positions. I can always re-enter.

The coloured ribbon is my trend indicator and for pull back re-entries, especially useful when I have taken partial profits in a move.

I frequently exit too early - something I am working on - but consistently banking more than 50 pips a day from three or four trades is more than sufficient for me and allows me time away from my screen.

I hope this helps answer those queries.....

Regards

Islander
Trading Levels with WRBs
  • #4,564
  • Feb 3, 2014 6:08am Feb 3, 2014 6:08am
from earlier in another thread.....[highlight=rgb(244, 246, 249); font-family:verdana]For those who prefer the 5m charts, GJ was a sell at 5am at ~168.05 and is now ~120 pips lower.....i[/highlight]

[highlight=rgb(244, 246, 249); font-family:verdana]Its run so far is > 200 pips, with this follow on entry worth > 130 from arrow to low right on the BRN.....or a few less arrow to arrow...[/highlight]

[highlight=rgb(244, 246, 249); font-family:verdana]This is a great illustration of how these indicators help select the entry AND show us to stay in the trade....[/highlight]
Attached Image (click to enlarge)
http://www.forexfactory.com/attachme...1&d=1391429121
Trading Levels with WRBs
  • #4,565
  • Feb 3, 2014 8:50am Feb 3, 2014 8:50am
I took half off at +10...SL now moved to +15
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Click to Enlarge Name: Image1.png Size: 40 KB
  • #4,566
  • Feb 3, 2014 9:05am Feb 3, 2014 9:05am
Quoting panamamike
I took half off at +10...SL now moved to +15 {image}
Thanks for posting - the bad miss on the ISM Mfg data should have done your EJ shorts some good......

I took a news trade and bought EU for +20 and now have to go out.....
Trading Levels with WRBs
  • #4,567
  • Feb 4, 2014 8:14am Feb 4, 2014 8:14am
Quoting Islander
{quote} Thanks for posting - the bad miss on the ISM Mfg data should have done your EJ shorts some good...... I took a news trade and bought EU for +20 and now have to go out.....
Thanks

And did you notice the new EURUSD bullish trend?

A real swing....
  • #4,568
  • Feb 4, 2014 8:17am Feb 4, 2014 8:17am
Quoting Islander
{quote} Thanks for posting - the bad miss on the ISM Mfg data should have done your EJ shorts some good...... I took a news trade and bought EU for +20 and now have to go out.....
Yes,it sure did. I hate having open trades when news arrives, but had profits locked in, so no complaints.
  • #4,569
  • Feb 4, 2014 3:46pm Feb 4, 2014 3:46pm
Quoting Islander
This chart shows the minimised / hidden indys on the chart that I posted yesterday, from which I conclude that I can remove the ADX and RSIOMA windows as the M5 & M15 Ultra stochs, with 1m matrix and PVA volume give sufficient information on the 1m TF, so I will do this and test in RT next week and hopefully solve the problem of missing data & repainting.... {image}
Did you stay with Alien's default (21) BB?

Nice squeeze BTW
  • #4,570
  • Feb 4, 2014 4:02pm Feb 4, 2014 4:02pm
Howdy, one from this morning. UJ had strengthened after the overnight selling & from before 7 EU looked very like a pump/ accumulation when looked at from a distance. Everything came together for the dump at 7:45. I entered on the wrb break out of the cloud. M30 stoch not looking great on the m5 chart (purple, far left) but can be seen to be flattening out on the m30 stoch on the m1 chart (squiggley green/ red, centre). The exit was after volume brought the price past DPV for 17p.
Attached Images
  • #4,571
  • Feb 4, 2014 4:02pm Feb 4, 2014 4:02pm
MM push up to the whole number but looks like reverting to bear trend...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm15.png Size: 62 KB
  • #4,572
  • Edited 2:09am Feb 5, 2014 1:53am | Edited 2:09am
Same type of trade today, this time on GJ. Prices driven up overnight & then churned for a few hours ready for the next move down. Everything came together at 6:56 with UJ going short again & m5 (far left pic, m30 sto top indy box, m15 sto bottom indy box) & m1 (centre left pic, RSIoMA & DD in indy box) looking good so entered on the break out of the cloud. I didn't wait for a large increase in volume to exit as price had made it to resistance which was close to DPV & **25 (centre right pic) so took the 23p on offer. I then waited for a recycle on the m1 RSIoMA/ Drake Delay (far right pic) & hopped into EJ when the Yen crosses started to move again. Wanted to see price hit R1 but as I'd already booked pips off the GJ trade I was tight with my SL & got stopped for 8p. Now, off to work

Edit: If I'd waited for the pickup in volume on GJ there was a better exit around **00 at 7:36/37 for another 25p. It's hard to stay in, especially at s/r lines, but I'm finding volume is the key.
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  • #4,573
  • Feb 5, 2014 3:24am Feb 5, 2014 3:24am
Hi Guys / thanks for your posts

Those that follow my posts in Rooi's thread will already know that I am taking a short break from posting there and also to a lesser extent from here as I have other work to do.....I hope post a chart or two here later....

Nice one SC - I also sold GU and GJ earlier.....
Trading Levels with WRBs
  • #4,574
  • Feb 5, 2014 8:06am Feb 5, 2014 8:06am
Quoting Islander
Hi Guys / thanks for your posts Those that follow my posts in Rooi's thread will already know that I am taking a short break from posting there and also to a lesser extent from here as I have other work to do.....I hope post a chart or two here later.... Nice one SC - I also sold GU and GJ earlier.....
Evidently there is a rugby club in Penzants by the name of the Pirate club. Taking the analogy further - you are our Capt.

Take care?

You will be sorely missed
  • #4,575
  • Feb 5, 2014 4:05pm Feb 5, 2014 4:05pm
Quoting figgsey
{quote} Evidently there is a rugby club in Penzants by the name of the Pirate club. Taking the analogy further - you are our Capt. Take care? You will be sorely missed
My favourite bar in the Carribean was called Billy Bones on Norman Island where Robert L Stevenson is reputed to have penned Treasure Island......shiver me timbers lads - those were the days....
Trading Levels with WRBs
  • #4,576
  • Feb 6, 2014 12:46am Feb 6, 2014 12:46am
Quoting Islander
{quote} My favourite bar in the Carribean was called Billy Bones on Norman Island where Robert L Stevenson is reputed to have penned Treasure Island......shiver me timbers lads - those were the days....
A little classier than the pirate club in costa rica then?. The only shivering that goes on in there is the girls - I think you can all work out why!!!.
  • #4,577
  • Feb 6, 2014 1:45am Feb 6, 2014 1:45am
Quoting Islander
....I am taking a short break from posting there and also to a lesser extent from here as I have other work to do
Hopefully a few of us can keep things ticking over anyway.

Frustrating one this morning. Got in just before FO after the EJ swing &, just like on NFP day, I should have taken what I was given at DPV seeing as it's BoE & ECB day & there's less liquidity. There was CCI divergence at DPV just after FO so I should have taken my 5p & been happy, instead I moved my SL to BE & hoped for an actual move lower, "hoped" being the operative word; I knew there would be no volume move this morning but I held on anyway. Poor discipline; stopped at BE & deservedly so. All very choppy & in tight ranges out there so looks like I may not get a second chance this morning, or more to the point: I should just stay out of the market! Anyone have any joy over the opens?
Attached Image
  • #4,578
  • Feb 6, 2014 8:51am Feb 6, 2014 8:51am
Quoting Islander
{quote} My favourite bar in the Carribean was called Billy Bones on Norman Island where Robert L Stevenson is reputed to have penned Treasure Island......shiver me timbers lads - those were the days....
Ha, I needed a chuckle after MT4 indi shenenigans today

  • #4,579
  • Feb 6, 2014 8:53am Feb 6, 2014 8:53am
Quoting Sober_Colm
{quote} Hopefully a few of us can keep things ticking over anyway. Frustrating one this morning. Got in just before FO after the EJ swing &, just like on NFP day, I should have taken what I was given at DPV seeing as it's BoE & ECB day & there's less liquidity. There was CCI divergence at DPV just after FO so I should have taken my 5p & been happy, instead I moved my SL to BE & hoped for an actual move lower, "hoped" being the operative word; I knew there would be no volume move this morning but I held on anyway. Poor discipline; stopped at BE &...
Did anyone notice the EURUSD swing at 1.30 GMT today?
  • #4,580
  • Feb 6, 2014 2:36pm Feb 6, 2014 2:36pm
Managed to bag a small few pips before work. I'll put it up just as an example of the importance of going with strong v weak on UJ. Entry was grand indicator-wise but I shorted GU when UJ had just turned short again (pic on right). I should have shorted GJ instead. I took 6p out of the trade when exiting at DPV/ **00 & was happy enough considering it's BoE/ECB day but the difference between the 2 trades is stark (GU left, GJ centre). I should have been paying more attention to UJ but had to get ready for work!
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