Islander and Medici trade the European open | Page 261 | Forex Factory

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Islander and Medici trade the European open

  • #5,201
  • Apr 8, 2015 7:55am Apr 8, 2015 7:55am
Medici,

Charts of 2b pattern with added trendline.

Short:
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Long:
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  • #5,202
  • Apr 8, 2015 9:16am Apr 8, 2015 9:16am
Short and long triggers, 2B pattern.

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  • #5,203
  • Edited 11:17am Apr 8, 2015 10:47am | Edited 11:17am
Thank you for charts, Sakk

Nice intuitive approach, but I am a bit uncomfortable with the subjectivity of manually drawn trendlines, and non-horisontal lines in general. Instead I try to combine horisontal levels and trend, defined, for example, using an MA.

Vic's 2B is a good reversal setup. Picking LH/HLs you may get caught in a complex pullback rather than a reversal. Also, swings tend to end with a final exhaustive push.

The reversal from today's low provided a good example: Push beneath 12031, then break above again. Entry with MA after failed continuation down. Good for 20+ points
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  • #5,204
  • Edited 4:16am Apr 9, 2015 3:47am | Edited 4:16am
Another example of how I trade 2B style. Yellow segments are entries, and green lines are predetermined S/R levels. 12049 was long-term support and target for short. 12068 was very short-term resistance, and target for a decent CT scalp. These levels are all part of my trading setup, and not hand-drawn, which is just for illustration.

This setup was also parallelled by a 2B in YM/DJI.

Now off for a long weekend in Paris Happy trading to all.

EDIT: There were two more 2Bs to be had...couldn't help myself, but now it's really weekend
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  • #5,205
  • Edited 10:07am Apr 13, 2015 9:59am | Edited 10:07am
Medici, thanks for sharing how you trade 2B's. Apart from round numbers and 50% fib zones the only other tool I add for levels is the days value area and look at how price reacts around this level for entries and closing of positions.

Here's a perfect setup I just took and closed on the DAX

Price rallies back up to POC or Value Area marked as Pink dotted line 12378.5 on a very high volume wide range up bar. Price pulls back the retests, forming a 2B pattern. Which also coincides with a divergence of the MACD.

1st entry was on the 2nd red bar after pivot high was tripped, added to the position on the break of the trendline and closed at 12355.

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  • #5,206
  • Edited Apr 14, 2015 2:47am Apr 13, 2015 11:39am | Edited Apr 14, 2015 2:47am
Quoting Sakk
Medici, thanks for sharing how you trade 2B's. Apart from round numbers and 50% fib zones the only other tool I add for levels is the days value area and look at how price reacts around this level for entries and closing of positions. Here's a perfect setup I just took and closed on the DAX Price rallies back up to POC or Value Area marked as Pink dotted line 12378.5 on a very high volume wide range up bar. Price pulls back the retests, forming a 2B pattern. Which also coincides with a divergence of the MACD. 1st entry was on the 2nd red bar after...
Nice

I took the same trade. And we seem to be using similar tools: MP, 50% fibs, etc, plus identified setups, but on tick charts in my case.
  • #5,207
  • Apr 14, 2015 2:09am Apr 14, 2015 2:09am
GM - nice to see some activity here I'm pushed for time with another project.....auto buy at 06:26, 12,309 and I set a TP and reverse at the 50% retrace 12,335 so I'm now short with SL +5 and TP ~the BRN....chart later

Edit: SL to +15

Edit: Closed at BRN +34
Trading Levels with WRBs
  • #5,208
  • Apr 14, 2015 2:17am Apr 14, 2015 2:17am
Sold PB into ribbon at 12,305 SL -10 TP at MS 1

Edit: closed for a wash after 1m HL
Trading Levels with WRBs
  • #5,209
  • Apr 14, 2015 2:21am Apr 14, 2015 2:21am
Long at 12,315 after MAs reversed SL -10

Edit: SL to +10.....will it break the earlier high??

Edit: out +10 on stop That's it for now, chart when I get a moment...
Trading Levels with WRBs
  • #5,210
  • Apr 14, 2015 2:56am Apr 14, 2015 2:56am
Morning Cap'n Well done

I've done a third of my daily quota in this slo-mo, which is better than expected. I relate it to good hard spinning class and sauna last night. Physical fitness keeps me alert and focused.
  • #5,211
  • Apr 14, 2015 3:31am Apr 14, 2015 3:31am
Quoting medici
Morning Cap'n Well done I've done a third of my daily quota in this slo-mo, which is better than expected. I relate it to good hard spinning class and sauna last night. Physical fitness keeps me alert and focused.
GM M - thanks and agreed its a slow one this sunny morn. Whilst it did make a new high, that was at today's MR2 in a 1m tweezers. Later I sold the LH that followed and took another 20 around the day's open. I'm short again off the DP and I'm thinking that fast break up on Friday around the 12,250 area makes a nice target - assuming the BRN is broken - its also the .382 retrace.

What do you think?
Trading Levels with WRBs
  • #5,212
  • Apr 14, 2015 4:03am Apr 14, 2015 4:03am
Quoting Islander
{quote} GM M - thanks and agreed its a slow one this sunny morn. Whilst it did make a new high, that was at today's MR2 in a 1m tweezers. Later I sold the LH that followed and took another 20 around the day's open. I'm short again off the DP and I'm thinking that fast break up on Friday around the 12,250 area makes a nice target - assuming the BRN is broken - its also the .382 retrace. What do you think?
Good thinking Experience makes a difference

I took the break below 12325, which was a "macro" 2B for me Pivots and other fibs than 50% no longer figure in my setup.
  • #5,213
  • Apr 14, 2015 5:45am Apr 14, 2015 5:45am
Chart for auto entries - gross points from entry, so allow for spread and slippage on exit.
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Trading Levels with WRBs
  • #5,214
  • Apr 14, 2015 8:13am Apr 14, 2015 8:13am
Quoting medici
{quote} Good thinking Experience makes a difference I took the break below 12325, which was a "macro" 2B for me Pivots and other fibs than 50% no longer figure in my setup.
The Macro 2b setup using the central pivot (or the 50% retrace) as your predetermined resistance level

Here's one i just closed, another 2b pattern, entries and exit on chart. Not such a good exit as price has dropped almost 40 points whilst typing this post

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  • #5,215
  • Apr 14, 2015 9:19am Apr 14, 2015 9:19am
Quoting Sakk
{quote} The Macro 2b setup using the central pivot (or the 50% retrace) as your predetermined resistance level Here's one i just closed, another 2b pattern, entries and exit on chart. Not such a good exit as price has dropped almost 40 points whilst typing this post {image}
Ah, that's a beauty Good by my rules too.
  • #5,216
  • Edited 3:44am Apr 23, 2015 3:31am | Edited 3:44am
WIP continues, EA entries so far with directional selection.....a HL and I'll allow buys again....or do I call it a morning
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Trading Levels with WRBs
  • #5,217
  • Edited 7:27am Apr 23, 2015 6:35am | Edited 7:27am
G'day Cap'n Well done with the algo entries I prefer to place stop entries myself.

I thought I should post some pointers for the benefit of our readers. I find market profile, or rather the ideas behind it, essential for udnerstanding the market, This article (with links)

http://traderfeed.blogspot.co.uk/201...ective-on.html

gives a good introduction to the practical use of market profile. Also, see the book "Markets in Profile" by Dalton, Dalton, and James.
  • #5,218
  • Apr 24, 2015 1:21am Apr 24, 2015 1:21am
Quoting medici
G'day Cap'n Well done with the algo entries I prefer to place stop entries myself. I thought I should post some pointers for the benefit of our readers. I find market profile, or rather the ideas behind it, essential for udnerstanding the market, This article (with links) http://traderfeed.blogspot.co.uk/201...ective-on.html gives a good introduction to the practical use of market profile. Also, see the book "Markets in Profile" by Dalton, Dalton, and James.
Thanks M - good to see your posts

The good thing about the current MT4 is that EAs can be turned on / off via the upper toolbar making manual over-riding easy - essential during consolidations That, combined with the directional selection via the properties box brings additional flexibility to the use of this rather basic EA that I am testing.

I'd like to try it on a Renko or tick chart but that's a problem in MT4

Best

Islander
Trading Levels with WRBs
  • #5,219
  • Apr 24, 2015 2:38am Apr 24, 2015 2:38am
As per yesterday, again, plenty of ticks available
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Trading Levels with WRBs
  • #5,220
  • Apr 24, 2015 7:01am Apr 24, 2015 7:01am
Quoting Islander
{quote} Thanks M - good to see your posts The good thing about the current MT4 is that EAs can be turned on / off via the upper toolbar making manual over-riding easy - essential during consolidations That, combined with the directional selection via the properties box brings additional flexibility to the use of this rather basic EA that I am testing. I'd like to try it on a Renko or tick chart but that's a problem in MT4 Best Islander
Thank you

That - on/off, direction, etc - can all be done in PRT too, and coding is a good bit simpler.

EAs can be run on Renko/tick charts in MT4, but not in PRT.

Currently evaluating new platform. Will let you know about the results of that.

Have a nice weekend, when it comes. It's been a good week, so it's Bollinger time at 5.30pm
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