Islander and Medici trade the European open | Page 267 | Forex Factory

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Islander and Medici trade the European open

  • #5,321
  • Apr 8, 2016 4:54am Apr 8, 2016 4:54am
Quoting Islander
The first hour after XO was fine.....then some nasty ranging as Freaky Friday reared its ugly head...... {image}
Indeed, and I've found an old friend - our Mistress - to be helpful for that

In the second hour after XO she offered a 65 point move down with three pullbacks for easy entry, and a 100 point range since XO.

So I am now trading DAX and GBPUSD in parallell. And when it comes to risk, take a look at the Relative ATR (see my previous post). This morning about 0.3 for GBPUSD and 0.5 for DAX, corresponding to a 5 point stop and an 8 point stop given the way I trade.

Add to that the difference in volatility structure. GBPUSD is much smoother with much less whipsaw risk. I have adapted my way of trading DAX to address that, but The Mistress is currently superior in terms of risk-reward ratio and ease of trading.
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  • #5,322
  • Edited 5:52am Apr 9, 2016 4:46am | Edited 5:52am
Quoting medici
{quote} Indeed, and I've found an old friend - our Mistress - to be helpful for that In the second hour after XO she offered a 65 point move down with three pullbacks for easy entry, and a 100 point range since XO. So I am now trading DAX and GBPUSD in parallell. And when it comes to risk, take a look at the Relative ATR (see my previous post). This morning about 0.3 for GBPUSD and 0.5 for DAX, corresponding to a 5 point stop and an 8 point stop given the way I trade. Add to that the difference in volatility structure. GBPUSD is much smoother...


GM M - an interesting post, especially as I during Dax's ranging / consolidation that I mentioned in my post, I started looking at Forex - actually GbpJpy and EurJpy - using my current chart set-up Given that I also look at the components of the Yen crosses they are more complicated to trade that I really need - so on Monday I too will look at our Mistress.

Best wishes for the weekend

Islander

PS I'm also thinking that your idea of entry stops based on the high / low close channel makes sense, especially for RB charts....
Trading Levels with WRBs
  • #5,323
  • Apr 9, 2016 4:59am Apr 9, 2016 4:59am
I have been watching dax yes but also gbpusd and gbpjpy. I have been more focused on gbp pairs of late. When the gbp pairs are agreeing on direction have found that gj is actually quite easy to trade. Just showing the 5 min charts as when there is agreement easily seen that there are good moves.

I use 20lwma on 5 min to equate to 1 min 100lwma. Still a good short term signal for gj trend. The arrows are a tweak on the 3 bar reversal indi someone wrote for me some time back. Pad noter added a stoch filter buy above/sell below 50 level. Arrows refer to close of prev candle and give solid alerts to reverting to trend. Anyway if I get an alert then focus on 1 min to time hl/lh entry as normal.
Attached Image(s) (click to enlarge)
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  • #5,324
  • Apr 9, 2016 5:49am Apr 9, 2016 5:49am
Quoting Vantage
I have been watching dax yes but also gbpusd and gbpjpy. I have been more focused on gbp pairs of late. When the gbp pairs are agreeing on direction have found that gj is actually quite easy to trade. Just showing the 5 min charts as when there is agreement easily seen that there are good moves. I use 20lwma on 5 min to equate to 1 min 100lwma. Still a good short term signal for gj trend. The arrows are a tweak on the 3 bar reversal indi someone wrote for me some time back. Pad noter added a stoch filter buy above/sell below 50 level. Arrows refer...

Thanks V - I'll look and also noted Pad's idea - I've been talking with him about other filters too
Trading Levels with WRBs
  • #5,325
  • Apr 13, 2016 5:01am Apr 13, 2016 5:01am
I had problems with my SDX Sweet Spots when my broker changed Dax pricing to decimals - I found this works OK with their new pricing - although why we need 1/10s in Dax and Dow beats me!
Attached File(s)
File Type: mq4 SweetSpots GOLD.mq4   4 KB | 376 downloads
Trading Levels with WRBs
  • #5,326
  • Apr 13, 2016 6:51am Apr 13, 2016 6:51am
the better to eat you said the wolf dressed as red riding hoods grandmother
  • #5,327
  • Apr 18, 2016 1:03pm Apr 18, 2016 1:03pm
Quoting Divergence
the better to eat you said the wolf dressed as red riding hoods grandmother
Thank's for confirming my thoughts - we traders certainly don't need them - so just another way for the big bad wolf to benefit....

PS I see that you too have decided to finish your regular input into your own thread - but then you're doing an excellent job in Clive's room
Trading Levels with WRBs
  • #5,328
  • Apr 18, 2016 1:22pm Apr 18, 2016 1:22pm
KISS with Range Bars

Put the MA ribbon filled indicator on the chart first, change its colours and set colours 2 & 3 to none and then put your colour changing MAs on and they will show up better

PS Indy to generate RBs attached
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Attached File(s)
File Type: ex4 RangeBarChart_v103a(1).ex4   21 KB | 457 downloads
Trading Levels with WRBs
  • #5,329
  • May 14, 2016 5:05am May 14, 2016 5:05am
Quoting Islander
KISS with Range Bars Put the MA ribbon filled indicator on the chart first, change its colours and set colours 2 & 3 to none and then put your colour changing MAs on and they will show up better PS Indy to generate RBs attached {image} {file}
I don't think you can get that chart any more simple. Excellent chart and thanks for the indi.
  • #5,330
  • May 24, 2016 4:12am May 24, 2016 4:12am
Finally decided that RBs hide too much of the action, so its back to the 1m / 5m charts and entering after a pull back to ~the ribbon.....+111 this morning confirms that this variation on my old Three Dragons continues to work rather well
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Trading Levels with WRBs
  • #5,331
  • May 24, 2016 12:16pm May 24, 2016 12:16pm
Quoting Islander
Finally decided that RBs hide too much of the action, so its back to the 1m / 5m charts and entering after a pull back to ~the ribbon.....+111 this morning confirms that this variation on my old Three Dragons continues to work rather well {image}
Entering with buy stops?
  • #5,332
  • May 25, 2016 6:04am May 25, 2016 6:04am
Quoting fxfury
{quote} Entering with buy stops?

Yes, entries and exits via stops - OK there's some slippage with MT4 brokers, IMO cost of trading as long as its reasonable.....this is the last one this morning....exit ~the BRN and BS triggered after small pull back into the ribbon...
Attached Image
Trading Levels with WRBs
  • #5,333
  • May 25, 2016 4:14pm May 25, 2016 4:14pm
Quoting Islander
{quote} Yes, entries and exits via stops
WTG

Struggling for a while to get a grip on DAX volatility, I've settled for die DAX-Wurst (light blue). It's a matter of slicing it. Then a rastafari ribbon of MAs, with the red one calling the beat, including backbeat/reversal, such as from 10217 this morning.
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  • #5,334
  • May 26, 2016 1:32am May 26, 2016 1:32am
Quoting medici
{quote} WTG Struggling for a while to get a grip on DAX volatility, I've settled for die DAX-Wurst (light blue). It's a matter of slicing it. Then a rastafari ribbon of MAs, with the red one calling the beat, including backbeat/reversal, such as from 10217 this morning. {image}
GM - yes, Dax does suddenly spike 20 / 30 pts which is great as long as you are in the earlier part of the move or your entry order is well filled. As always, you have found or created some different ways of viewing the action - your sausage being one of them

Best

Islander
Trading Levels with WRBs
  • #5,335
  • May 26, 2016 3:32am May 26, 2016 3:32am
Quoting Islander
{quote} GM - yes, Dax does suddenly spike 20 / 30 pts which is great as long as you are in the earlier part of the move or your entry order is well filled. As always, you have found or created some different ways of viewing the action - your sausage being one of them Best Islander
Thank you The sausage is simply a HiLo Channel, so not too original... And I've removed some stuff to make its usefulness clearer.

As to getting in earlier in the move, isn't that about picking the right pullbacks based on carefully researched MAs?
  • #5,336
  • Edited 8:59am Aug 3, 2016 8:41am | Edited 8:59am
Trading the Dax with the Better Volume Indicator.......this morning was less volatile than normal - typical for August.
Trades posted in RT in Clive P's room.
Attached Image (click to enlarge)
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Attached File(s)
File Type: doc Better Volume Indy.doc   550 KB | 570 downloads
File Type: ex4 ibettervolume.ex4   21 KB | 494 downloads
Trading Levels with WRBs
  • #5,337
  • Aug 3, 2016 9:45am Aug 3, 2016 9:45am
Chart with latest BV - trades in RT in room
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #5,338
  • Aug 4, 2016 3:17am Aug 4, 2016 3:17am
Quoting Islander
Chart with latest BV - trades in RT in room {image}
Ah, summer trading

Here's my corresponding chart.
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  • #5,339
  • Aug 4, 2016 3:45am Aug 4, 2016 3:45am
Quoting medici
{quote} Ah, summer trading Here's my corresponding chart. {image}
GM - so you do still keep a watch here ....nice chart too....

I ditched that updated BV indy, the old KISS version is sufficient for my use of VSA.

This morning's trades posted live in the room....I stopped trading after the first hour....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #5,340
  • Aug 4, 2016 4:19am Aug 4, 2016 4:19am
Quoting Islander
{quote} GM - so you do still keep a watch here
Of course I do. Best place on the net

Quote
I ditched that updated BV indy, the old KISS version is sufficient for my use of VSA.

As you know, I use tick charts, so no need for volume indicators. KISS, for me, is a single Keltner channel. See chart.

Quote
....I stopped trading after the first hour....

My last trade was the 9.45 short. Got out manually for a stiff dozen instead of playing it as I should
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