Hi Ocelot,
Thanks for posting your trades! It really helps everyone, whether good or bad.
Your first trade was a great trade, and well thought out. In addition to the Doji pair, you also had agreement from three stochs, all climbing up. Nice.
As you mentioned, the second trade had the M15 turning back down against you. To add insult, the H4 was heading into oversold and the M30 had already gone flat. So, basically, you only had the H1 in your favor. Definitely not a good setup.
Thanks again for sharing!
Thanks for posting your trades! It really helps everyone, whether good or bad.
Your first trade was a great trade, and well thought out. In addition to the Doji pair, you also had agreement from three stochs, all climbing up. Nice.
As you mentioned, the second trade had the M15 turning back down against you. To add insult, the H4 was heading into oversold and the M30 had already gone flat. So, basically, you only had the H1 in your favor. Definitely not a good setup.
Thanks again for sharing!
DislikedHi everyone,
I thought I'd toss my hat in and post my latest trades. I was watching the chart waiting for an MTF setup when I saw a cluster of doji candles form (just a few candles to the left of the red vertical line) these came at the end of a down trend so I entered a long trade on the close of the first bullish candle. This was a great trade and I took 48 pips profit. My stop loss was below the recent lows and my profit target was the nearest 'double zero' level, 226.00. I don't consider this a proper MTF trade per se because the hourly candle stoch hadn't closed above 20 yet.
Which brings me to my next trade --
As soon as the hourly stoch *did* close above the 20 I took another long trade, this is right on the red vertical line. I don't consider this a good trade because by then the 15 min stoch had started turning down. I took the trade anyway and set a profit target of just 10 pips with a pretty tight stop (below the low of the candle immediately prior to the red line). Too tight in this case as I got stopped out on the next candle, the profit target was eventually hit though.
After reading Jeff's reply to my last post I'm going to be a little more loose in terms of waiting for candles to close and incorporate more price action into my decisions. It really is more art then science and with a system like this I think it helps to think of it more as a framework that is flexible than a set of hard rules.
More trades as I take them!Ignored
Jeff Singer, K2KV