any good indication today?...looks like no good setup for today?
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DislikedHi Melpheos,
I do see some good trade signals on the 4H timeframe, but it seems like they take DAYS to setup. However, that may work very well for some folks' trading style.
After analyzing the GBP/JPY and the USD/JPY over this weekend, I personally find the best quality signals to appear on the 30M charts for both pairs. I'm going to be starting this week's trading with the following MO:
When I see a trade signal forming on 30M, I'll re-check against the higher TF charts (I always check the 1H and 4H charts at the beginning of trading anyway) to be sure the longer trends are in support of the 30M signal direction. Then I'll zoom down to the 15M chart to get a closer look at the finer action and compare with the 30M chart as things move along. When things have progressed to a possible entry point, I'll move down to the 5M chart to zero in my entry.
So, basically, I'll be using the 30M chart to identify the developing trade signals, verify them against the 1H/4H charts, then I'll move down to 15M and 5M to pull the trigger. I've seen several trades that showed up very nicely on 30M, but if I had used the 30M chart to enter the trade, I would have missed a TON of pips due to late entry.
I have been reading another stochs trading thread in the Journal section by "Spudfyre". His focus is on using a SINGLE stoch (the 5,3,3), but he puts it on multiple time-frames for the GBP/JPY. Boxingislife's mutliple stochs method seems MUCH more favorable in terms of finding more and better entries, but Spudfyre's method reinforced in me the need to use multiple timeframes to help cherry pick the entries and manage the trades in process.
Well, enough rambling for now. Hopefully, we'll ALL make some good pips this week using this VERY COOL system from Boxingislife!Ignored
DislikedMelpheos,
Can you share that indicator you are using that shows the current tick price in large format?
Thanks!Ignored
DislikedHi All,
Just a reminder, the stochs chat is open during late London and first half of NY. You can find us in Paltalk under Business & Finance/Day Trading Stocks & Bonds/ Currency Trading the Charts with Stochs.
pipsacker
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