I have been watching for a while and I have been taking a lot in.
So let me give back a little. I have used this chart set up for about four years and it works quite well. I have a real job so I can only trade as I can. I still get 150-200 pips a week.
I trade only on the 5 min and the 60 min charts. The 60 min chart, I set and forget. I might speak more about this time chart later, if anyone wants me to.
I am going to share what I do on the 5 min charts.
I use Oanda's charts, I know their charts suck but they are okay for me, I use four MA set at 2 ema blue, 5 ema red, 50 ema white, 50 wma purple and I use the the Full Stochastic at 14 -3 -3 which is white and purple - the purple is the fast line.
I use the two 50 mas and the Full Stochastic to see which way I should be going in my trading. Both purples over both whites, then I am looking to go long. Both whites over both purples I am looking to go short.
I mostly trade the first big dip in an up trend, that is then the full Stochastic goes under the 20 line and back up. The Purple 50 wma is over the white 50 ema and the space between the two is getting bigger. - I love that!
I also look to start a trade in a strong up trend, when I have both purples are over the two whites and the 2 ema crosses over the 5 ema and price breaks and stays over an important swing high.
last, if I see an inside bar and the four ma's & the Full Stochastic are all going the same way I will take it.
In a bear move just turn everything I have said on its head.
and thats it.
I will add more later when I get sometime
Dan
So let me give back a little. I have used this chart set up for about four years and it works quite well. I have a real job so I can only trade as I can. I still get 150-200 pips a week.
I trade only on the 5 min and the 60 min charts. The 60 min chart, I set and forget. I might speak more about this time chart later, if anyone wants me to.
I am going to share what I do on the 5 min charts.
I use Oanda's charts, I know their charts suck but they are okay for me, I use four MA set at 2 ema blue, 5 ema red, 50 ema white, 50 wma purple and I use the the Full Stochastic at 14 -3 -3 which is white and purple - the purple is the fast line.
I use the two 50 mas and the Full Stochastic to see which way I should be going in my trading. Both purples over both whites, then I am looking to go long. Both whites over both purples I am looking to go short.
I mostly trade the first big dip in an up trend, that is then the full Stochastic goes under the 20 line and back up. The Purple 50 wma is over the white 50 ema and the space between the two is getting bigger. - I love that!
I also look to start a trade in a strong up trend, when I have both purples are over the two whites and the 2 ema crosses over the 5 ema and price breaks and stays over an important swing high.
last, if I see an inside bar and the four ma's & the Full Stochastic are all going the same way I will take it.
In a bear move just turn everything I have said on its head.
and thats it.
I will add more later when I get sometime
Dan