Entry should have been made at the green arrow, but I saw on one of my m5 charts there will be a retracement so I let that finish for an hour to see if it will respect a support area, then on my Vertical line ive marked, i entered.
It was also just peeking above and trying to break a downward trendline so price was trapped in a Triangle formation.
Nice short on the Euro Aston
Great Trade WilteredFire
Great trade WF! I like how you were patient and waited for the retracement to finish up. That was key in you being able to use a tight stop loss...great trade!
Please keep sharing your trades as you take them or even charts of your thoughts like I do. I know that I miss thing and others may see them so if we all share and contribute, we all can benefit from it...just my opinion.
Keep up the great work and may many pips continue to come your way.
Thanks for the kind words on my trade.
I wanted to post this chart (sorry if I post a bunch of charts, it's the way I like to explain) to show what my thoughts are on the 1.4500 price area down to 1.4475. That area is resistance that has now turned into support. I'm currently short and price hit the 1.4475 area and bounced right back up a good 25 pips or so. I want to see that area broken with force and then I will feel more confident about the market turning bearish.
Right now on the H4 chart stochastics still has room to drop but on the H1 chart, both the 5,3,3 and 14,3,3 are both nearing oversold territory. I anticipate a bit up a move north, which will probably put my short into the red as it currently is in the black. I won't close the trade out of fear though, I will let the market tell me what to do. With the H4 stochastics having room to fall but being close to being oversold, the overall trend of bullish may come back into play in the near future.
I don't claim to have any answers at all but these are just my thoughts and opinions and how I see the market right now.
Here is a screenshot of the short trade that I was in. I closed out the trade due to the fact that both the 5,3,3 and 14,3,3 stochastics have crossed back to the upside. The H4 stochastics are still heading down but getting close to being in the oversold territory. I'm not back on the sidelines waiting for the next signal.
Passing On The Short Trade
Awaiting for a possible long move on GU since it looks to have found support, its not moved lower and hit the Daily s1 today...
EJ had jus formed a pinbar on the hourly and looks as if it wants to head up too. We'll see how it works out.
Keeping an eye particularly on GU right now to see if we have a long opportunity in the next hour or 2.
Thanks For Sharing
Nice chart. I believe we are going to see price move north but I'm waiting until the H4 chart crosses over to the north side. Please share if you entered the market and how the trade played out for you.
Enjoying The Night
I'm not going to take any trades tonight. I'm watching a movie with my girlfriend so I'm not going to worry about trading tonight.
If something sets up in the morning when I wake up, I will post my trades then. If nothing sets up, I wish you all a great weekend and many pips and I will be back to my usual posting on Sunday.
May you all net many, many pips!
As I stated last night, I did not trade because I was watching a movie and wanted to enjoy the night but I woke up to see there were two opportunities to make some money.
I've attached a screenshot but I wanted to see if anybody took the trades or not. Hopefully you did as price is well over 100 pips in profit from the first signal that was generated.
I'm sure many of you already know this but for those who want to trade the smaller timeframes, you still can using this method. I would suggest that you use the chart combination of H1, H4 (at least) but once you have a valid trade in that chart combination, drop down to the M15 chart or such and then trade in the direction of the H1, H4 trend. This way you are staying with the overall trend and you can use a tighter stop loss, make your money and then go and enjoy the rest of your day.
Enjoy Your Weekend
I just wanted to wish everybody a fun and safe weekend. I will chat with you all on Sunday.
I was wondering if there is anyway to program the indicator to show the history of the longer term bar (in my case I have it set to 1h, and use 5m for the short time frame) so that it accurately reflects what the stochastic would have shown at that time. (in other words, sometimes I know it was yellow 10 minutes ago, but the indicator shows green because the hourly stochastic has changed in the last ten minutes).
It would be invaluable for backtesting different trading strategy ideas with this system if this is possible, since as it is now it only shows arrows that match the final 1hr stochastic, and not those before the 1hr bar printed. Either way, thanks again GSPE!
No i think it's impossible and was very difficult to read too, High TF can change from green to yellow to red so you really don't know. This is the weak of Multi Time Frame Approach.
I have a suggestion for you that will make forward testing as easy as possible. Just jump in the fire and feel the heat! I think the best way to forward test is to just load up the indicator and use it the way that it is coded. I have done so this week and did not have a single losing trade and I missed out on some trades that would have been very profitable.
You can plot the stochastics just like I have (check out my screenshots). I use the indicator that was created for a visual and audible alert but I always double check any signal from the indicator with the actual stochastics.
I'm not trying to tell you what to do, just giving out my suggestion and opinion. Try not to get hung up on the indicator.
So my suggestion is, load up your charts with stochastics and the indicator coded the way that it is and watch the setups occur. Once you get a setup, double check support and resistance and whatever else you consider important then pull the trigger.
EAs do not work
No it is not the weakness of MTF rather it’s the weakness of EA!!
When you are trading you are always fighting the pros at a big disadvantage
When you add an EA you multiply that disadvantage.—do you understand?
The pros do have programs that work.
They tend to make parts of pips or one or two pips based on weaknesses.
Many of the Banks programs are to make money on small guys EAs.
Ie, their EAs love “rules” they can find weaknesses in!! They eat them up!!
The big banks have people that do nothing but program these EA.
I was speaking to one of these Programers 3 weeks ago over a lunch-
He said the average EAs life in the bank is weeks!!!
and the best EA trader's life span is only months!!
The best traders in the banks do not use EAs and they are there for decade!!
The MM knows your EAs !!!!!!!!!!!!! They are on their platform (LOL)
And yes MM can trade against individual traders!! Do you get this!!!!!
AND IF YOU EVER START to make money you get on there radar.. look luck (LOL)
Great to see people enjoying this system!!!
It’s a great one ... one of the best I ever did!!
I see some people that really understand it and so are really doing it well!!
I think MTF it’s the best way to trade until you can just do Price action!
KISS is always the best way-
** You still need S/R levels to trade this system well.
Past two trading weeks by using this strategy on EU i traded a total of 15 trades and to my amazement i got 11 winners and 4 losses. Thank you...
i am trying to reduce the losses by getting more into ur strategy, but it will take time of trading..like trial and error experimentation...
i got good results so thought to post
have a nice weekend
Forex 37 (changed your tag again )
What have you added to FF but a big mouth
ho... I see you have done... nothing !!!
If you knew anything you would know all most all my systems are really the same!!
just a diff tool used
... I uses tools were you are a .... LOL
Have a great day mr FOREX TOOL,
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