Here is my slight variation of your system, MTF stochs help me filter some signals, not all, they just confirm my entries.
Dear Guess, at first i will say that im not an arrogant, only my thoughts following ignorant ( lol ) , i will encourage to search something even perfectly better what can help to finish this system, me personally i have all done (realy all ), to have a suffisance to get a living, and simplify the whole thing without disturbing my little brain with too much descision making when its time for it.
If you feel confident with your stoch entry, and have greater results as just the few indications we need, please do it.
I have already combined this, and it was not working for me, because stochs can lag instead giving me a simple clear and proper signal as Elite.
Keep researching for others , if they are not believing that only this works,
i have done my work and it works for me, i would share it with you , thats all,
but really keep improving, and if you find realy something finishing this, please post it, butthe real one thing what we can't now until now, are market mood conditions, thats the only thing what will give false signals, and taking from us the pips we can buy with them another box of caviar.
Here is an example, you can see the stochs (price) is moving in the other direction, therefore this would filter the signal on a 5 minute chart.
I will remember you again, NO 5 MIN charts, it will kill you if you are not an advanced and experienced trader, i know that Elite works too for the 5 min chart, but this thread was made for beginners, for thus who don't have time to learn, don't have conditions to learn.
( fact is that the education will intellect, but not neceseraly help trading like a market adapted system to get profit like this )
im not doing marketing if you read me saying " OMG what a system "
try it out yourself and you will see, thats why i made the thread
Though you have to understand, that in MTF, the candle might have closed on your current time frame, but the other time frame the candle might not have closed, therefore with back testing this filter will look good.
- here i will tell you to watch different timeframes to get an entry is useless with this system, just take one time frame your account balance will allow you to trade for your risk management, and follow the system rules.
But when actually trading it will not be easy, as you can enter trades too soon and not realise and see price go in the other direction, though WaterFlame's entries will make things more simpler, as now I have a entry signal, which I did not have before and hopefully this will be my holy grail...
Very good notice and question at once
i will tell you something i have forgot to say to make trading easier, if someone don't know it already.
Price sometimes can lag, getting under or above before or at least giving the signal to enter or exit ( that is where i talked about Big candles ans sick markets ), dont care about it, because at least you will have just a very cute stop loss getting your money ( not as waiting for Support Resistance or HH/LL stop losses taking the most your money ) if you don't have exit before price reverse against you with the weakening or 100% CCI exit.
If you don't believe me, watch historical charts, in every timeframe, what ever a trader you are and count on your own thinking, when and why you will enter a trade, and why you will exit, how many losses and profits you will make.
Demo it, Demo it, i repeat it Demo itto be assured that im not talking sharabia.
If we can improve on this, then lets do it!