Questions:
1. Is there anything you use to help reduce false entries?
2. You talk about having a small stop loss. What are you doing when selecting an entry that suggests you can get away with a small stop?
3. Are you watching upper time frames to help with trend?
4. Are you taking entries on the open of the Heiken Ashi candle vs. the break of the previous candle?
I can back test the stochastic and TDI method until my eyes pop out and clearly see what happened in the past. Since all indicators tend to move and the paint a nice picture when looking at the past, I simply wanted to see what YOU see and how you proceed in a live situation.
I am only trading the 4 hour charts for now. If you have a specific checklist that you can post to the forum, that would be very helpful.
Thank for your help in advance!
Dan
Reply:
1. When using the HA Candles on the 15 minute chart you normally want to enter within the first 3 candles. If PA looks fishy I may not enter until the third candle to avoid a possible head fake. I usually enter on candle 1 or the beginning of #2... if TDI & Stocks line up.
2. At least half the time my SL is mental... after checking that there are no new announcements. If it pulls back 5-7 pips I normally get out and re-enter if there is a continuation. I'm not willing to lose 15-35 pips playing the odds that it might turn around. That's just my personal choice and not recommended according to CH. You can't do that when trading a 4 hour chart. If I'm away from my computer or shutting it down I always have a stop loss in place. If I'm up 30 pips on a 4 hour chart.. and I'm shutting it down I would consider putting the stop loss at break even + my spread.
3. No
4. Answered in #1.
I look for TDI & Stoch's to line up. On the 4 hour chart you can trust your indicators more than down on the lower time frames. Again... on the 4 hour chart... how many candles does it normally run on a reversal? If it's 3 or 4 candles... well on average I expect it to do that say 80% of the time. So if I enter on the 1st or second candle... I expect it to give me another couple of candles for profit. Just playin' the odds.
Send me a PM with your phone number and we will arrange a call.
Big E
1. Is there anything you use to help reduce false entries?
2. You talk about having a small stop loss. What are you doing when selecting an entry that suggests you can get away with a small stop?
3. Are you watching upper time frames to help with trend?
4. Are you taking entries on the open of the Heiken Ashi candle vs. the break of the previous candle?
I can back test the stochastic and TDI method until my eyes pop out and clearly see what happened in the past. Since all indicators tend to move and the paint a nice picture when looking at the past, I simply wanted to see what YOU see and how you proceed in a live situation.
I am only trading the 4 hour charts for now. If you have a specific checklist that you can post to the forum, that would be very helpful.
Thank for your help in advance!
Dan
Reply:
1. When using the HA Candles on the 15 minute chart you normally want to enter within the first 3 candles. If PA looks fishy I may not enter until the third candle to avoid a possible head fake. I usually enter on candle 1 or the beginning of #2... if TDI & Stocks line up.
2. At least half the time my SL is mental... after checking that there are no new announcements. If it pulls back 5-7 pips I normally get out and re-enter if there is a continuation. I'm not willing to lose 15-35 pips playing the odds that it might turn around. That's just my personal choice and not recommended according to CH. You can't do that when trading a 4 hour chart. If I'm away from my computer or shutting it down I always have a stop loss in place. If I'm up 30 pips on a 4 hour chart.. and I'm shutting it down I would consider putting the stop loss at break even + my spread.
3. No
4. Answered in #1.
I look for TDI & Stoch's to line up. On the 4 hour chart you can trust your indicators more than down on the lower time frames. Again... on the 4 hour chart... how many candles does it normally run on a reversal? If it's 3 or 4 candles... well on average I expect it to do that say 80% of the time. So if I enter on the 1st or second candle... I expect it to give me another couple of candles for profit. Just playin' the odds.
Send me a PM with your phone number and we will arrange a call.
Big E