I am running this Journal mainly to help me become more disciplined in my trading and to explore all aspects of trading using the Stochastics on Multiple timeframes.
I will restrict this Journal to trades taken using a combination of 15m-1hr-4hr charts, I may take the occasional one using 2 and 3 hour charts if I see an opportunity.
I have a similar Stochastic based system that is doing well using longer timeframes 6-8-12-24 hrs and may start a Journal for those trades in the future time permitting.
Just to give a bit of background, the system I will be using on this thread is a bit of a mixture from other Stochastic threads on FF.
Thanks goes to the authors and everyone who has contributed, the main ideas come from :
I will try to post the occasional chart and detail of trades taken and if anything I say can add to the great work done on this Forum and help other traders along the way all the better.
Very basically for people who have read the above threads, especially Teb63's system and boxingislifes sexy stochastics I will be entering trades using the following ideas.
They are both trying to achieve the same thing, notably get the longer timeframe trend, and then trade Stochastic pullbacks on the quicker charts.
On Tebs thread this is done by watching for new 533 and 1433 signals coming out of the extreme zones (20/80) on say a 1hr chart, then moving down to the shorter timeframes and waiting for the 533 and 1433 on this timeframe to pullback and "reload"
On boxingislifes thread he uses 201020 and 501020 long stochastics to represent the longer timeframes then trades pullbacks on the 533 when it "reloads".
Both look to achieve the same result and give good signals, the deeper the 533 pulls back the better price you can get and the smaller stop can be employed.
Don't know if I have explained this at all well, I suggest anyone interested reads the entire threads to get a feel for this type of entry system - you won't regret the time spent.
I don't want to use this Journal to go through the system in great detail as it is mainly to help with my discipline and record my efforts but having said that all comments are welcome as long as they are constructive and polite.
I will probably start using this Journal on Monday 21st May.
