You dont mention the stoc an also have they done some backtesting on it ?
DislikedHi guys. I've been using the 5/8 for my daytrading on 15 min charts. I played around with filters but gave up on them. I just use support and resistance and a bit of common sense. I take off 2/3 at 1:1 and let the other one run. Stop and TP are 25 pips at the moment. Only trading the E/Y. Anyone else doing 15 mins?Ignored
DislikedGood morning all,
I took 2 trades this morning based on the daily TF. But i broke my own rules (indiscipline) and the trade is presently in red.
Let's examine the 2 trades and how i've broken my rules.
There was a fresh cross of the EMA after the close of yesterday's candle on the daily TF (see first attachment-arrowed candle) and this cross also met my criteria. This would have been ok to trade.
Being an harmonic trader, i zoom down to the next lower TF and see if the candle gives a signal too, then trade.
In this case i...Ignored
DislikedWhen there's a fresh cross of the Ema, i look at
1. the difference between the stoch and its signal values, if its up to 10
2. if RSI is at 52 (for long) and 48 (for short)
If these are met, i zoom down to the next lower TF and wait for the candle to close then take trades if the signal is also confirmed.
Like i pointed out earlier, while it is good to keep it simple (and am sure this is simple enough), it is better to know as much as you can. To this effect, i apply other things like the use of TL to further filter my signals....Ignored
DislikedHow do you cnfirm from lower TF? Same rules as for Daily?Ignored
Thanks for your encouragement and explanations. Which moving averages do you actually use? Do you use the same ones on all time frames?
DislikedI use EmA 5 applied to close and Ema 8 aplied to open
Stoch 8, 3, 3
RSI 13/14 at 20, 40, 60, 80 levels.
As at now, i have a signal on USDCHF on the 4hr tf, but still waiting for 1hr tf to align.Ignored
DislikedHey just one question!
How do you set your limits?
I mean How do you set your stop lost and your take profit?
Crossing EMAs is really helpful for signal confirmation
but I feel a little uncomfortable if I donít know how to set a protective stop loss on every trade entered.Ignored