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Method of using Stochastic Oscillator Profitably

  • #81
  • Mar 17, 2017 7:05pm Mar 17, 2017 7:05pm
Please if you have been following from the other thread, don't be bored when I repeat some of the things I have said there.
The reason I now use the weekly as my target was the big lesson I learned from my last NZDJPY long ( The charts are in the other thread ). I said I ignored the strong weekly resistance and it cost me- giving back some of the profits I earned in the position. It was a great move. Funny enough I added new positions near the strong weekly resistance during bollinger band squeeze breakout, only to be trapped around the zone. Another mistake was that as at the time of adding it has made great movement- over 900 pips, enjoying swap also
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  • #82
  • Mar 17, 2017 7:19pm Mar 17, 2017 7:19pm
Quoting 9jatrader
GBPUSD may gradually escape. But stochastic has left oversold region and failed to break the support I pointed out ealier {image}
How do you find the exact S/R? Those arrows are also supports that are broken if im not mistaken.
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  • #83
  • Mar 17, 2017 7:32pm Mar 17, 2017 7:32pm
Quoting mario777
{quote}How do you find the exact S/R? Those arrows are also supports that are broken if im not mistaken. {image}
To find exact S/R you zoom out your chart. They would be visible. The ones you pointed are minor support. Whether minor or major S/R when they are broken, there is tendency for retesting. One of the arrows - you would see that during retesting it broke above the broken support ( then resistance ) and become bullish
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  • #84
  • Mar 17, 2017 7:46pm Mar 17, 2017 7:46pm
We have to accept the fact that S/R are not concrete walls
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  • #85
  • Mar 17, 2017 8:00pm Mar 17, 2017 8:00pm
Quoting mario777
{quote}How do you find the exact S/R? Those arrows are also supports that are broken if im not mistaken. {image}
I decided to check my chart to find more information from the arrow you pointed. You would see from my chart that when the support was broken the stochastic was not even on the oversold region. This is where market ambushes our position. At the beginning of the thread I said that stochastic helps to filter fake breakout/fakeout.
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  • #86
  • Mar 17, 2017 8:04pm Mar 17, 2017 8:04pm
The stochastic-supported breakout are more reliable.
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  • #87
  • Mar 18, 2017 1:09am Mar 18, 2017 1:09am
AUDCAD is the pair I will be monitoring next week
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  • #88
  • Mar 18, 2017 1:12am Mar 18, 2017 1:12am
The daily candle has closed and so near the weekly strong resistance. Since this line was broken in 5th May, 2013, no candle has been able to break the resistance, then acting as support before it was broken
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  • #89
  • Mar 18, 2017 1:14am Mar 18, 2017 1:14am
Waiting for the weekly candle to close before the bears take position on the daily might be late. And so any strong bearish candle right below the weekly resistance will be monitored with stochastic
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  • #90
  • Mar 18, 2017 1:20am Mar 18, 2017 1:20am
Two conditions I would use to track early entry.
When the daily shows up with bearish candle,the weekly stochastic should be leaving/left the overbought region for bearish trade. Stochastic is still right on the overbought region on the weekly
Make all mistakes in demo and rain in pips in live account
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  • #91
  • Mar 18, 2017 1:27am Mar 18, 2017 1:27am
If traders who love trading breakout can really incorporate stochastic into their trading, I believe that market ambush would be limited. I shared one chart yesterday on GBPUSD support breakout. In using the stochastic, you would know that the breakout is really a fake breakout, because stochastic has not even entered the oversold region. Stochastic, like the other indicators needs "Patience".
Make all mistakes in demo and rain in pips in live account
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  • #92
  • Mar 18, 2017 1:39am Mar 18, 2017 1:39am
Happy weekend.
Make all mistakes in demo and rain in pips in live account
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  • #93
  • Mar 18, 2017 6:11am Mar 18, 2017 6:11am
GREAT thread.... thanks bro... subscribe
i'm ever lose $2000, now time to go grow up
  • #94
  • Mar 18, 2017 7:17am Mar 18, 2017 7:17am
Quoting 9jatrader
If traders who love trading breakout can really incorporate stochastic into their trading, I believe that market ambush would be limited. I shared one chart yesterday on GBPUSD support breakout. In using the stochastic, you would know that the breakout is really a fake breakout, because stochastic has not even entered the oversold region. Stochastic, like the other indicators needs "Patience".
Useful Information 9jatrader. Great Going...
  • #95
  • Mar 18, 2017 9:26am Mar 18, 2017 9:26am
Quoting Erebus
I agree with Mr Brown, if you press the Reset button in the Parameters tab, the default is 5,3,3 Personally, I use 8,3,5 - it's 3 Fibonacci numbers and looks smoother Anyone ready for Gold selling this coming week? Cheers, John {image}
Hye John,

i love your indicator.

would you mind share with me and rest of us, your support resistance indicator?

thanks in advance
  • #96
  • Mar 18, 2017 2:08pm Mar 18, 2017 2:08pm
Quoting LiarTrader
GREAT thread.... thanks bro... subscribe
Thanks for joining us.
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  • #97
  • Mar 18, 2017 2:21pm Mar 18, 2017 2:21pm
Those who are worried about the settings should backtest the different settings and you would know that they're probably the same
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  • #98
  • Mar 18, 2017 2:32pm Mar 18, 2017 2:32pm
Those who are worried about the time frames that it can be used should also backtest it also. I believe it works on lower TFs
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  • #99
  • Mar 19, 2017 3:28am Mar 19, 2017 3:28am
Quoting 9jatrader
The daily candle has closed and so near the weekly strong resistance. Since this line was broken in 5th May, 2013, no candle has been able to break the resistance, then acting as support before it was broken
Here is the weekly chart and stochastic is already on overbought region
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  • #100
  • Mar 19, 2017 3:33am Mar 19, 2017 3:33am
One of the great interesting things about the stochastic on oversold/overbought region when there is strong support/resistance is that in whatever the direction of the stochastic it makes setup
Make all mistakes in demo and rain in pips in live account
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