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One Hour Sniper (OHS)

  • #461
  • Aug 12, 2017 3:43pm Aug 12, 2017 3:43pm
Renofaith

Doing some back charting on this over the weekend. Looks decent might experiment with this over the next few weeks. My first post on here, I watch with great interest.
  • #462
  • Aug 12, 2017 7:16pm Aug 12, 2017 7:16pm
Hi Reno & all readers of this thread...I've been a daily follower of this thread, but typically don't post...sometimes ask questions for clarification. I'm trying to understand and develop my own approach, have tested what's been given. So, I guess I'll go out on a limb here and start to post my approach and results. Please provide any corrections to my thought process or "trigger pulling" based on this strategy.
Soooo, for next week, this is what I've got:
1. I checked the Daily charts for all 28 common pairs for Stochastic OB/OS condition; if there was a pair in either condition, I noted it on my checklist.
2. Went to the 4H charts of each of the previously identified pair to see where the Stochastic indicator was (according to Reno's 80/20 rules)
a. if the 4H Stoch slope was headed in the same direction as the Daily and I just had to wait for it to arrive to coincide with the Daily, I marked it a "watch" pair.
b. if the 4H Stoch slope was completely out of whack with the Daily, it was a "No Trade".
c. if the 4H Stoch was in alignment (or close to it), I'm considering that a viable trade.
3. For those that are tradeable this week, I further qualified them with other parameters:
a. Near a S/R zone
b. I've placed a 20 SMA indicator on my charts to get further idea on direction and its potential strength. So, where is the price action compared to it? Far away, it could be coming back. Close or multiple candles are staying close by...maybe I'll let that one go, but still watch it.
c. News....any RED news coming that might influence (compound??) its future direction, or whipsaw.

Results:
CAD/JPY - O/S; EUR/AUD - O/B; EUR/CAD - O/B; EUR/NZD - O/B; GBP/JPY - O/S; NZD/JPY - O/S

I feel pretty good about the vetting process, and will watch only the 4H charts. I'll trade on a demo account to see whether this homework has worked out.
  • #463
  • Aug 12, 2017 10:34pm Aug 12, 2017 10:34pm
Hope this is accurate, hidden divergence on H1, but not completely formed on H4 for NZDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 67 KB
  • #464
  • Aug 13, 2017 5:19pm Aug 13, 2017 5:19pm
Quoting AceVenturaNL
{quote} Hi renofaith, you did mention that at least 2 times since the start of your thread. I like the stochastic oscillator and up till now i have always used the 9,3,3 Am interested to c how this one performs. Nice strategy and tnx for sharing!
Greetings Ace,
I shared the settings multiple times, unfortunately post #1 had it wrong. I just added some key information to post number one. My apologies to all.
Thx Renofaith
  • #465
  • Aug 13, 2017 5:25pm Aug 13, 2017 5:25pm
Quoting lctrader11
Hi Reno & all readers of this thread...I've been a daily follower of this thread, but typically don't post...sometimes ask questions for clarification. I'm trying to understand and develop my own approach, have tested what's been given. So, I guess I'll go out on a limb here and start to post my approach and results. Please provide any corrections to my thought process or "trigger pulling" based on this strategy. Soooo, for next week, this is what I've got: 1. I checked the Daily charts for all 28 common pairs for Stochastic OB/OS condition; if...
Greetings LC,
I hope you're not trying to do this perfect. Keep this stuff simple my friend. If the Daily stochastics is 'descending', look for a 'bearish' stochastic cross on a lower TF. If the lower TF stochastics is 'erratic', either find another TF or a different pair. Double check stochastic to ensure it is 'smoothed'.
Hope this helps
Thx Renofaith
  • #466
  • Edited 5:45pm Aug 13, 2017 5:35pm | Edited 5:45pm
Quoting ryanngyk
Hope this is accurate, hidden divergence on H1, but not completely formed on H4 for NZDJPY. {image}
Greetings yann,
minus the 20 sma, that is a FANTASTIC look at a hidden divergence trade.
I wait for a 'complete' cross of the stochastic along with a candle color change on the trigger TF (1H)
This is the reason I shy away from any moving average lines... many of my HD trades include dbl and triple tops/bottoms. These trades can be very successful, but if you have a MA plotted, it will be mostly flat. Don't let the MA prevent you from generating pips.
Thx Renofaith
  • #467
  • Aug 13, 2017 5:40pm Aug 13, 2017 5:40pm
Quoting renofaith
{quote} Greetings LC, I hope you're not trying to do this perfect. Keep this stuff simple my friend. If the Daily stochastics is 'descending', look for a 'bearish' stochastic cross on a lower TF. If the lower TF stochastics is 'erratic', either find another TF or a different pair. Double check stochastic to ensure it is 'smoothed'. Hope this helps Thx Renofaith
Hi Reno...thanks for the accountability. Of course I'm trying to be perfect...hahaha...that's my nature. I fight it every day; it leads to all kinds of bad trading behavior. So, with this approach (only checking every 4 hours) I'm hoping it will slow me down and be more intentional rather than being anxious and pulling the trigger too early (a very bad habit that keeps me in trades too long,waiting for the move to happen). Today, I made an initial check of the charts from yesterday's homework...nothing outrageous, so I'll check back in 2.5 hrs to see what has happened. I've read where other traders don't trade Sundays, and some not even Mondays..watching what & where the institutional $$ will drive the market for the week. That will require more patience for me, not a bad thing. I'm expecting to get up early Monday morning to see if any of the pairs are ready to be traded and we'll see where the market takes us.
  • #468
  • Aug 13, 2017 6:00pm Aug 13, 2017 6:00pm
Many of our 'yen' pairs are showing bearish continuation.
If I see HD on the 4H, I head to the 1H, wait for the 'cross' and the color change.
I do not wait for the cross on the 4H to trade the 1H. Read that sentence again!
Notice the shaded rectangle on this.
The thick green horizontal line on the stochastics is exactly what I look for on the 'trigger' TF. When the black thick signal ascended above that line, I mark it on my checklist and head to the lower TF to wait on a crossover and a change in candle color. This is a 4H chart. I can trade this TF in addition to the 1H if all my criteria is met.
This pair is on my checklist at the moment.
Hope this helps
Thx Renofaith
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPYH4.png Size: 39 KB
  • #469
  • Aug 13, 2017 6:48pm Aug 13, 2017 6:48pm
No matter what level trader you are, or what your method is, give this a try. I read this at the beginning of each day, at the end of each day, and also rewrite it, both by hand, and on the computer, at least once each week. Focus while reading, and visualize your perfect set up.


I Am a Master Trader.


I develop Specific Plans of Action that meet my trading goals.


I exercise Wisdom and Patience in trading.


I Wait for the right Opportunity to Present Itself.


I am Paid Quite Well, to Wait for great trades.


Every trade entry meets the Required criteria.


I Recognize trading opportunities Quickly, Clearly, and with great Ease.


I act Decisively when executing my positions.


Emotion has No place in my Trading Plan.


I Recognize “Loss” as a Part of trading.


I follow Good Money Management principles that Minimize Loss, and Maximize Gains.


I Attract Wealth and Abundance, and this is Reflected in My Trades.


I trade with Peace, Confidence, and Clarity.


I Am a Master Trader


~ Louis Cooper

  • #470
  • Aug 13, 2017 6:52pm Aug 13, 2017 6:52pm
I fear not the man who has practiced 10,000 kicks once,

but I fear the man who has practiced one kick 10,000 times.

Bruce Lee

By taking only your perfect set up, you are exercising a control that will show you many things, not only about trading, but about life.
  • #471
  • Aug 13, 2017 8:03pm Aug 13, 2017 8:03pm
Quoting diamonddbw
No matter what level trader you are, or what your method is, give this a try. I read this at the beginning of each day, at the end of each day, and also rewrite it, both by hand, and on the computer, at least once each week. Focus while reading, and visualize your perfect set up. I Am a Master Trader. I develop Specific Plans of Action that meet my trading goals. I exercise Wisdom and Patience in trading. I Wait for the right Opportunity to Present Itself. I am Paid Quite Well, to Wait for great trades. Every trade entry meets the Required criteria....
Greetings Diamond,,
This looks a lot like my Constitution.
Great stuff
Thx Renofaith
  • #472
  • Aug 13, 2017 8:20pm Aug 13, 2017 8:20pm
Quoting renofaith
{quote} Greetings Ace, I shared the settings multiple times, unfortunately post #1 had it wrong. I just added some key information to post number one. My apologies to all. Thx Renofaith
good hidden diverngenc n the price go down
Attached Image (click to enlarge)
Click to Enlarge Name: hidden divergence.png Size: 63 KB
  • #473
  • Edited 9:07pm Aug 13, 2017 8:44pm | Edited 9:07pm
Quoting renofaith
Many of our 'yen' pairs are showing bearish continuation. If I see HD on the 4H, I head to the 1H, wait for the 'cross' and the color change. I do not wait for the cross on the 4H to trade the 1H. Read that sentence again! Notice the shaded rectangle on this. The thick green horizontal line on the stochastics is exactly what I look for on the 'trigger' TF. When the black thick signal ascended above that line, I mark it on my checklist and head to the lower TF to wait on a crossover and a change in candle color. This is a 4H chart. I can trade this...
Thanks for the clarification about my post earlier, and also this explanation. Was planning to ask if you need to wait for a 4H cross before diving into a 1H trade but by then the trade might've left without you.

Also to highlight the importance of waiting for a convincing change in colour of the bars, this we can see from the screenshot that the divergence trade is not a GO yet.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 71 KB
  • #474
  • Aug 13, 2017 9:18pm Aug 13, 2017 9:18pm
I think I may take a stab at this pair a bit later. G/J has always been kind to me. The U/J and N/J are also making similar movements.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 39 KB
  • #475
  • Aug 13, 2017 9:29pm Aug 13, 2017 9:29pm
Here's the same pair on a 4H. I'm putting all the odds in my favor that I can. No trades on either TF until I see a red candle and a complete cross.
Thx Renofaith
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 44 KB
  • #476
  • Aug 13, 2017 10:12pm Aug 13, 2017 10:12pm
Quoting ryanngyk
{quote} Thanks for the clarification about my post earlier, and also this explanation. Was planning to ask if you need to wait for a 4H cross before diving into a 1H trade but by then the trade might've left without you. Also to highlight the importance of waiting for a convincing change in colour of the bars, this we can see from the screenshot that the divergence trade is not a GO yet. {image}
No, I do not wait for the 4H sto to cross if I'm pulling a trigger on the 1H hidden divergence trade. In addition, if you wait for a full bodied 1H candle to close, your 4H signal line will hopefully have begun to create a 'hook' in your desired direction. Many traders also plot trend lines on those 1H charts for added confirmation.
It's good that you brought all that up.
Thx Renofaith
  • #477
  • Edited 12:21pm Aug 14, 2017 7:58am | Edited 12:21pm
Thanks for the 1H tweak Reno,
Actual Trade - 1H short on N/J late last night (for me anyway). currently +21 pips & still in it. Fib (if I drew it correctly) shows a potential +62 at the 61.8 level. I'm still in it..we'll see where it leads today.
Tracking my other "watched" pairs from Saturday's homework - C/J is +20; E/C would be a "NO TRADE" due to 1H signal never breaching 80; E/N would be "NO TRADE" due to HUGE wicks; G/J would be +40 within a few hours yesterday and +60 if you held on, and U/J would have been +40.
  • #478
  • Aug 28, 2017 11:48pm Aug 28, 2017 11:48pm
hello,
no more activity here?
  • #479
  • Aug 29, 2017 11:11am Aug 29, 2017 11:11am
Hi Reno,

I read each and every post, thanks for the great system.

One query though.

Initially the rules were:

1. Scan 15 pairs ever 4 hours looking for the SIGNAL line to close above/below the 80/20.
2. Identify the pairs (write them down).
3. Pull up the hourly charts and wait for a stochastic crossover AND a change in candle color.
4. There is your entry friends.
5. Exits, worse case scenario 1:1.

But in one of the posts you announced some new rules , where you showed a image of Stoch for an entry criterea, and also talked about the 15 min charts.

which set of them do you propose us to use.

Thanks again
  • #480
  • Edited 5:26pm Sep 13, 2017 11:00am | Edited 5:26pm
Posting this as a gift to the thread. It's a stochastic oscillator indicator where you can adjust the 80/20 levels. It shows signals on the chart window and on the indi sub-window (adjustable size and color) but only signals that are on the correct side of the 80/20 levels (i.e. buy sell above 80, and sell buy below 20) will show up on the chart or generate alerts. This cuts down on the large number of useless alerts that ordinary stoch generates.

It's also mtf so you can get signals on H4 while watching price on H1 for example.

I have to say after looking at the stoch with only valid signals that my confidence in this indicator's usefulness is a little bit diminished. It just isn't as versatile as W%R, for example, even though they are closely related, formula-wise.
Attached File(s)
File Type: mq4 stochastic-mtf-with-custom-alerts-1.0.mq4   26 KB | 512 downloads
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