If you had been here before, you would be realizing that the content of this journal has changed . And as a matter of fact I wanted to slightly modify the tittle to become “ Stochastic + Bollingar Band and PA Trading Journal” but the period for editing tittle has expired. This tittle would more truly reflects my now adopted trading strategy. No qualms let’s roll with this. I want to give credit to a fellow countryman and trader called 9jatrader because it is his threads (Method of using Stochastic Oscillator Profitably and Simple and profitable trading style) that have helped to give me the vital “icing on the cake” in putting a finishing touch to developing my personal suited trading strategy, especially the Stochastic and Bollingar Bad aspects ( I strongly encourage anyone reading this to do check 9jatrader’s FF Threads).The PA and other aspects are from folks too numerous to mention (e.g Lovejoy, Jim of James16, Tunji etc to mention a few. All that said, now let me get to what this is all about.
This journal is essentially to help me keep track of my trading using a strategy I call “ Stochastic + Bollingar Band and PA Trading”. So it is essentially for me, but anyone interested and thinks it is helpful is welcome to be part of this in one way or the other. I hope to see him post here. Here is the description of the strategy.
The tools used are Bollinger Bands, Stochastic Oscillator and Fibonacci Retracement/Extension, Support and Resistance (SR), and sometimes RSI or MACD (mainly for Divergence). Using the Bollingar Bands my analysis usually starts from the Daily Tf (sometimes Weekly and Monthly Tfs are used to look at the bigger picture especially in order to decide when to or not liquidate a position. To take, for example, a long position look for when Daily Tf Candle closes above the middle Moving Average of Bollingar Band (BB), ideally/ most often the H4 or H1 Tfs Stochastic should be in the overbought region by now (when this happens breakouts usually occur especially if an SR is insight and is broken). Now look for suitable locations, and possibly, PA candles on the H1 and or H4 tfs to go long. Sometimes I use Fibonacci Tool and or SR to help me get this done. I also sometimes dig down to 5M or 15M tfs to find a good entry point. For shorts, the reverse of the process applies. My Stop Loss (SL) is defined using the most logical swing (of course this is relative/subjective). The initial Take Profit (TP) is sometimes determined using Fib Tool or SR. Often my trades are held over a relatively long period although I consider myself to be an intraday trader. Let’s see a few illustration of some of the things I am trying to communicate.
This journal is essentially to help me keep track of my trading using a strategy I call “ Stochastic + Bollingar Band and PA Trading”. So it is essentially for me, but anyone interested and thinks it is helpful is welcome to be part of this in one way or the other. I hope to see him post here. Here is the description of the strategy.
The tools used are Bollinger Bands, Stochastic Oscillator and Fibonacci Retracement/Extension, Support and Resistance (SR), and sometimes RSI or MACD (mainly for Divergence). Using the Bollingar Bands my analysis usually starts from the Daily Tf (sometimes Weekly and Monthly Tfs are used to look at the bigger picture especially in order to decide when to or not liquidate a position. To take, for example, a long position look for when Daily Tf Candle closes above the middle Moving Average of Bollingar Band (BB), ideally/ most often the H4 or H1 Tfs Stochastic should be in the overbought region by now (when this happens breakouts usually occur especially if an SR is insight and is broken). Now look for suitable locations, and possibly, PA candles on the H1 and or H4 tfs to go long. Sometimes I use Fibonacci Tool and or SR to help me get this done. I also sometimes dig down to 5M or 15M tfs to find a good entry point. For shorts, the reverse of the process applies. My Stop Loss (SL) is defined using the most logical swing (of course this is relative/subjective). The initial Take Profit (TP) is sometimes determined using Fib Tool or SR. Often my trades are held over a relatively long period although I consider myself to be an intraday trader. Let’s see a few illustration of some of the things I am trying to communicate.
PLEASE DISREGARD POSTS 2,3,4,6,7,8 and 9