DislikedHi WaterFlame,
Here is my slight variation of your system, MTF stochs help me filter some signals, not all, they just confirm my entries.
Dear Guess, at first i will say that im not an arrogant, only my thoughts following ignorant ( lol ) , i will encourage to search something even perfectly better what can help to finish this system, me personally i have all done (realy all ), to have a suffisance to get a living, and simplify the whole thing without disturbing my little brain with too much descision making when its time for it.
If you feel confident with your stoch entry, and have greater results as just the few indications we need, please do it.
I have already combined this, and it was not working for me, because stochs can lag instead giving me a simple clear and proper signal as Elite.
Keep researching for others , if they are not believing that only this works,
i have done my work and it works for me, i would share it with you , thats all,
but really keep improving, and if you find realy something finishing this, please post it, butthe real one thing what we can't now until now, are market mood conditions, thats the only thing what will give false signals, and taking from us the pips we can buy with them another box of caviar.
Here is an example, you can see the stochs (price) is moving in the other direction, therefore this would filter the signal on a 5 minute chart.
I will remember you again, NO 5 MIN charts, it will kill you if you are not an advanced and experienced trader, i know that Elite works too for the 5 min chart, but this thread was made for beginners, for thus who don't have time to learn, don't have conditions to learn.
( fact is that the education will intellect, but not neceseraly help trading like a market adapted system to get profit like this )
im not doing marketing if you read me saying " OMG what a system "
try it out yourself and you will see, thats why i made the thread
Though you have to understand, that in MTF, the candle might have closed on your current time frame, but the other time frame the candle might not have closed, therefore with back testing this filter will look good.
- here i will tell you to watch different timeframes to get an entry is useless with this system, just take one time frame your account balance will allow you to trade for your risk management, and follow the system rules.
But when actually trading it will not be easy, as you can enter trades too soon and not realise and see price go in the other direction, though WaterFlame's entries will make things more simpler, as now I have a entry signal, which I did not have before and hopefully this will be my holy grail...
Very good notice and question at once
i will tell you something i have forgot to say to make trading easier, if someone don't know it already.
Price sometimes can lag, getting under or above before or at least giving the signal to enter or exit ( that is where i talked about Big candles ans sick markets ), dont care about it, because at least you will have just a very cute stop loss getting your money ( not as waiting for Support Resistance or HH/LL stop losses taking the most your money ) if you don't have exit before price reverse against you with the weakening or 100% CCI exit.
If you don't believe me, watch historical charts, in every timeframe, what ever a trader you are and count on your own thinking, when and why you will enter a trade, and why you will exit, how many losses and profits you will make.
Demo it, Demo it, i repeat it Demo itto be assured that im not talking sharabia.
If we can improve on this, then lets do it!
Regards,
GuessIgnored
Simplicity is the ultimate form of sophistication ( Elite )
- #145
- Mar 30, 2008 11:58am Mar 30, 2008 11:58am
Hi Waterflame.
i think your system is very good .i dont use any indicators .Just pure PA and fractal confirmation in the daily(always with the trend).
The thing that i like in your system is that it can scalp at lower time frames(i use min 1h for scalping) with tight stoploss.
Some comments for the newbies here:
1.dont add more indicators(it already has plenty)
2.Waterflame says its a succesfull system.Dont try to CHANGE it...
3.i know you feel that adding something more makes you feel more confident.i have passed that face too.
4.there is nothing to tell you the market rythm other than pure price action.just watch many hours just one pair and in a few days you will be experts.
5.throw away your indicators that only tell you what happened in the past and keep it simple and short(KISS).
6.Nice job Waterflame
just my 2 cents
i think your system is very good .i dont use any indicators .Just pure PA and fractal confirmation in the daily(always with the trend).
The thing that i like in your system is that it can scalp at lower time frames(i use min 1h for scalping) with tight stoploss.
Some comments for the newbies here:
1.dont add more indicators(it already has plenty)
2.Waterflame says its a succesfull system.Dont try to CHANGE it...
3.i know you feel that adding something more makes you feel more confident.i have passed that face too.
4.there is nothing to tell you the market rythm other than pure price action.just watch many hours just one pair and in a few days you will be experts.
5.throw away your indicators that only tell you what happened in the past and keep it simple and short(KISS).
6.Nice job Waterflame
just my 2 cents
- #148
- Mar 30, 2008 1:03pm Mar 30, 2008 1:03pm
- Joined Nov 2006 | Status: Trader | 4,417 Posts
to trade and code, keep both simple... no call to impress....h
thank you guys, im happy we found together on this thread discussing
success.
about the question of " bilbss " and jlmac27,
as we talked yet about momentum faking what perhaps can sometimes appear, we have set up the rules of not to trade when
Signals are not in synchronisation http://www.forexfactory.com/showpost...6&postcount=49
and
Candle bars are too big while entry is confirming http://www.forexfactory.com/showpost...4&postcount=52
the big candle thing can result in market condition moods
http://www.forexfactory.com/showpost...7&postcount=40
they will be the only times where you will have a no go!
( and they appear not very often, if they appear, you know you will not trade them )
and to answer of the 15 pips hard stop question jlmac27,
in the 15 min timeframe, none of the pairs you will trade, ( even very profitable as gbp/jpy, will not break with a candle more above 15 to 20 pips at one time ( the links above are defining price action hints ) , and you will have your last stop loss exit, just if you have been sleeping not watching your charts and interact before.
( news time not counting )
Read News a day before ( if you are not a news trader, dont trade news events time)
success.
about the question of " bilbss " and jlmac27,
as we talked yet about momentum faking what perhaps can sometimes appear, we have set up the rules of not to trade when
Signals are not in synchronisation http://www.forexfactory.com/showpost...6&postcount=49
and
Candle bars are too big while entry is confirming http://www.forexfactory.com/showpost...4&postcount=52
the big candle thing can result in market condition moods
http://www.forexfactory.com/showpost...7&postcount=40
they will be the only times where you will have a no go!
( and they appear not very often, if they appear, you know you will not trade them )
and to answer of the 15 pips hard stop question jlmac27,
in the 15 min timeframe, none of the pairs you will trade, ( even very profitable as gbp/jpy, will not break with a candle more above 15 to 20 pips at one time ( the links above are defining price action hints ) , and you will have your last stop loss exit, just if you have been sleeping not watching your charts and interact before.
( news time not counting )
Read News a day before ( if you are not a news trader, dont trade news events time)
