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bringin sexy back - stochastics

  • #2,001
  • May 20, 2008 9:17am May 20, 2008 9:17am
chuchu,

I mean a signal in the direction of the major move since this system is primarily about following the established trend, which would be the direction of the move. If the pair has already moved alot, then even if you get a valid signal, it probably will not work out. I'm sure Melpheos is alot more experienced on that front than I.


Quoting chuchu
I have a question for either jdcompute or melphoeos on the 50% retracement issue.

In a post a while back, jdcompute stated:

"Melpheos you are correct in your statement about a failed signal. Boxing has shown me that if there has been a major move up or down, then any perfect signals thereafter will probably fail. I'm in Texas on CST so I find that normally happens around 11:00AM or 12:00 noon. I typically don't look for perfect setups by then anyways."


My question is with respect to the direction of the failed signal. Do you mean that a signal in the direction of the major move up or down will fail, or do you mean that a signal in the direction opposite to the major move up or down will fail?

chuchu
  • #2,002
  • May 20, 2008 9:22am May 20, 2008 9:22am
what about this as a long?
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  • #2,003
  • May 20, 2008 9:26am May 20, 2008 9:26am
I decided to close out my trade at +13 pips because things looked a little flaky. Good thing I did, that long spike would've gotten me . Kimmy, I'm not sure I would take this as a long since it's bumping right up underneath a resistance line. What do you think Melpheos?


Quoting kimmy
what about this as a long?
  • #2,004
  • May 20, 2008 9:39am May 20, 2008 9:39am
Quoting jdcompute
I decided to close out my trade at +13 pips because things looked a little flaky. Good thing I did, that long spike would've gotten me . Kimmy, I'm not sure I would take this as a long since it's bumping right up underneath a resistance line. What do you think Melpheos?

thanks jd ...too late however !! gbpjpy has taken -139 pips from me today over all. i am not reading the charts properly so back to the drawing board ! How many trades did yu take today?

cheers
kim
  • #2,005
  • May 20, 2008 9:50am May 20, 2008 9:50am
If this crosses back up then this is a buy ............am i correct? 4 hour confirms too
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  • #2,006
  • May 20, 2008 10:03am May 20, 2008 10:03am
i am a bit unclear whether i am entering my trades correctly? now that the cross has taken place it is 2 mins into the new 15min candle....does it matter when i enter?
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  • #2,007
  • May 20, 2008 10:31am May 20, 2008 10:31am
Kimmy,

I took two trades today, both winners. Usd/jpy and Eur/gbp. hey, I hope you're trading small positions right?



Quoting kimmy
thanks jd ...too late however !! gbpjpy has taken -139 pips from me today over all. i am not reading the charts properly so back to the drawing board ! How many trades did yu take today?

cheers
kim
  • #2,008
  • May 20, 2008 10:39am May 20, 2008 10:39am
In my opinion, I would pass on this trade. See how price isn't breaking the resistance line. It's getting later in the morning/evening depending on where you are. I really don't think you'll get a valid long trade on this.


Quoting kimmy
If this crosses back up then this is a buy ............am i correct? 4 hour confirms too
  • #2,009
  • May 20, 2008 10:41am May 20, 2008 10:41am
Your 20 stoch is going flat, turning down probably.

Quoting kimmy
i am a bit unclear whether i am entering my trades correctly? now that the cross has taken place it is 2 mins into the new 15min candle....does it matter when i enter?
  • #2,010
  • May 20, 2008 10:57am May 20, 2008 10:57am
Quoting jdcompute
Your 20 stoch is going flat, turning down probably.

thanks jd ...yes i took your advice from your post earlier and saw that o cable was also up against the res level so i didn't take it....it would have been good for 10 pips but there you go better safe than sorry eh? ha ha
i am in the uk so very lucky with my trading hours...where abouts are you?

going back to my question re entry? if a cross happens when the new candle starts i sthat a good time to jump in straight away or do we need to wait for more confirmation. i keep getting the feeling that i am missing most of the move when trading 30mins and 1 hr......i am used to trading the 1min and 5 min. However i am keen to get away from having to be so glued to my screen all day hence wanting to give the higher timeframes a go and this method seems very good for that.

thanks for your help today it is much appreciated and hopefully useful for other newbies in the thread also

cheers
kim
  • #2,011
  • May 20, 2008 11:13am May 20, 2008 11:13am
Kimmy, even though the cross occurs, I typically wait until the price breaks above the previous candle for a long or below the previous one for a short.

Quoting kimmy
thanks jd ...yes i took your advice from your post earlier and saw that o cable was also up against the res level so i didn't take it....it would have been good for 10 pips but there you go better safe than sorry eh? ha ha
i am in the uk so very lucky with my trading hours...where abouts are you?

going back to my question re entry? if a cross happens when the new candle starts i sthat a good time to jump in straight away or do we need to wait for more confirmation. i keep getting the feeling that i am missing most of the move when trading 30mins and 1 hr......i am used to trading the 1min and 5 min. However i am keen to get away from having to be so glued to my screen all day hence wanting to give the higher timeframes a go and this method seems very good for that.

thanks for your help today it is much appreciated and hopefully useful for other newbies in the thread also

cheers
kim
  • #2,012
  • May 20, 2008 11:46am May 20, 2008 11:46am
Hi Kimmy,
The trade today on GBPUSD 30min was just after 5.40am BST, need to get up early to catch the worm.
If trading 30min then use 5min for your entry, i.e. look for trend on 4h, signal setup on 30min then enter using 5min.
A cross on the stoch is not confirmed until candle close. (so use 5min to jump ahead)
I don’t agree with JD about 20 being flat as it is well above 80 so will not signal a trend change until it drops below, time of day has more impact, it’s getting late.
Whishing you all the best in your trading.
Terry
  • #2,013
  • May 20, 2008 11:57pm May 20, 2008 11:57pm
Quoting terryed
Hi Kimmy,
The trade today on GBPUSD 30min was just after 5.40am BST, need to get up early to catch the worm.
If trading 30min then use 5min for your entry, i.e. look for trend on 4h, signal setup on 30min then enter using 5min.
A cross on the stoch is not confirmed until candle close. (so use 5min to jump ahead)
I don’t agree with JD about 20 being flat as it is well above 80 so will not signal a trend change until it drops below, time of day has more impact, it’s getting late.
Whishing you all the best in your trading.
Terry
hi terry

yes i did see that setup and i took it.....however when i was +20 i moved my stop to BE and i then got stopped out in a pullback.........i guess my stop was to tight?

cheers
kim
  • #2,014
  • May 21, 2008 12:36am May 21, 2008 12:36am
morning everyone

here is a short that i am in now

p.s.hope everyone isn't getting fed up with my posts !!
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  • #2,015
  • May 21, 2008 1:48am May 21, 2008 1:48am
could one of you clever experienced chaps please tell me what this is saying? when 50 and 100 still at top ....long term trend still up?.....20 is following price down but if 5 crosses over is this a possible long setup ? would we wait for the 20 to cross it's signal line again?

cheers
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  • #2,016
  • May 21, 2008 2:09am May 21, 2008 2:09am
Quoting terryed
Hi Kimmy,
The trade today on GBPUSD 30min was just after 5.40am BST, need to get up early to catch the worm.
If trading 30min then use 5min for your entry, i.e. look for trend on 4h, signal setup on 30min then enter using 5min.
A cross on the stoch is not confirmed until candle close. (so use 5min to jump ahead)
I don’t agree with JD about 20 being flat as it is well above 80 so will not signal a trend change until it drops below, time of day has more impact, it’s getting late.
Whishing you all the best in your trading.
Terry

Terry sorry to keep asking questions ........if you use 5min for entry from a 30mins what would you use for entry from a 1 hr chart? still 5 min or 15min ?
thanks for your help
kim
  • #2,017
  • May 21, 2008 2:25am May 21, 2008 2:25am
Hi Kimmy,
For entry on 1h I would use 15min, that trade on the EURUSD looks
too flat for this method (more a breakout trade). I would recomend that you only monitor one or two pairs until method is working for you..
Terry
  • #2,018
  • May 21, 2008 2:46am May 21, 2008 2:46am
Quoting terryed
Hi Kimmy,
For entry on 1h I would use 15min, that trade on the EURUSD looks
too flat for this method (more a breakout trade). I would recomend that you only monitor one or two pairs until method is working for you..
Terry

Thanks terry....i am still short eurchf and see that there is some euro news coming out in 20 mins...german so could move market....would you close the trade before news announcements or does this system 'cope' with them?
good idea about cutting down on pairs....any suggestions?

kim
  • #2,019
  • May 21, 2008 5:25am May 21, 2008 5:25am
Quoting kimmy
Thanks terry....i am still short eurchf and see that there is some euro news coming out in 20 mins...german so could move market....would you close the trade before news announcements or does this system 'cope' with them?
good idea about cutting down on pairs....any suggestions?

kim


managed to close this at -13 pips when i saw the news results were better than expected and just got out before the spike ...phew ....i guess i answered my question tho ha ha !!
  • #2,020
  • May 21, 2008 8:15am May 21, 2008 8:15am
OK please tell me where i went wrong here?
took the 5 cross as a long and now the trade is going against me
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