Those last two questions are tricky ones. Just my opinion..if I had conflicting buy/sell signals, maybe it's a good idea to just not take any trade. But if you do trade off the lower timeframe, only expect a small profit. If you trade off the higher timeframe, expect the trade to go against you at first because that's what the lower timeframe is telling you. Hope that helps and doesn't confuse you.
- #161
- Jan 31, 2007 7:30am Jan 31, 2007 7:30am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #162
- Jan 31, 2007 7:37am Jan 31, 2007 7:37am
- Joined Jan 2006 | Status: gamblin wit style | 740 Posts
mcdonnellc can u post some shots and ill add some analysis to that and ill try and add some confirmation and which is the trade to take
tzachi
generally the longer time frame is the one with the better results but thats not always the case. 2 things off the top of my head, if the 1h is not up or down and the 15 is down then ur gonna look to short. if theres opposite signals then look for how price is behaving. is price trending up strongly? is there any divergence things like that but an even easier way to avoid all this mess is dont trade that pair
simple as that. and thats what i do sometimes the more confirmation the better but sometimes looking into it too much well to me it makes me wanna not trade anymore. theres plenty of pairs with at least 1 perfect setup everyday that agrees with a higher time frame. no need to take a trade and be nervous the whole time.
check the gbpusd today the 1h and 15 min. they are both trending down and theres already 1 good trade and another one right now
tzachi
generally the longer time frame is the one with the better results but thats not always the case. 2 things off the top of my head, if the 1h is not up or down and the 15 is down then ur gonna look to short. if theres opposite signals then look for how price is behaving. is price trending up strongly? is there any divergence things like that but an even easier way to avoid all this mess is dont trade that pair
simple as that. and thats what i do sometimes the more confirmation the better but sometimes looking into it too much well to me it makes me wanna not trade anymore. theres plenty of pairs with at least 1 perfect setup everyday that agrees with a higher time frame. no need to take a trade and be nervous the whole time. check the gbpusd today the 1h and 15 min. they are both trending down and theres already 1 good trade and another one right now
- #163
- Jan 31, 2007 7:39am Jan 31, 2007 7:39am
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
melpheos good job on ur eurjpy. and like i said losses can happen and will but u also took a really good trade and made more than what u lost probably
at first i put my take profit @ 1.1835 then revised my position to secure the gain and finally it reached 1.1835 just a few minutes after... I should have look the look of the stoch on the H1 (the setup i followed was from M30 ..... i think :? )
- #164
- Jan 31, 2007 7:41am Jan 31, 2007 7:41am
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
Those last two questions are tricky ones. Just my opinion..if I had conflicting buy/sell signals, maybe it's a good idea to just not take any trade. But if you do trade off the lower timeframe, only expect a small profit. If you trade off the higher timeframe, expect the trade to go against you at first because that's what the lower timeframe is telling you. Hope that helps and doesn't confuse you.
maybe you can use the shorter time frame to perfect your entry point on the longer time frame
- #165
- Jan 31, 2007 7:57am Jan 31, 2007 7:57am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
maybe you can use the shorter time frame to perfect your entry point on the longer time frame
- #168
- Jan 31, 2007 2:49pm Jan 31, 2007 2:49pm
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
- #173
- Edited 4:00pm Jan 31, 2007 3:46pm | Edited 4:00pm
- Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
melpheos, do you mind posting your charts? I'd like to learn from your experiences. And perhaps boxing can give us his opinions on these setups.
Here is the charts (as i said, the signal are not reliable and i'm indeed lossing pips here
)Especially on the very bad first entry on USD/CAD (just before the big bad candle because i didnot wait for the 5 cross)
http://melpheos1er.free.fr/forex/USDCAD-31-01-2007.JPG
http://melpheos1er.free.fr/forex/CHFJPY-31-01-2007.JPG
http://melpheos1er.free.fr/forex/EURJPY-31-01-2007.JPG
I think i'd better work on H4 as i cannot be in front of the computer all the time but i like action :-/ (and overtrading is usually bad )
@Moonchild, AUD$ on H4 seems to be very good i give a try...
only problem is that i can't find any good support for the SL, the last support i at 07610, that's a very long trip downEdit : found a closer support on 07690 that's much better
- #174
- Edited 5:45pm Jan 31, 2007 3:49pm | Edited 5:45pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
- #176
- Jan 31, 2007 4:32pm Jan 31, 2007 4:32pm
- Joined Jan 2006 | Status: gamblin wit style | 740 Posts
melpheos, im not sure which trades ur talking about but if its the ones i think ur talking about then they are very low probability. if u wanna post the screenshots and draw a circle or square on the trades u took i can be more specific. the only 2 trades i see worth taking are on january 30th at midnight so basically january 31st on eurjpy and chfjpy otherwise any other movements didnt trigger any entries so be careful and review some of my charts for what i call the perfect or really good setup. and also the slingshot in a few examples. a gbpusd 1h chart in the morning would have gotten 100 pips+ and it was a great setup with consolidation and 20 and 50 trending down and the 5 pulling back nicely to almost the 80 line. check it out for urself. same with gbpjpy 1h would have gotten more than 100 pips. theres no need to take average trades when u can take the best. and even on higher time frames the 1h provides opportunities quiet often and last week 2 trades off the 4h got me more than 150 pips. but the key is to only look for the best setups
hope this helps
if any of u are interested, a good way of making u understand the method is bring up old charts and find what u think are really good setups and post em and ill tell u if its good or not and if necessary il add something. its like a test for you guys but its a good way to understand so that the next time u see a potential setup u know if its worth it or not. i recommend it and ill answer every time i see a new post.
hope this helps
if any of u are interested, a good way of making u understand the method is bring up old charts and find what u think are really good setups and post em and ill tell u if its good or not and if necessary il add something. its like a test for you guys but its a good way to understand so that the next time u see a potential setup u know if its worth it or not. i recommend it and ill answer every time i see a new post.
