Hey guys.
Im a relatively new trader and Ive been trading for almost a year now. One advice that I can give my fellow traders is that having too many indicators on a chart will do you absolutely no good. After I was educated about this market, I was constantly brainwashed to believe that having multiple indicators on a single TF will help generate the right signals. Well, it WONT!. It will do you more harm than good and it will only confuse you in the end. We are all human and its impossible to calculate all these signals from different indicators espcially on multiple time frames simultaneously. After losing my initial capital, (Yes, I was part of the 90%) I decided that I would only be trading naked, and that the only indicator that I would use is the stochastics.
Basically, I want to share my trading style. I am a very conservative trader. I dont scalp and I wait for the right signals at the right time even if it takes days. For me, Ive had a bad experience with scalping and I know that scalping is a good way to get killed in this market especially during fundy days.
My rules are simple and stringent. 618/786/86 trendline-fibonacci convergence on the 240 minute time frame with a candlestick formation. Anything less is illegal. I normally hold my positions until the D extension is hit and dont initiate new entry orders until it does so. I have been taught that if the market retreated to the 618 levels that it will go after a 1.618 D extension, and a 1.27 D extension if it retreated to a 78.6/86 fib level.
Basically, this is how i trade.
Analysis on the 60 minute TF is not allowed. A 60 minute TF’s role is to manifest 240 minute trendlines, stochastics and fibonacci levels. I ignore the little trendlines, the little AB swings that occur on the 60 minute time frame and I only analyse 240 minute ones on that 60 minute chart.
Traders, remember, the higher the time frame, the more reliable the study.
Basically, it is a more "zoomed in" version of the 240 minute chart. Actually, it is a 240 minute chart but it has the candlestick formations of the 60 minute chart, giving quicker entry signals.
The Stochastics is just there to add extra confirmation. If the stochastics is to my favor (oversold to buy, overbrought to sell) and I get a good 618, 786, 86 trendline fibonnaci convergence then I will go ahead and initiate a trade.
Now here is my problem. I am trying to place a 240 min stochastic on the 60 minute time frame. My settings on the K value is 5 while my settings on the D value is 5 while my number of periods on 3. I am trying to find a way to put the 240 minute stochastic on the 60 minute time frame. If you could give me the settings for that, I will be really grateful.
NEW TRADERS REMEMBER, DO NOT OVERLOAD YOUR CHARTS WITH TOO MANY INDICATORS. PICK ONE INDICATOR THAT YOU LIKE AND STICK WITH IT. THERE IS NO BETTER OR WORSE INDICATOR. PICKING AN INDICATOR IS LIKE PICKING A GIRLFRIEND, IT DEPENDS ON YOUR PREFERENCE.
I wish you all the best in trading.
peace and prosperity.
-Chris.
Im a relatively new trader and Ive been trading for almost a year now. One advice that I can give my fellow traders is that having too many indicators on a chart will do you absolutely no good. After I was educated about this market, I was constantly brainwashed to believe that having multiple indicators on a single TF will help generate the right signals. Well, it WONT!. It will do you more harm than good and it will only confuse you in the end. We are all human and its impossible to calculate all these signals from different indicators espcially on multiple time frames simultaneously. After losing my initial capital, (Yes, I was part of the 90%) I decided that I would only be trading naked, and that the only indicator that I would use is the stochastics.
Basically, I want to share my trading style. I am a very conservative trader. I dont scalp and I wait for the right signals at the right time even if it takes days. For me, Ive had a bad experience with scalping and I know that scalping is a good way to get killed in this market especially during fundy days.
My rules are simple and stringent. 618/786/86 trendline-fibonacci convergence on the 240 minute time frame with a candlestick formation. Anything less is illegal. I normally hold my positions until the D extension is hit and dont initiate new entry orders until it does so. I have been taught that if the market retreated to the 618 levels that it will go after a 1.618 D extension, and a 1.27 D extension if it retreated to a 78.6/86 fib level.
Basically, this is how i trade.
Analysis on the 60 minute TF is not allowed. A 60 minute TF’s role is to manifest 240 minute trendlines, stochastics and fibonacci levels. I ignore the little trendlines, the little AB swings that occur on the 60 minute time frame and I only analyse 240 minute ones on that 60 minute chart.
Traders, remember, the higher the time frame, the more reliable the study.
Basically, it is a more "zoomed in" version of the 240 minute chart. Actually, it is a 240 minute chart but it has the candlestick formations of the 60 minute chart, giving quicker entry signals.
The Stochastics is just there to add extra confirmation. If the stochastics is to my favor (oversold to buy, overbrought to sell) and I get a good 618, 786, 86 trendline fibonnaci convergence then I will go ahead and initiate a trade.
Now here is my problem. I am trying to place a 240 min stochastic on the 60 minute time frame. My settings on the K value is 5 while my settings on the D value is 5 while my number of periods on 3. I am trying to find a way to put the 240 minute stochastic on the 60 minute time frame. If you could give me the settings for that, I will be really grateful.
NEW TRADERS REMEMBER, DO NOT OVERLOAD YOUR CHARTS WITH TOO MANY INDICATORS. PICK ONE INDICATOR THAT YOU LIKE AND STICK WITH IT. THERE IS NO BETTER OR WORSE INDICATOR. PICKING AN INDICATOR IS LIKE PICKING A GIRLFRIEND, IT DEPENDS ON YOUR PREFERENCE.
I wish you all the best in trading.
peace and prosperity.
-Chris.
