On My Way To The Top

Yes but with a lot of the necessary real time experience we can get to the point where spotting these real life set ups becomes easier and easier for us...

M_J....thanks again for the beautiful Indie that you've provided so far so good...it alerts me and I just get right on the computer and analyze the situation and determine if I want to actually get in or not..But like I said I haven't had any issues so far based on the little notes you gave on it giving me a heads up of everything to expect...trade now...two lots in at first like usual with one lot being my trailing lot and the other I enter looking for different exit options to get out so I exited the first lot for about 40 pips but added another lot before exiting that lot with a smaller lot size at the very nice pull back of the 5 minute above the 50 level with the rest of the stochastics oversold which is an ideal scenario so I couldn't pass on this...and at this point I changed my stop loss on the trailing lot to +16...closed out two lots at the 1hour bottom of the channel for about 38 pips and 27 pips...with my trailing lot still going at this point currently up about 62 pips but I will let the market decide what I do...I'm thinking about closing that position since the aussie is at about 200 pips for its daily range today which is very very high...ok as we speak the aussie just reached the -250 fib level...so instead of being greedy I'm going to go ahead and close this position even though I do feel like there is much more down move to go but that 67 pips should do it for now...oh and in the pic I forgot to add the second vertical line for the next pull back but you can see where the 5 minute crossed back down after rising above the 50 level...situation with the stoch rope at vertical line...htf stochs were fully converged with
ltf stochs heading back down and creating a wall of its own on the way back down so with everything else considered this seemed like an ok scenario although the second entry looked better as far as the rope and even the snap back is concerned...but you never really know with the five minute snap backs...

Paul

And the reason I didn't get in any earlier with this amazing down move is simply because I was asleep during everything else...but managed to catch these moves...but there were other set ups as well on this pair's way down...

I'm not playing seeing wild spreads! Usualy the case in low volume markets..
Thats why I play the liquid futures. Not sure how things work in the spot forex markets..

If you refer to the indi with the 3 directions Alert: I did not change that - it was an other one which despichtt used a lot.

BTW: does the alert and work correctly?
And do you have bars drawn because someone asked a view post back?

It was always my understanding that lower volatility yielded lower spreads and the spread on this pair was only about 3 pips for me which I don't consider too bad...but from my understanding my broker's spread should be a fixed spread and shouldnt really change too much with volatility and the reason I mentioned how I havent had any problems is because I noticed someone saying that they had some issues or problems with it but I havent had any...the thing with this indicator is like you stated that it doesnt draw the past so once you plot it...usually it will just be a blank window open until it finds something to alert you of and than the bar will appear...so I think that might be where some of the confusion came...not sure....just my experience so far...but yes everything works very good for me thus far...

Paul

I don't know how important the MA's are for you, but I did one for me with an alerter too - so one can set a specific distance: say 5 pips and if the price comes close to the MA you get the alert.

Do you mind posting that as well so I can play around with it...for the most part though I use the MA's to see when I kind of have a dynamic cross and price closes on the other side of the MA...or for pull backs I like to see the 5 cross the 10 and than cross back over the 10 for entry assuming everything else aligns...so I have a separate alerter for when price closes on the other side of the moving averages I set...but the only thing with that is it incorporates the rsi being above or below 50 to alert at the same time which throws this alert off a little at times when the rsi condition isnt met...although for the most part the rsi and moving averages are very closely related so usually when price is closing above or below the ma's price is closing where I want it to...but either way if you don't mind I would love to play around with your indicator as well and see if maybe it might help also...Actually I could use that for my 200 sma to see when price is nearing it so I can assess the situation or my position at that point...As far as the importance of the MA's...I do believe that they help tell a very important piece of the story just as everything else...

Thanks

Paul

Hi, here it is: you will have to test that before as I just recently did all of them: so they might still have some errors.

1.
MA with direction color and Alert:


2.
TrendLines and Horizontal lines Alerter: in case you work with them too.



Maybe it gives you some hours of more sleep

Yep I love trendlines...channel lines support and resistance...all of the above..I use them as an essential part of my trading...Thanks...will try it out and let you know what I think...

Paul

So this Japan issue between earthquakes, nuclear issues, and tsunamis...has opened my eyes to something...Logically, anyone would think ok there is all of this going on in Japan so the currency should be falling across the board in the spot forex market at least but that seems to not really be the case...instead I see the AUD USD has fallen 200 pips which is absolutely out of that pairs character...so I began my research into the Australian economic news right now and as it would appear...the crisis in Japan is going to not only delay the interest rate raise for the Aussie country but also Japan is Australia's second biggest trading partner outside of China...so with all this going on over there I suppose it worries a lot of people and this is where risk aversion comes into play as people start to worry about the safety of the Australian dollar at this point...this being evident with what seems to be the Aussie across the board...wow...this has opened my eyes to how the economies and the correlation with the different world currencies is not as black and white as one may think...So I am going to have to start keeping a close eye on the world news as I'm sure a lot of traders do already...but I just liked to keep it mostly just TA for the most part instead of getting into fundamentals but I'm seeing now that it can help to know what to expect or what price may do...just another piece of the story...I'm going to keep looking into this matter...

Paul

There is one thing which always had bothered me (still does) on the #MTF Stochastic v2.0.mq4 indi:

that the current candle from higher timeframes does not extend to the active candle of the chart (if lower Period) it is plotted on.

Anyway I came across a other MTF stoch: maybe some of you find it useful.

(it seems to plot it not accordingly to the time on the chart but as it would be displayed on an original chart.

just take a look and you will see what I mean. (not sure how useful it is but maybe for one or the other.

Thanks I will look into it...this may help a lot of others with the confusion from mtf stochastics during live trading...so I'm going to play around with it as well as lookinto the last indicators you posted which should be very helpful as well...

Paul

Ok so, as everyone can see throughout many different currency pairs, the market during the first half of the London session was ranging quite a bit with the EUR USD caught in a 40 pip range and the GBP USD caught in a 60 pip range roundabout. This range was wide enough to actually make some pips but I chose to stay out and actually just observe, take notes and come up with some ideas to navigate through this choppy type of market. Especially since, I see that we have been experiencing this a lot lately especially during the London session that I am limited to trading between my full time job and trading the markets. So, with everything that I took note of I am seeing potential for my ideas to work on even ranging markets but I still need to put it to use in a live market and see how things go...but its all the same concept just making a few changes to the normal rules for a normal trending market in which we would be able to easily identify the difference...so I am working on that and its so frustrating missing the good set ups and market moves that I anticipate will happen such as the eur usd falling today...This morning I made note on the 4 hour chart of the up move losing momentum and there being a slight bearish divergence along with the 4 hour stochastic heading down and the daily stochastic looking like it will turn over and the price on the weekly being rejected by a channel line on my weekly chart...so I figured the price would be coming down during the U.S. session and it happened before that but continues to fall and I'm saying all of this to make the note that I am and desperately need to work on a mobile set up that works efficiently to a point where I can chart and manage trades effectively and efficiently as to avoid things like this from happening...very frustrating but for now I will see what tomorrow's market looks like during the London session...will post charts of the Eur Usd from this morning and why I figured it should be coming down for my own reference and whoever reads this can kind of get an idea of where my mind is when I'm looking through the charts and things I take note of to kind of gain my sentiment on a particular pair....Sheesh...balancing this job and trading is really becoming increasingly difficult to do as I become more and more engulfed by this market (in a good sense)...or something like that maybe...any ideas are always welcomed...regarding this ranging market or a mobile set up or really anything...


Paul

hi pmullin86;

because someone asked for something: so I updated your StochDirection Alerter.

This has a number of interesting new options. I attach a fast pdf with small notes which came to my mind.

I did not really test it much - so it might be full of errors (more complex)
- but I guess you will find out.


Anyway: I guess you should change to this one especially because here you can choose if you use only closed candles or not.

The old one used only closed candles but personally I'm not so sure: especially if you consider longer TimeFrames like H4 or above. Spud mentioned often about the problem of an nearly 4 hour old stoch shortly before the new bar.



Anyway: it has a number of other useful things too.



-- note I posted the wrong file

I add the correct one in a couple of minutes

see: http://www.forexfactory.com/showpost...&postcount=119

Thanks...I will be reviewing this and the stoch bars you created for despichtt on the other thread.....I got in pretty late last night so didn't get a chance to try out the other indicators really...but I will get to that today....

Paul

No problem. I think I did the default settings quite similar to what you asked in your first post for it.

Also no need to use every indi.

Btw: if you want my advice I would use for the rope the indi I posted: you will see how much nicer it is without the values - but personally I don't mind at all

All the best.

I will try that out as well although the numbers don't really bother me...I often times don't even pay them any mind or realize they are there...and although I may not need every indie now I would still play around with it to see how it all works as I would never know when it could come in handy later down the line...


Paul

Couple of situations for the EUR today:
First situation(vertical line) some nice confirming divergence for the 15min Stochatics(red line); all action from different TF's Stochastics comming from above each other making it a very strong case to me.
Second situation all EMA's nicely in place; no divergence though. Line-up 5/15/30 lines from Stochastics all just before oversold. One could say there isnt much room to go for anymore looking at the lines from Stochastics. On the other hand its often payday around here: if it doesnt pip heavely around here you know this trend is probably over. It did drop nicely though!
Third situation pritty strong as well; I like 15min Stochastics comming from overbougth to line-up with the H4 very much! Strong divergence on the 5min Stochastics(orange line) as well.

sorry had the wrong file - which had some clear errors.

Is it possible to change this chart time(I think its Bulgarian), to Eastern Time USA some how?