On My Way To The Top

Hmmm good thing I decided to hold onto my trailing position as the price is still on the move up like I thought might happen and now it has closed up past the 61.8 fib retrace of yesterday's high to low but what do you know it seems I missed another pull back entry which I would have been exiting now for another 28 pips or so...sheesh...maybe I shouldn't write as much as I do...I totally would have caught that...but its ok...hmmm I will post a pic of the pull back trade I'm referencing that just happened after my last exit...oh and this morning I was also working on an idea I had and was working on before using just the moving averages those arrow alerts on my chart now and the stoch thread just as confirmation....its something more mechanical but works on higher time frames and lower time frames as well...I may be trying that out a little bit though Im not too much of a mechanical person as one could probably tell...below is the pull back trade in which I would have taken profit at the 76.4 level for the 28 pips I mentioned...(did not take this last pull back trade though)

Paul

I mainly focus on four really but have a few extras that I keep up but rarely trade because I don't care too much for their daily ranges and how little they move in comparison...I still like to observe and just see how everything moves together basically getting as much chart time and live action as I can just to take it all in...

P.S...in that pull back trade or 123 trade or whatever anyone decides to call it...you can clearly see how the 5 ema dips below the 10 and than back up like I like it to with the price closing above...you can see it quite clearly there...works like a charm...well with everything else lined up of course...

Paul

What I'm looking to see happen with the GBP USD...is the one hour cross over the 80 level along with the 15 which may have a little more buying pressure with it to push price up just a little bit more...1 minute to hour close so I guess we will see...

Paul

Interesting...I must take a note of that..right at the hourly close where the hourly stochastic crossed above 80 with the 15 minute...before a minute even passed...price jumped up 20 pips though it came back down...but I wonder if this has concept has scalping potential...must look into this...or maybe not...I don't think scalping really suits me but this is a good note to make...price has closed above the 76.4...moving stop to the 61.8 fib level at +73...the five is looking like it is finally about to close below the 80...lets see what price does as it has a new support of the fib level and the fib r1 pivot level...still no bearish divergence...

Paul

Well the market took out my trailing order for 79 pips...daily range at 140...no more long orders around this area for me today...as price is currently near yesterday's daily high...we also had another pull back trade as I napped...good for what would seem to be either 20 pips or 60 pips at two different take profit levels but if one waits to see what the 5 minute stochastic does you would still be in the trade...the 100,3,3 stochastics are in the background a bit since they are so slow moving but help with a piece of the story like I mentioned in a previous post...

Paul

Here is the entry that despichtt pointed out earlier but after the move has been exhausted or seems to be...like I said when I saw it...the entry was pretty good and matched up on my charts exactly...but here it is....no pullback entries according to my standards...so if I had taken this trade than once I exited that first lot...I would have trailed my second and that seems like that would have been it...


Paul

Well it would seem I'm right on track now...I went ahead and tried what I said with my mt4 platform and it actually worked so now when I'm at work I will be able to trade and monitor my trades and everything...very pleased with this...

hi despichtt,

According to your view what do you mean by playing against the H4.

For the tigth rope:

If 2 of the 5/15/30 lines from Stochastics are inline(ofcourse the 5min will always be in this case) its safe to play.
You want to have the line from 4 hours Stochastics on your side in this case!

What do you mean by: H4 hours Stochastics on your side.

in oversold/bought area already in between and same direction etc.etc..

If you want to go long: H4 crossing from south to north or in overbougth allready but still going up.
I'm watching the rope on the EUR rigth now; not sure wat to make of it yet..

despichtt I wanted to ask you.

I'm not familar with forex futures but if you say you watch EUR - does that mean EUR/USD or what?

It's also something I'm not so clear about your charts - which pairs would that refer to.

Yes ECJUN11 = EUR/USD; SFJUN11(Swiss Frank) = CHF/USD and BPJUN11(Brittish Pound) = GBP/USD!

Thanks

hi pmullin86,

I'm not trading today so I just look a bit through the Alerter.

Anyway: is this entry criteria 6 really important for your trading or just an extra you might consider.

If it is for each trade important we might want to add it to your alerter (e.g. check for Stoch direction AND check Price is above/below EMA)

It is actually one of the more important criteria...and becoming one of the first things I look for when going through the charts...its good for the visual of direction and somewhat a gauge of strength...so would you be able to do something like that...

Yep. There is only the question what we want.

I can see two option.

1.
We use only 1 EMA where the price must be above (long or below short)

2.
We use the whole stack of emas and check also the order of them: but I guess if there was a pullback and you use quite small emas (5 and so) you might want to be alerted even if they are not in order) Don't know.

deleted

Just an alert for the 5 and 20 would suffice as in order for price and the 5 to close above or below the 20 than the 5 would have to cross over everything else like I want to see..So, I would say just the 5 and 20 and price...but if its too complicated you dont have to worry about it too much as I already have an indicator that alerts of such but its just not interconnected with the multi direction if thats what your trying to do...do you want me to post it so you can see the code or something like that...lol I don't know how the programming stuff works...


Paul

Yep:

2 MAs.


Alert UP: 3 Stoch (or whatever you define) direction is up PLUS Price must be above both MA's AND MA1 above MA2