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  • #496,301
  • Jul 21, 2011 10:27am Jul 21, 2011 10:27am
Quoting Fx93
I like using stochastics for buying trend retracements. Depending on how hot you think it is, you can wait for the 1m or 5m to become oversold.
been using this system long?
  • #496,302
  • Jul 21, 2011 10:29am Jul 21, 2011 10:29am
Quoting aldialdi88
I havent used any indicators. It seems like they tell you the story after the fact. Is there any good indicators like "momentum" for example...that I should take a look at it and study the math behind it...

Thanks
The most important indicator is the Price Action correlated with supply and demand levels that you have to identify on your charts. Regular indicators are there just as an added comfort....
  • #496,303
  • Jul 21, 2011 10:29am Jul 21, 2011 10:29am
Quoting Fx93
I like using stochastics for buying trend retracements. Depending on how hot you think it is, you can wait for the 1m or 5m to become oversold.

I use a 14,6,3. It's pretty nimble I think, especially the 1m.
rsx is the weapon's name : p
Hero calls followed by margin calls...
  • #496,304
  • Jul 21, 2011 10:32am Jul 21, 2011 10:32am
[quote=attila;4799740]All numbers are on the charts. No mystery there. Where it becomes tricky is reasoning if it will make it there or not, and if so what path will it take? That's where your system should come into play. Do I hold? Do I cut my losses if I find myself on the wrong side of it's winding road to there, etc. etc. If it only were that simple.....

Attached Image


How do you know that it will turn at 4400 and not at 4418....Or how do you know which high to take A or B in this case....in this case B sounds better since we saw 4280 a while ago, which gator nailed it ...and I had 4294 in mine....
  • #496,305
  • Jul 21, 2011 10:32am Jul 21, 2011 10:32am
Quoting PhAnTi'
rsx is the weapon's name : p
price bars!!! all oscillators, etc. are derived from pa, so why not just go straight to the source?

can of worms opened, lol..
  • #496,306
  • Jul 21, 2011 10:33am Jul 21, 2011 10:33am
....but i've entered a couple of small shorts av price of 4356. I can and will add if I think the trade is good.

DX has reached the LTL support on the 4hourly and YM is off the highs.
  • #496,307
  • Jul 21, 2011 10:34am Jul 21, 2011 10:34am
Quoting FibbinArchie
price bars!!! all oscillators, etc. are derived from pa, so why not just go straight to the source?

can of worms opened, lol..
im not an indicator fan as well...but i love my rsx
Hero calls followed by margin calls...
  • #496,308
  • Jul 21, 2011 10:34am Jul 21, 2011 10:34am
monthy looks really really ugly for bears atm

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 101 KB
Hero calls followed by margin calls...
  • #496,309
  • Jul 21, 2011 10:36am Jul 21, 2011 10:36am
Quoting attila
All numbers are on the charts. No mystery there. Where it becomes tricky is reasoning if it will make it there or not, and if so what path will it take? That's where your system should come into play. Do I hold? Do I cut my losses if I find myself on the wrong side of it's winding road to there, etc. etc. If it only were that simple.....

.
I agree Attila. Without wanting to offend anybody here, you can recognize in which stage is a trader. Those who have a fetish obsession with what or how to calculate the exact level to the pip of the reversal/top/bottom (they shout at cloggie, gator, ptl, etc "please give me the exact number kind of posters") don't recognize that the key of success is not there but in when, which direction and how do you use them.

They can't see the forest for the trees and the longer it takes to recognize this the hardest the hurdle to pass....

In any case about to close the day across markets here and tomorrow last day before holidays ....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #496,310
  • Jul 21, 2011 10:37am Jul 21, 2011 10:37am
Quoting attila
The most important indicator is the Price Action correlated with supply and demand levels that you have to identify on your charts. Regular indicators are there just as an added comfort....

I understand, and that's what i ve been trying to learn by comparing notes with gator and cloggie levels....now you are on my list too....so all that stochastics, volumes etc are a bunch of crap....

Thanks again
  • #496,311
  • Jul 21, 2011 10:39am Jul 21, 2011 10:39am
Quoting aldialdi88
I understand, and that's what i ve been trying to learn by comparing notes with gator and cloggie levels....now you are on my list too....so all that stochastics, volumes etc are a bunch of crap....

Thanks again
google sam seiden for info on supply demand zones, a very effective price action strategy, there's a whole archive of webinars on fxstreet...
  • #496,312
  • Jul 21, 2011 10:39am Jul 21, 2011 10:39am
Inserted Video
  • #496,313
  • Jul 21, 2011 10:39am Jul 21, 2011 10:39am
not really asking for suggestions, )just share.
  • #496,314
  • Jul 21, 2011 10:40am Jul 21, 2011 10:40am
Quoting Fx93
I like using stochastics for buying trend retracements. Depending on how hot you think it is, you can wait for the 1m or 5m to become oversold.

I use a 14,6,3. It's pretty nimble I think, especially the 1m.

Thanks I ll take a look at that and test it out
  • #496,315
  • Jul 21, 2011 10:40am Jul 21, 2011 10:40am
Quoting FibbinArchie

can of worms opened, lol..

you know I always have one on the ready...
Attached Image (click to enlarge)
Click to Enlarge Name: istock_can_of_worms.jpg Size: 262 KB
Look Sharp/Trade Tight
  • #496,316
  • Jul 21, 2011 10:42am Jul 21, 2011 10:42am
Quoting PayTheLimit
you know I always have one on the ready...
yammi yammi
Hero calls followed by margin calls...
  • #496,317
  • Jul 21, 2011 10:42am Jul 21, 2011 10:42am
I don't have mt4, so don't have the fancy stuff lol.

Here's my basic strategy (which is similar to many):

I use the 50 and 200EMA to determine trend and as s/r levels. I also use the midline of the Bollinger band fibonacci levels indicator to do the same.

I then buy retracements on the trend. I optionally trade countertrend, but only when there's divergence.

The two indicators I use are stochastics 14,6,3 and RMI 10,5. I trade the 30m chart but look to the 5m and even the 1m for entry. The RMI 10,5 doesn't give as many false readings, i.e. it stays below 20/80 nicely. I'm still working on my entry skills lol, but in regard the 30m it's safest when the 5m RMI is seen to cross the 20/80 line and more risky when the stochastics %k line 14,6,3 crosses the 20/80 line.

I use daily and weekly pivots also to see s/r.

I've been trading micro lots with Oanda until I can train myself to follow this strategy wisely.
  • #496,318
  • Jul 21, 2011 10:43am Jul 21, 2011 10:43am
Quoting FibbinArchie
google sam seiden for info on supply demand zones, a very effective price action strategy, there's a whole archive of webinars on fxstreet...
Thanks, I ll take a look at that
  • #496,319
  • Jul 21, 2011 10:43am Jul 21, 2011 10:43am
Quoting PayTheLimit
you know I always have one on the ready...
mmm, time for a snack...
  • #496,320
  • Jul 21, 2011 10:43am Jul 21, 2011 10:43am
How do I know?..... I don't. LOL. It just seemed like a reasonable level where the price will AT LEAST retrace. I am looking at the PA mostly where potential turning points may occur, but I also have a different set of charts that give me possible tops/bottoms. I am not looking at ONE time frame alone. I use ALL time frames. Usually the price starts showing weakness on lower time frames, 5 and 1 minute. When the price turns, it will show there first, and if it is sincere it will drag the higher TFs after it.... Now here's where most new traders are getting burned: They trade higher time frames (nothing wrong with that, to the contrary), BUT... they disregard the moves and the PA on lower ones. It all looks good at high level, and you enter a long and you feel good about it. However the M5 time frame just hit a resistance and it's now retracing (an M5 retrace can easily put you down 30 pips), and there's your SL being popped for the price to just reverse and go with your initial direction and hit your TP with you sitting there yelling at the monitor..... Anyway where was I? LOL.

[quote=aldialdi88;4799788]
Quoting attila
All numbers are on the charts. No mystery there. Where it becomes tricky is reasoning if it will make it there or not, and if so what path will it take? That's where your system should come into play. Do I hold? Do I cut my losses if I find myself on the wrong side of it's winding road to there, etc. etc. If it only were that simple.....

Attachment

How do you know that it will turn at 4400 and not at 4418....Or how do you know which high to take A or B in this case....in this case B sounds better since...
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