On My Way To The Top

I would be really interested what was the criteria you took this sell - just curious.

also had a buy on nzd usd earlier this week knock me out at b/e...I believe that was on Monday 07/25/2011

I like your clean new chartsetups. It is quite in my liking with the MTF stoch, the stoch rope, the ma and a ZigZag.

Something a long this lines are also my ideas.

thanks MJ...yeah I realized that I was getting caught up in trying too much to perfect it but in this market there is no such thing as perfection so rather than doing that I began a process of streamlining and simplifying my charts and approach and so this is what I have for now...simple yet still as effective...

No worries MJ, your suggestions and such are not a problem...but usually unless otherwise noted...my entries are generally taken on the 5 minute chart but I will change it to be sure to show what time frame it is if I can figure out how to do so as I'm not sure what setting actually took it away...and I will begin putting direction and such...and as far as this sell the criteria was the same as the others but it was a bad entry on my part as the rope was not completely in line as the lower time frame portion of the rope was still heading up...quite the same thing as the eur usd entry i posted that I took today for a break even...the first line on there indicates where I sold...and the ropes htf portion was not in agreement and the second line is where I should have entered where the rope completley supported the trade...but back to the question...ma's stacked accordingly...for a sell...from top to bottom being 200 ema 100 ema and 50 ema...price at the close of the candle marked wicked off of the 50 ema and the 1 hour stochastic for the trend was heading down as well and so I entered...so those are the criterias....ema's stacked..1 hour stochastic down...price going back up to touch and be rejected by price and 5 minute stoch confirming by turning down...happening above the fifty level...

Hi pmullin,

found some time to pop in, your progress is clearly visible. As to your usdchf template shown above, is there a summary somewhere ( and the emas used ) showing the current valid tools ?

I have been going through spudfyre´s and EricFX stochastic threads....sometimes it gets too complicated. That´s why I like your MTF approach on 1 chart very much.

Good trading and lots of success.



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michael

Hey thanks for taking the time to stop by again...I told you before that I was looking forward to seeing some more posts from you and anyone else who uses the stochastics outside the normal methods. The usd chf entry was taken per the normal rules now and an explanation of entry can be viewed in post 445 if I'm not mistaken. Spudfyre, Teb63, and Boxingislife all have very good and excellent informative threads on the stochastics and ways to employ them...all quite similar yet different in a sense...but one can take away very important lessons from each...as for the ericfx...it seems to be a pretty useful methodology as well and I will be reading through and taking notes...but we just all have to remember that although we all want to win and hate to lose...we can't always beat the market so we just trade with whatever edge our strategy gives us and manage our money and trades accordingly and that alone will keep us on the winning side in the end which is all that matters...the current valid tools are...the stochastics, stochastic rope, 50,100,200 ema all at the close....and thats really all thats necessary. For the 5 minute chart, I have the 1 hour, 5 minute and 15 minute stochastics with the 15 minute stochastics used for pip room when the 1 hour is oversold or overbought and all other rules are met...and for the 15 minute the 4 hour is used for the trend with the one hour used for the pip room with the same emas and for the 1 hour chart than the daily stochastic is used for the trend and the 4 hour is used as pip room....and the daily charts the monthly is used as the trend and the weekly is the pip room...and whichever time frame is chosen to be traded from...the emas are all the same...but thanks for stopping by and the good wishes and I wish all the same for you...

Paul

hi pmullin86,

To which stochastic thread from Teb63 are you referring - don't think I read it.

http://www.forexfactory.com/showthread.php?t=61902
http://www.forexfactory.com/showthread.php?t=21982

Thanks

Here is an entry taken last night on GBP/USD around 7:35 P.M. EST last night...what I really liked about this and what made it very enticing for me is the fact that the one hour seemed to be setting up for a not so ideal entry but an entry nonetheless which gave me a bit more confidence in the entry so...

entry price 1.63078
stop loss 1.63363
target 1.61968

and target met this morning...will begin practicing closing out a portion of my trade and letting the rest run a bit more...still learning of course....


got a little more than 1:3 out of this trade almost 1:4 but 10 pips away...

risk 30 pips for reward of 110 pips...

added to my position of entry taken last night off fifteen minute chart...these three entries taken on 5 minute charts... first for two percent....second for break even and third for 2 percent...last entry is before the drop

bought the eu off the h1 chart stop was about 43 pips and price made it to almost lock in 2 percent but not quite as it was rejected violently by 78.6 daily fib retrace level and shot back down to knock me out at break even....

Paul

Really a shame, seemed to be a nice trade. The only thing I would not have liked so much was the two sharp up bars a couple of bars before this is for my liking a bit to sharp. Where I put the arrow - seems something similar some time before - I marked it too.

regarding that entry I figured it did have some room to go since the eur usd had not met its daily range as of yet when I entered and I risked about 43 pips and it went up about 81 pips so it did go up to almost 1:2 r:r or about 5 pips from it and per my trailing stop at that point it would have locked in 2 percent and I would have been knocked out at 2 percent instead of B/E but it didnt go the necessary 5 pips and so I missed out...so not such a bad trade...but maybe should have just targeted the previous high instead and take profits there or partial profits...still working on money and trade management...learning as I go along...

Paul

hi,

I got your Pm about the indi idea.

I guess it will be easier if you share it here or in my Indi thread: http://www.forexfactory.com/showthread.php?t=285687

so you attach also any pic in case you want it for explanation.

and done for the day until maybe asia session or tomorrow's early london session...

one buy on nzd usd using bringing sexy back method with the little twist of the stoch rope...one buy on eur usd using my trend catching method...and one buy on aud usd using my counter trend/full momentum entry method which almost lined up with the regular trending method and bsb method but not quite as it fell a bit short for both those...

eur usd buy took 2%
aud usd took 6%
nzd usd took 6% short of 8% by about 5 pips but thats how it goes...


Paul

eur usd buy I ended up closing out around 6 percent profit since I had my trailing stop in place but there is clearly a lot of resistance up ahead and the price has reached its daily range for the day so went ahead and closed it out...same situation on the nzd usd but closed that out for 4 percent...eur usd is basic trending approach and nzd usd again is the bringing sexy back with my little twist of the stochastic rope approach...took another one of those buys on the usd chf for a break even trade...ten percent and I am done for the day...pick up tomorrow...

Paul

It seems as though the daily may just close to the upside on the EU,GU,AU,NU...so I will be looking for two things tomorrow for the trending trades...for 5 minute entries since the daily is up I will need the stoch rope of the one hour to be up for buys and than I can look for touches of the ema's which should be stacked accordingly as 50,100,200 and than enter with the turn up of the stoch rope below the fifty level that or I will be looking for the hour to be up and the stoch rope to turn up below the fifty level at a pivot for entries..and the same thing on the 15 minute but instead of using the hour I will look to the four hour rope to be up before entering...simple rules and such...or of course I could just take an entry on the hour chart if price on the hour decides to come down and touched the ema's if they are stacked accordingly on the hour chart like today with the eur usd buy that was taken...or for my countertrend entries it utilizes support and resistance and momentum where I will be looking for a test and fail at a pivot or significant daily fib retrace or fib extension level with the 15,30,60 stochs in the same direction and the 5 rope turning over above or below the fifty level...or the bsb type entries which defines the trend and entry in its own rite on the same timeframe...as the different stoch settings create mtf situation in itself....all within the same chart...pretty interesting stuff...gets through most market situations...sigh...bored at work again

three different entry types on same pair...didnt take any of these trades though...first vertical line is bsb type entry...second is momentum type entry and third is trending type entry....overall two would have given two percent and one would have given b/e...all three would have been buy entries...


second chart pic...another missed entry...not quite sure how I missed this from earlier but this is an hour buy entry with daily above 80 so look for hour to go to 20 ideally below 20 and turn over but this would suffice since it touched the 20 level and turned over with the moving averages all stacked to support the buy...would still be in and trailing with 4 percent locked in at this point...