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Trendlines with Heiken Ashi and Stochs System

  • #261
  • Jan 27, 2012 3:38am Jan 27, 2012 3:38am
hi hugh,

i see setup buy at gu...

buy stop at 1.5716...

any opinion is appreciated...

regards.
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Peace Yo!
  • #262
  • Edited 4:30am Jan 27, 2012 3:51am | Edited 4:30am
Quoting mrluckystar
hi hugh,

i see setup buy at gu...

buy stop at 1.5716...

any opinion is appreciated...

regards.
update:

gu open buy at 1.5716....
target tp is 50 pip..

update1:
eu open at 1.3131..
tp 50 pip..
Peace Yo!
  • #263
  • Jan 27, 2012 4:28am Jan 27, 2012 4:28am
Quoting pmullin86
I didn't want to get too indepth and derail your thread or anything but very nicely put and my thoughts exactly as far as how I look at it...
No problem at all, you are welcome to post anytime. (particularly if you agree with me. LOL)
  • #264
  • Jan 27, 2012 4:32am Jan 27, 2012 4:32am
Quoting Sjr
Yes Hugh your right. Im still looking at indicators (cci and Stochs ) to much, vs looking at the overall trend and PA
This is where have discretion comes into play not just blindly looking at indicators.
I was really hoping to have a more mechanical approach, using indicators to help make the decision but this has to change.


hes a chart what Im looking at considering going long with the up trend.
The problem here thou is the indi's show a short trade but the trend is still up...so ignore cci and Stochs ?...:{

SR
No, don't ignore the cci and stochs, just don't even consider the long trade until the cci and stochs agree with the trend. You want to be long this pair because it is trending up. No problem, just wait until you get a bullish candle that is backed up by your indicators.

I have something in the pipeline that could take away most of these issues. I have been looking into trading renko charts for a while (search them on FF) and I think I have some rules developed that could be profitable over the long term. I'll continue to refine them and when I have something close to where I want it I will post on a new thread.
  • #265
  • Jan 27, 2012 4:34am Jan 27, 2012 4:34am
Quoting Sjr
So given the above scenarios, maybe look for PA to reach a TL on the 4 H chart.
Drop down to either 1H or M15 and using Stochs/CCI when they cross in same direction as 4H trend initiate the trade...

Any thoughts there Hugh ...
That's a method that a lot of people use. It is very marginally lower probability than just using one timeframe to signal your trade but it does get you in earlier if the trend is about to resume. It's a trade off between getting in earlier into a trend and not being blown about by false moves on lower tf's.
  • #266
  • Jan 27, 2012 4:38am Jan 27, 2012 4:38am
Quoting mrluckystar
update:

gu open buy at 1.5716....
target tp is 50 pip..

update1:
eu open at 1.3131..
tp 50 pip..
I wouldn't put you off either of those trades, I think they have the potential to work out. Why are you using a 50 pip tp? What if the trade goes 200? I think you are using a 50 pip stop loss as well right? If that is the case then there is nothing wrong with a 1:1 risk to reward as the probability of these entries is quite good but I prefer to let these trades run as far as they can. That's the big benefit to using heiken ashi candles.

Good luck with your trades.
  • #267
  • Jan 27, 2012 4:49am Jan 27, 2012 4:49am
Quoting Hugh Briss
I wouldn't put you off either of those trades, I think they have the potential to work out. Why are you using a 50 pip tp? What if the trade goes 200? I think you are using a 50 pip stop loss as well right? If that is the case then there is nothing wrong with a 1:1 risk to reward as the probability of these entries is quite good but I prefer to let these trades run as far as they can. That's the big benefit to using heiken ashi candles.

Good luck with your trades.
hi hugh,

could you eleborate more on "have the potential to work out"...

my broker dont have trailing stop.... im using android (galaxy note) to trade... that y i keep at 1:1 ratio...

regards...
Peace Yo!
  • #268
  • Jan 27, 2012 6:52am Jan 27, 2012 6:52am
Quoting mrluckystar
hi hugh,

could you eleborate more on "have the potential to work out"...
That just means I think you will make money on those trades.
  • #269
  • Jan 27, 2012 9:56am Jan 27, 2012 9:56am
Quoting mrluckystar
update:

gu open buy at 1.5716....
target tp is 50 pip..

update1:
eu open at 1.3131..
tp 50 pip..
update2:
gu hit sl... -50pip...
Peace Yo!
  • #270
  • Jan 27, 2012 11:09am Jan 27, 2012 11:09am
Quoting mrluckystar
update2:
gu hit sl... -50pip...
update3:
eu hit tp.... +50pip....
Peace Yo!
  • #271
  • Jan 27, 2012 11:14am Jan 27, 2012 11:14am
Quoting mrluckystar
update3:
eu hit tp.... +50pip....
summary...
enter trade follow trend....
gu currently pussing up... hit my sl first before going up again...
credit to hugh for today lesson... (trade follow trend)...

nite...
Peace Yo!
  • #272
  • Jan 27, 2012 1:15pm Jan 27, 2012 1:15pm
Quoting mrluckystar
summary...
enter trade follow trend....
gu currently pussing up... hit my sl first before going up again...
credit to hugh for today lesson... (trade follow trend)...

nite...
One win and one loss, can't complain. A 100 pip stop loss would have kept you in the trade you lost. 50 pips on gbpusd is a little tight. Have a good weekend.
  • #273
  • Jan 27, 2012 1:33pm Jan 27, 2012 1:33pm
It seems as though the up move is now totally exhausted and market might make one final push up with the sunday gap but may sharply reverse as price is hitting critical points on the higher time frames as far as support/resistance or tops/bottoms whatever one wishes to call it...but according to this strategy I suppose that one would have to wait for the down move to establish itself before jumping on board...but daily stochastic seems to have topped off at these critical points on eu gu au nu....of course I do still have a bullish sentiment for these pairs and think ultimately they will end up rising but I think that the daily stochastic needs to drop in the form of a retracement on the higher time frames in order for price to continue to go up...lol but who knows I could be wrong...

What are your thoughts Hugh ...???
No man is free who is not a master of himself. -P.M.-
  • #274
  • Jan 27, 2012 1:46pm Jan 27, 2012 1:46pm
Quoting pmullin86
It seems as though the up move is now totally exhausted and market might make one final push up with the sunday gap but may sharply reverse as price is hitting critical points on the higher time frames as far as support/resistance or tops/bottoms whatever one wishes to call it...but according to this strategy I suppose that one would have to wait for the down move to establish itself before jumping on board...but daily stochastic seems to have topped off at these critical points on eu gu au nu....of course I do still have a bullish sentiment for...
Well I try not to form opinions about what's going to happen next as I have a habit of being wrong!

I would say that for a while now the general direction for xxxusd pairs has been down and eurusd and gbpusd do seem to have had a good pullback. Audusd and nzdusd are rocketing up the page with no sign of stopping. Usdxxx is acting in a similar fashion so we can tell it is a weak dollar that is pushing all this along. The only question is when is USD going to kick back in and start pushing these pairs back with the overall trend, if at all?

I'm happy to continue selling the USD (ie buying xxxusd) until I get a good reason not to and I'm not sure the upwards correction is over yet but I do still see it as a correction and not a trend change.

The daily trend aside it is still possible to take pips from these 4 hour trends. Just remember that sooner or later the 4 hour trends will put in some sideways range before the resumption of the daily trend. Not being caught out in ranging markets is every trend traders main aim.
  • #275
  • Jan 27, 2012 1:58pm Jan 27, 2012 1:58pm
Very nice response...hmmm...I would have to say I wasn't looking for an opinion as much as just getting an idea of your perspective/just curious as to how you view the markets and such as I do know the subjective nature of the markets and these charts and all... but nonetheless...as expected..a very stimulating response...

Quoting Hugh Briss
Well I try not to form opinions about what's going to happen next as I have a habit of being wrong!

I would say that for a while now the general direction for xxxusd pairs has been down and eurusd and gbpusd do seem to have had a good pullback. Audusd and nzdusd are rocketing up the page with no sign of stopping. Usdxxx is acting in a similar fashion so we can tell it is a weak dollar that is pushing all this along. The only question is when is USD going to kick back in and start pushing these pairs back with the overall trend, if at all?

I'm...
No man is free who is not a master of himself. -P.M.-
  • #276
  • Jan 27, 2012 3:48pm Jan 27, 2012 3:48pm
My new renko trading journal is here...

http://www.forexfactory.com/showthread.php?t=339136
  • #277
  • Jan 27, 2012 5:32pm Jan 27, 2012 5:32pm
Quoting Hugh Briss
My new renko trading journal is here...

http://www.forexfactory.com/showthread.php?t=339136
hi hugh,

is this mean that you will using renko chart instead of heiken ashi to decide an entry? or you will use both?

any different between this 2 chart? any pro n con?

thanks...
Peace Yo!
  • #278
  • Jan 27, 2012 5:46pm Jan 27, 2012 5:46pm
Quoting mrluckystar
hi hugh,

is this mean that you will using renko chart instead of heiken ashi to decide an entry? or you will use both?

any different between this 2 chart? any pro n con?

thanks...
Hi, I will be using both, in slightly different systems. The renko is really good for trading s/r breakouts and heiken ashi is really good for trend changes.

Big differences between the two. One is based on time and the other is based on price. Read the other thread for more info.
  • #279
  • Jan 30, 2012 7:16am Jan 30, 2012 7:16am
hi hugh,

i found setup at au....
buy stop at 1.0570...

any opinion are welcome...
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Peace Yo!
  • #280
  • Jan 30, 2012 7:20am Jan 30, 2012 7:20am
found also setup at gu...
buy stop at 1.5710...
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Peace Yo!
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