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  • #11,701
  • Apr 24, 2012 6:19am Apr 24, 2012 6:19am
Quoting munirpt
Hey mike

Im also a newbie and Im learning a lot by doing the following:
-Get the LHF simulator and practice your trades intensively (if you are practising with 1H chart, basically you can trade one virtual month in one day. Start with EU for the last 6 months. Then go for another currency. In 1 month you can get experience of trading 4 currency pairs for 6 months)
-Read the entire thread. It has valuable information that you should not miss. Grab all the important posts in one Word document and then summarize it. It will help you to understand...
Very Good Points
  • #11,702
  • Apr 24, 2012 6:24am Apr 24, 2012 6:24am
Hello All,
I don't have much experience of using Stochastics.
This morning, I didn't have much faith (perhaps from the look and feel of the PA) that the 0600 GMT candle breaking out of the Asian session on EU would lead to a big move. Also, the stochastic was in overbought.
Yesterday on EJ, the 0500 GMT candle was in oversold, but the PA was very different to today's on EU and a big move developed.
I know that Realjumper has said recently that price can spend a long time in overbought/oversold.
I'd be grateful if any of you can make any comment when comparing these two scenarios. Was it just the "look and feel" of the PA that made you ignore the oversold stochastic on EJ yesterday morning?
Thanks,
Kan
Thanks for your help, warmth and straight talking Heather.
  • #11,703
  • Apr 24, 2012 6:54am Apr 24, 2012 6:54am
Quoting Kanderpro
Hello All,
I don't have much experience of using Stochastics.
This morning, I didn't have much faith (perhaps from the look and feel of the PA) that the 0600 GMT candle breaking out of the Asian session on EU would lead to a big move. Also, the stochastic was in overbought.
Yesterday on EJ, the 0500 GMT candle was in oversold, but the PA was very different to today's on EU and a big move developed.
I know that Realjumper has said recently that price can spend a long time in overbought/oversold.
I'd be grateful if any of you can make any comment...
If you're talking about the hourly chart, on my image, the vertical line shows the candle I entered on. The stochs weren't in the best place but were not oversold, and divergence was showing on Friday a nice reversal candle pattern had formed just before my entry. Today, I didn't take the first buy entry (first vertical blue line) because it was right on top of the pivot and stochs were already pretty high, Tokyo was not yet open so I waited to see if it tried again when it opened, it didn't. Then when it made a double bottom and went for a second buy entry (2nd vertical blue line) I took that, stochs had come up from the bottom and were not yet overbought.
Attached Image (click to enlarge)
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  • #11,704
  • Apr 24, 2012 7:06am Apr 24, 2012 7:06am
Quoting Kanderpro
I'd be grateful if any of you can make any comment when comparing these two scenarios. Was it just the "look and feel" of the PA that made you ignore the oversold stochastic on EJ yesterday morning?
Thanks,
Kan
As I said at the time....the stoch being way down there is good if you are already in the trade, but no good if you are looking to enter. As long as everything else pointed to a continuation, then the stoch staying in oversold position is good confirmation to stay in the trade. Only when the stoch crosses and turns up past the 20 line was an exit in order.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #11,705
  • Apr 24, 2012 7:25am Apr 24, 2012 7:25am
Quoting ohammond
If you're talking about the hourly chart, on my image, the vertical line shows the candle I entered on.....
Hello Olivia,
Thanks for your reply. The first candle I was referring to is 0600GMT today on Eur/USD, and the second is 4 candles to the right of the vertical red line on your image.
I assumed that, because you’re in the UK, you wouldn’t be trading at 3 in the morning. Apologies for the confusion. I will remind myself on how to post a chart.
Kan
Thanks for your help, warmth and straight talking Heather.
  • #11,706
  • Apr 24, 2012 7:49am Apr 24, 2012 7:49am
Quoting realjumper
As I said at the time....the stoch being way down there is good if you are already in the trade, but no good if you are looking to enter. As long as everything else pointed to a continuation, then the stoch staying in oversold position is good confirmation to stay in the trade. Only when the stoch crosses and turns up past the 20 line was an exit in order.
Thanks for your reply Realjumper. The candle I'm referring to is circled in blue. I'd just woken up when I saw this and wanted to join the pip party. Despite the big move after the circled candle, I assume you have formed the above rule from painful experiences, and it's just one of the vagaries of Stochs i.e. you will miss out on some good moves but you will overall have less pain.
Kan
I hope I've posted the chart correctly.
Attached Image (click to enlarge)
Click to Enlarge Name: 23 april.gif Size: 30 KB
Thanks for your help, warmth and straight talking Heather.
  • #11,707
  • Edited 8:30am Apr 24, 2012 8:18am | Edited 8:30am
Quoting Kanderpro
Thanks for your reply Realjumper. The candle I'm referring to is circled in blue. I'd just woken up when I saw this and wanted to join the pip party. Despite the big move after the circled candle, I assume you have formed the above rule from painful experiences, and it's just one of the vagaries of Stochs i.e. you will miss out on some good moves but you will overall have less pain.
Kan
I hope I've posted the chart correctly.
Well, you could enter where your circle was, and with the benefit of hindsight, you would have done ok, but, it would not have been a high probability trade.

You may not have seen me say this but if I could only have 1 indicator, I would choose the stochastic every time. It may not be a sexy as some of the latest indicators, but it's not a gimmic. It has been around since 1950 and is still in widespread use around trading desks all over the world.....not just in retail FX traders tool kits.

Do yourself a favour and google stochastic indicator and how to use it. It's much more than an oversold/overbought indicator.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #11,708
  • Apr 24, 2012 8:30am Apr 24, 2012 8:30am
Quoting Kanderpro
Thanks for your reply Realjumper. The candle I'm referring to is circled in blue. I'd just woken up when I saw this and wanted to join the pip party. Despite the big move after the circled candle, I assume you have formed the above rule from painful experiences, and it's just one of the vagaries of Stochs i.e. you will miss out on some good moves but you will overall have less pain.
Kan
I hope I've posted the chart correctly.

although the question is not directed to me, here's my insight. (credit goes to x-man) i usually find myself in the middle of a bear or bull run. so here's my adaptation:

the ghostly appearance is H1's candle bar and this is M5 chart. if it was me i would enter at the break of low (specifically for this example) of the M5 bar that i find myself into. in your case. the break of the H1 bar that you find yourself.

but SL is very tight and followed to the decimal point
Attached Image
  • #11,709
  • Apr 24, 2012 8:55am Apr 24, 2012 8:55am
Quoting yelena
if it was me i would enter at the break of low (specifically for this example) of the M5 bar that i find myself into. in your case. the break of the H1 bar that you find yourself.

but SL is very tight and followed to the decimal point
Thanks Yelena
Thanks for your help, warmth and straight talking Heather.
  • #11,710
  • Apr 24, 2012 9:21am Apr 24, 2012 9:21am
Quoting yelena
although the question is not directed to me, here's my insight. (credit goes to x-man) i usually find myself in the middle of a bear or bull run. so here's my adaptation:

the ghostly appearance is H1's candle bar and this is M5 chart. if it was me i would enter at the break of low (specifically for this example) of the M5 bar that i find myself into. in your case. the break of the H1 bar that you find yourself.

but SL is very tight and followed to the decimal point
those boxes that you have there ....is that a hourly candle close indicator....
  • #11,711
  • Apr 24, 2012 11:20am Apr 24, 2012 11:20am
Quoting Kanderpro
Thanks for your reply Realjumper. The candle I'm referring to is circled in blue. I'd just woken up when I saw this and wanted to join the pip party. Despite the big move after the circled candle, I assume you have formed the above rule from painful experiences, and it's just one of the vagaries of Stochs i.e. you will miss out on some good moves but you will overall have less pain.
Kan
I hope I've posted the chart correctly.
I just started reading "Trading in the zone" as adviced before here. The main message until now is that you shouldn't suffer pain during drawdown periods and trading in general. Accept the risk you are taking!

We can't cancel periods where our trading positions are in loss, just accept them. What I want to say is that Stochastic is surely a good indicator, but I think it requires time to master it. In this time you could pass many profitable trades just to avoid a little drawdown.
We become what we think about
  • #11,712
  • Apr 24, 2012 11:37am Apr 24, 2012 11:37am
Hi

I was going to take this trade, but was dissuaded by the 1Hr red bars. Did anyone that was on the 60-5 take the trade?
Attached Image (click to enlarge)
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  • #11,713
  • Apr 24, 2012 11:58am Apr 24, 2012 11:58am
Ok so just so all the newbs don't get the wrong idea an think this is some kind of holy grail, lets hear about the losses of today from the top dogs..

I lost 170 pips all in all when I sold AJ, Uj and Gj this morning, looked like a great setup on the red line, but the thing didn't go anywhere and a few hours later my sl's were hit.
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  • #11,714
  • Apr 24, 2012 12:15pm Apr 24, 2012 12:15pm
And Uj and Ej...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur jpy.gif Size: 24 KB
  • #11,715
  • Apr 24, 2012 1:10pm Apr 24, 2012 1:10pm
Quoting twonny
Ok so just so all the newbs don't get the wrong idea an think this is some kind of holy grail, lets hear about the losses of today from the top dogs..

I lost 170 pips all in all when I sold AJ, Uj and Gj this morning, looked like a great setup on the red line, but the thing didn't go anywhere and a few hours later my sl's were hit.
Learn to cut your losses early and you'll be fine.. I lost 88 pips today but I'm still up 90 on the week and +2.5%

Ive said multiple times that it doesn't matter how much I make each week.. as long as i'm in the green at the end then I dont have any problems..

You need to be able to take a loss and keep moving
  • #11,716
  • Apr 24, 2012 2:09pm Apr 24, 2012 2:09pm
Quoting twonny
And Uj and Ej...
I'd say there is not much point to having pivots on your charts if you don't take any notice of them and at that time in the morning, 4am London time when you took them (Tokyo has usually finished its flurry by then without news) is it likely they would be pushed through the pivots?
  • #11,717
  • Apr 24, 2012 2:42pm Apr 24, 2012 2:42pm
Quoting Dyekid217
Learn to cut your losses early and you'll be fine.. I lost 88 pips today but I'm still up 90 on the week and +2.5%

Ive said multiple times that it doesn't matter how much I make each week.. as long as i'm in the green at the end then I dont have any problems..

You need to be able to take a loss and keep moving
-4.13% on the week
+32.25% for the month
#### Follow me at @LioH_ on Twitter ... ####
  • #11,718
  • Apr 24, 2012 2:47pm Apr 24, 2012 2:47pm
I'm currently down 45 pips. My two shorts EU and AU seem to be improving, so hopefully I can pull out a profit for the day before night.
  • #11,719
  • Apr 24, 2012 2:53pm Apr 24, 2012 2:53pm
Quoting miw14
I'm currently down 45 pips. My two shorts EU and AU seem to be improving, so hopefully I can pull out a profit for the day before night.
Which timeframe are you trading?
  • #11,720
  • Apr 24, 2012 3:26pm Apr 24, 2012 3:26pm
Quoting lhDT
-4.13% on the week
+32.25% for the month
I'm +37% for the month.. the month is coming to an end soon though so there may not be any "Crazy" moves until may
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