Symphonie Trader System

+10.3% for the week so far
+74.94% for the month so far

Trading in the Zone is a good read for some. I can honestly say that I didn't like reading it, nor did I get anything from it......it was gelling grandma how to suck eggs imo. We all handle the stresses of trading differently, and if that reading material helps you.....perfect!

A couple of points about your stochastic comment.

1. I have explained several times how to use the stochastic. It's really very, very simple. If you can see, then you can use it!!

Here is a basic read on the use of Stochastics

Here is a quick youtube look at Stochastics

2. Yes, it does take time to master....Forex Trading is not a 'get rich quick scheme'.....everything....EVERYTHING, in FX trading takes time to master.

You can not go to the store and buy the best plumbing tools (indicators) in the world and expect to start raking in the money tomorrow as a plumber. You will be up against some plumbers and gasfitters who have served a 3 year apprenticeship under the guidance of some extremely skilled tradesmen....plus......they will have done several courses at technical college. Even when they are qualified, their learning curve has only just started.....not ended. If they went into business straight after qualifying, they would go broke!!

FX trading is no different. It takes time.....a LOT of time to be able to trade successfully. We are at the bottom of the FX food chain.....above us are some extremely good traders who work for banks, hedgefunds, governments etc etc. They trade accounts that would make your eyes water.....and they have learned from the best in the business and it took them a lot of time to be able to trade so well that they can be trusted with such huge accounts.

If you want to download MT4 and a few of the latest and prettiest indicators and expect to make money, you're dreaming. It takes thousands of hours of screen time and a good understanding of how the markets move, and you know what? By the time you get there, you'll realise that the best indicators and the simple ones that have stood the test of time....stochastic being one of them....since 1950 in fact, and still used in by those huge account traders.

It doesn't matter whether you use it or not......for sure it won't save you from drawdown, because that is the nature of trading. Yes, there will be times when it will give you a false signal and you get stopped out. But, the times it will save you from entering a bad trade are worth it's weight in gold....plus, it can get you into some very good trades and they are easy to see.

It just takes time......if you can't afford to spend the time to get to know an indicator thoroughly before going live.....you're going to fail.

I can't stress this enough.....trading successfully is not a simple matter of getting your head around an MT4 platform. Any person starting out would learn more by studying the charts for 2 years before they even make their first trade that the person who jumps right in the deep end.

Every professional, every doctor, tradesman, pilot, truck driver etc etc etc learned their trade/skill over time. FX trading is no different......there are no short cuts.

5c

RJ

I'm up by a small amount for the day, but due to crappy PA I didn't take many trades. I'm not too interested in daily ups and downs.......the overall profit/loss on a monthly basis is much more useful and indicative of progress

Well said RJ!

Mostly M15

im a noob (just 2.5 months trading live) but a "resident evil" here so im not sure im qualified to respond. nevertheless, here we go:

Friday was a large bull. Monday, everything that EU made on Friday it retraced within 2 hours. Tuesday will definitely then be a ranging day (5-10 pips here and there). Results: +156 - 79 = 77. staring at H1 allows a trader to read the bigger picture and make estimates for the day - part of my trading plan (do you have a trading plan prior to trading?)

Today is FOMC day so you can expect movements only at the open of both European and US markets, quiet in between, then FOMC bear/bull run or utter quietness (coz much rumor has already leaked but i have not seen FOMC not make any move at all)

few hours before FOMC it will just range (take out all positions), then an unstoppable breakout with no retrace, likely til asian markets tomorrow. so yes, i will overnight my positions with trailing stops to lock in profits.

FOMC is notorious for making false spikes (up or down lasting 5-25mins). since we're expecting a long haul, it might be best to exit at change of color of the supertrendline (2nd to the top line of the matrix) rather than TVI.

as you can see, exit strategies change according to prevailing conditions.


its a mutant supertrendline (thanks to rdwatkins). i use it only for illustration purposes to compare 2 TF's in one chart

excellent trading, well done.

Hello Smaraz,
Thanks for your comments re “Trading in the Zone” and my post re painful experiences. I enjoyed reading “Trading in the Zone” and I aspire to having a trading plan that I execute without emotion. I’m relatively new to the thread and I’m learning its strategies and incorporating those that suit my personality into my trading plan. My trading plan is therefore not yet at the stage where I am only doing small adjustments. Learning to use the strategies and finding out what suits me and what doesn’t is where the pain comes in to the process. It’s essential in finding a successful way to use the strategies. How much I am willing to tolerate, and therefore accept, will lead to a trading plan that is executed without emotion.
A trading plan is always a “work-in-progress.” I’m currently looking at, (and would welcome comments from anybody)
(A) Stochastics. Rj advised me to google Stochastic indicator. The first article I read advised that I should ignore oversold in a downtrend and overbought in an uptrend, which doesn’t fit neatly with Rj’s advice.
(B) Trading on 5m in the direction of H1. H1 PA is the trigger here e.g. a reversal at S/R that has not yet given a full H1 signal. When opening the 5m chart here, I find full signals for the last few candles. Do those that trade this strategy wait like Olivia (Ohammond) for a higher low / lower high on 5m?
Regards,
Kan

In fact it does......and I said so twice this week....here: http://www.forexfactory.com/showthre...87#post5603887

I told you......that is the stochastic is oversold (for example) and you are *currently in a short trade* then you can stay in that trade until the stoch moves out of O/S and crosses the 20 line. If you're *not currently in a trade* than you may wish to reconsider entering as it will not be a high probability trade.

Please provide the link to the article.....I would like to read it.

Could someone please tell me how to post a link, or point me to where I can find out, as I can't see how to in the User Guide.
Thanks,
Kan

Just copy and paste Kan......

Any critiques to this trade entry?

http://i279.photobucket.com/albums/k...urusdtrade.jpg

Thank you! I love Symphonie!

I was looking for a http prefix. Will this work?

stockcharts.com/.../IndicatorAnalysis/indic_stochasticOscillator.html

No.....just copy and paste the link from your browser into the message box

It's just dawned on me. It's in the address box at the top of the screen.
It's years since I've sent a link. Dunce's hat fitting nicely.

http://stockcharts.com/school/doku.p...tic_oscillator

Kan

Thanks.

Yes I already have read this one. In it he says: " Look for occasional oversold readings in an uptrend and ignore frequent overbought readings. Similarly, look for occasional overbought readings in a strong downtrend and ignore frequent oversold readings."

Which is what I was saying......if you are in the trade (say for a short trade) you can be happy that the stoch is o/s because the PA will most likely continue to fall......but......it would be unwise to enter.....just as we saw with the EJ trade before. BUT......if the stoch crosses and moves out of the o/s area and crosses the 20 line...it's time to take profit.

GBP is trading lower all across the board in last few minutes. Someone knows that GDP is going to come in negative. Wouldn't surprise me at all. Be careful.

GBP dropped like a brick as I suspected.