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Swing trading with heiken ashi and stochs

  • #961
  • Apr 29, 2012 4:57pm Apr 29, 2012 4:57pm
Quoting wrenski
Downloaded and installed all the files except the Ea for the time being. All of my charts have USDCHF Trailing Stop is ON, written in the upper left section of the screen.
What am I missing?
Thanks
you can delete that from the "Charts-->Objects-->Object Lists"

as for the trailing stop, I believe the EA was provided (haven't tested it myself yet)
  • #962
  • Apr 29, 2012 5:14pm Apr 29, 2012 5:14pm
Quoting Hugh Briss
Here's an interesting look at eurusd.
HB, there's a lot of convergence going on with EU so you would expect a change coming up. There currently seems to be a battle b/w the Euro & the USD as to which is weakest, so it could go either way (as usual...). Another pair to watch may be the AUDCAD. CAD GDP m/m is announced today with FXDaily suggesting a possible rate increase this month. Meanwhile, the RBA will announce a 0.25 rate cut tomorrow (1st May) as everybody expects (with very outside chance of 0.50 rate cut). The AUDCAD H4 & D1 is setting up for a fall which is consistent with the expected rate changes.

(Note the attached charts have standard candles and were taken before Sydney open so very wide spread. 50 pip lines drawn by quickdraw indi also get a bit messy on the Daily.)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audcad-d1.png Size: 64 KB
Click to Enlarge Name: audcad-h4.png Size: 63 KB
Still learning - No guarantees...
  • #963
  • Apr 29, 2012 5:58pm Apr 29, 2012 5:58pm
Quoting neuron
you can delete that from the "Charts-->Objects-->Object Lists"

as for the trailing stop, I believe the EA was provided (haven't tested it myself yet)
Worked a treat....thanks.
  • #964
  • Apr 29, 2012 11:44pm Apr 29, 2012 11:44pm
Quoting wrenski
Downloaded and installed all the files except the Ea for the time being. All of my charts have USDCHF Trailing Stop is ON, written in the upper left section of the screen.
What am I missing?
Thanks
The template is applied to usdchf so when you first install it that's what the label will say. Once you get a tick on the new chart when the markets open it will correct itself.
  • #965
  • Apr 30, 2012 12:37am Apr 30, 2012 12:37am
Sold chfjpy a little while ago. It was 10 pips below the 50 round number and there was also a strong little resistance level at the 42 number. I think usdchf has limited downside potential whereas usdjpy is meandering down nicely. I'm not expecting this to blaze a trail but could bank 50 to 100 pips for a risk of 50 pips. If it closes above the 50 level I will close it. If it's 20 or more pips up at the next candle then I will move to break even and give it another 4 hours. I didn't open this exactly at the 4 hour candle close because that was 5am my time but I opened it at about 6am as the price hadn't gone too far in that time. I think this is an acceptable approach.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 30th april 2012.gif Size: 23 KB
  • #966
  • Apr 30, 2012 3:24am Apr 30, 2012 3:24am
About 7 pips up on chfjpy at the close of the last 4 hour candle so I'll leave it running. During the last 4 hour period it did retest and was held by the 50 level which gives me some confidence it will continue to hold and there should be some downwards movement.

Audusd looks nice on my 4 hour chart, could be a sell if it shapes up right at the next candle close. That's 13.00 for me BST (British Summer Time) which is GMT +1 at the moment.
  • #967
  • Apr 30, 2012 6:52am Apr 30, 2012 6:52am
10 mins before the next candle close/open and chfjpy +25 pips so moved to breakeven. Audusd and audcad both look nice but I think audusd has more potential to drop so I will sell it on the close.

Here's a pic, notice the multiple resistance at 1.0450. Only one thing is that I am selling halfway between support and resistance levels but I will put the stop a good 10 or 20 pips above the resistance level anyway so should be fine.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 30th march 2012.gif Size: 30 KB
  • #968
  • Apr 30, 2012 7:05am Apr 30, 2012 7:05am
Quoting Hugh Briss
The template is applied to usdchf so when you first install it that's what the label will say. Once you get a tick on the new chart when the markets open it will correct itself.
Thanks...
  • #969
  • Apr 30, 2012 9:00am Apr 30, 2012 9:00am
Hmm, good job I avoided audcad, cad news put a spike in cad pairs. With the aud news out this evening I will definitely want to be at break even soon.
  • #970
  • Apr 30, 2012 9:06am Apr 30, 2012 9:06am
Quoting Hugh Briss
Hmm, good job I avoided audcad, cad news put a spike in cad pairs. With the aud news out this evening I will definitely want to be at break even soon.
Yes, good call on the cad - the news release ruined a potential short. The yen pairs were good though.
Still learning - No guarantees...
  • #971
  • Apr 30, 2012 9:11am Apr 30, 2012 9:11am
Quoting Ozefex
Yes, good call on the cad - the news release ruined a potential short. The yen pairs were good though.
I wasn't going to take the chfjpy short as well, the trend is a little slow, but it's making progress and making me money so glad I did. Audusd is round about the entry 2 hours into the candle, hopefully will make some progress too soon. I'd like to see 1.0250 for this trade, maybe a little further?
  • #972
  • Apr 30, 2012 11:52am Apr 30, 2012 11:52am
Audusd not gone anywhere over the last 4 hour candle. The trailing stop has brought the stop loss in pretty tight which is fine with me, I'll let it run if it runs and stop out if it doesn't.

Chfjpy doing quite nicely, 50 or so pips up on the first trade. The last 4 hour candle closed 10 pips below the 88 level so I have added another position to the trade. The stop loss for both trades is now 88.15 so if it stops out I'll have a small 4 or 5 pip profit on the whole position and if it continues I'll have a nice position.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 30th march 2012.gif Size: 28 KB
  • #973
  • Apr 30, 2012 2:42pm Apr 30, 2012 2:42pm
Everything quiet now for the evening. I'm going to leave these trades open over night with trailing stops and I'll update in the morning.
  • #974
  • Apr 30, 2012 4:26pm Apr 30, 2012 4:26pm
Quoting Hugh Briss
Everything quiet now for the evening. I'm going to leave these trades open over night with trailing stops and I'll update in the morning.
Will be interested to hear your thoughts on the trailing stop EA. I haven't used it yet.

Took the following eurjpy short from just above the round number line, basically due to the trend which looked like it would break down. There no sudden movement breaking below the line, it just kept going slowly. The TP on round number of 105.500 worked before it pulled back a bit. I didn't think much of these levels at first, but they are definitely worth considering. (I've often wondered why MT4 doesn't use even numbers on the scale as other packages do. Using this indi to draw lines is adequate but could be better.)
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.PNG Size: 52 KB
Still learning - No guarantees...
  • #975
  • Apr 30, 2012 4:45pm Apr 30, 2012 4:45pm
Really new here but after seeing the cable form its first candle on the daily chart I would assume its a likely play to short it? Also the stoch has crossed from the top to bottom. Would it be smart to initiate a positon now or wait for a second candle?
Attached Image
  • #976
  • Apr 30, 2012 10:17pm Apr 30, 2012 10:17pm
Quoting Ozefex
Will be interested to hear your thoughts on the trailing stop EA. I haven't used it yet.

Took the following eurjpy short from just above the round number line, basically due to the trend which looked like it would break down. There no sudden movement breaking below the line, it just kept going slowly. The TP on round number of 105.500 worked before it pulled back a bit. I didn't think much of these levels at first, but they are definitely worth considering. (I've often wondered why MT4 doesn't use even numbers on the scale as other packages do....
So you sold directly into possible support?
  • #977
  • Apr 30, 2012 10:18pm Apr 30, 2012 10:18pm
Quoting Acroix70
Really new here but after seeing the cable form its first candle on the daily chart I would assume its a likely play to short it? Also the stoch has crossed from the top to bottom. Would it be smart to initiate a positon now or wait for a second candle?
I would wait for a pull back and formation of a lower high on the H4 before shorting? Should have more favorable stochs for H4 I'm thinking
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 29 KB
  • #978
  • Apr 30, 2012 10:18pm Apr 30, 2012 10:18pm
Quoting Acroix70
Really new here but after seeing the cable form its first candle on the daily chart I would assume its a likely play to short it? Also the stoch has crossed from the top to bottom. Would it be smart to initiate a positon now or wait for a second candle?
It's been moving up pretty strongly so best not to trade it at all on that timeframe, I'd watch the 4 hour and see what it looks like there.
  • #979
  • Apr 30, 2012 10:20pm Apr 30, 2012 10:20pm
Audusd and chfjpy both stalled a bit so I took a small profit on both positions. A little dissappointing as it looked like there should be a good profit on these trades. I will probably wait til after the aud rate statement before I take any more trades.
  • #980
  • Apr 30, 2012 10:44pm Apr 30, 2012 10:44pm
Quoting Hugh Briss
So you sold directly into possible support?
I considered what S/R there was to be minor with similar strength levels below the 106.000. I was waiting for a bounce back but this didn't occur - it just went smoothly down to 105.500. Know what you mean however and have been caught before. I can see the round numbers do have an effect, but this one was obviously ready to move through.
Still learning - No guarantees...
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