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Swing trading with heiken ashi and stochs

  • #1,241
  • May 18, 2012 9:01am May 18, 2012 9:01am
Quoting howard
My views on this method is that D1H1 combination is excellent, but the weakness is the stop application: stops should be placed above the recent swing high (for shorts like GBPAUD today) and left there until the hourly 100 sma trailing kicks in.
I can see your point but the way I see it is that once you get to 20 pips up you should really not go back to the entry point if you have caught a good impulse move on the hourly chart. That's the aim of the game, not lose too much on your losers and protect your winners quickly, build a position with multiple trades and bank 400 to 600 pips on the whole move.

I can withstand a lot of 30 pip losses and break even trades until such time as I catch a decent trend that pays me 400 to 600 pips, it's just a question of patience, losing small and winning big.
  • #1,242
  • May 18, 2012 9:04am May 18, 2012 9:04am
I'm going to be keeping an eye on this closely over the next few weeks. If this sets up right it could be my next big trade. Only one concern is the negative swap paid on the pair but I won't be holding for more than a week or two maximum anyway.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 18th may 2012.gif Size: 25 KB
  • #1,243
  • May 18, 2012 9:06am May 18, 2012 9:06am
Eurusd looks similar by the way, whichever if any sets up smoothest is the one to trade.
  • #1,244
  • May 18, 2012 10:02am May 18, 2012 10:02am
Quoting Hugh Briss
Eurusd looks similar by the way, whichever if any sets up smoothest is the one to trade.
I agree it might set up... Also, they are both in an area of strong weekly support.... We'll see..............
  • #1,245
  • May 18, 2012 2:31pm May 18, 2012 2:31pm
Hi Hugh, I just gave you 5 Stars or EXCELLENT, but I believe that FF needs to create a new category. Perhaps something modest like INCREDIBLY OUTSTANDING or BEST IN THE WORLD worth 10 Stars. Just a suggestion.
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,246
  • May 18, 2012 3:25pm May 18, 2012 3:25pm
If you are struggeling with the use of the ea, I use the mptm as can be found on ff.
You can attache it to an additional chart and it will manage all your trades to set stop loss at BE.
Default is at 250 pipets stop loss is set to BE+1
If you do have a 4 digit broker change the break even settings to 25 and 1 instead of 250 and 10.
Next to this, on your normal chart you can use the trailatclose order ea as provided in this post.

So you do not need to change your ea or if you are away or asleep everything is arranged
Attached File(s)
File Type: mq4 MPTM 250+10.mq4   109 KB | 331 downloads
To get more profit, not the entry but the exit will make the big difference
  • #1,247
  • May 18, 2012 5:20pm May 18, 2012 5:20pm
Quoting AlbinaGrande
Hi Hugh, I just gave you 5 Stars or EXCELLENT, but I believe that FF needs to create a new category. Perhaps something modest like INCREDIBLY OUTSTANDING or BEST IN THE WORLD worth 10 Stars. Just a suggestion.
Lol, thanks.
  • #1,248
  • May 19, 2012 5:13am May 19, 2012 5:13am
Quoting drzeepfx
Thanks HB - Learning a lot .... I think this is a break even week for me, with no regrets would have been up a ton had I understood the exits and EA better, so things look bright - and thanks to that EA, I have build a lot of confidence in this system and myself... I need to figure out the exact USA Forex rules to see how closely I can emulate your trading style - those sweet pairs you guys are watching have terrible spreads with my broker I am trying to keep the spread under 7 on anything I trade and even 7 makes me wince prefer the ones I can...

Why should you worry for 7 pips spread?
We are not scalping but try to ride the trend. If we aim for anything between 50 and 300 pips there is nothing to worry about 7 pips spread if the momentum and right entry is there.
At least that is my idea about it
To get more profit, not the entry but the exit will make the big difference
  • #1,249
  • May 19, 2012 7:33am May 19, 2012 7:33am
Maybe an other pair to check regular next week, usdchf.
Please correct me if I am wrong
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf d1.gif Size: 20 KB
To get more profit, not the entry but the exit will make the big difference
  • #1,250
  • May 19, 2012 7:48am May 19, 2012 7:48am
Quoting rpvrpv
Maybe an other pair to check regular next week, usdchf.
Please correct me if I am wrong
I'm still trying to decide whether to wait for the signals in the direction of a daily trend or not. I'm guessing they would be excellent signals but you wouldn't get too many of them. Either way usdchf is an exact mirror of eurusd at the moment. Eurchf has been flatlining for weeks.
  • #1,251
  • May 19, 2012 8:20am May 19, 2012 8:20am
Quoting rpvrpv
Why should you worry for 7 pips spread?
We are not scalping but try to ride the trend. If we aim for anything between 50 and 300 pips there is nothing to worry about 7 pips spread if the momentum and right entry is there.
At least that is my idea about it
Hi rpvrpv..

The only problem as I see it with a 7 pip spread is that your SL will then need to be wider. It really depends on how good your entry is.... After a few failed attempts to get into a trade it could become quite costly. Even trying to move to BE after a 20 pip move means you need a move of 27 pips first... I'm no expert but I think the odds might be stacked a little bit too high.. especially for a rookie trader...(like myself) Just my 2 cent..

Good luck to all.........

Blinkers.......
  • #1,252
  • May 19, 2012 8:28am May 19, 2012 8:28am
Quoting Hugh Briss
I'm still trying to decide whether to wait for the signals in the direction of a daily trend or not. I'm guessing they would be excellent signals but you wouldn't get too many of them. Either way usdchf is an exact mirror of eurusd at the moment. Eurchf has been flatlining for weeks.
Hey Hugh...

It's tricky right now as both E/U and U/Chf are both in an area of strong S/R.. Do you think it's wise to sit it out for a few days on these pairs and wait to get a feel for what direction it's gonna take..?? They both appear to be trying to turn and head in the opposite direction... Hopefully it'll be the start of a long breakout run or reversal....!!!!

Blinkers..........
  • #1,253
  • May 19, 2012 9:19am May 19, 2012 9:19am
Quoting fxblinkers
Hi rpvrpv..

The only problem as I see it with a 7 pip spread is that your SL will then need to be wider. It really depends on how good your entry is.... After a few failed attempts to get into a trade it could become quite costly. Even trying to move to BE after a 20 pip move means you need a move of 27 pips first... I'm no expert but I think the odds might be stacked a little bit too high.. especially for a rookie trader...(like myself) Just my 2 cent..

Good luck to all.........

Blinkers.......
Plus if you get one trade per day for 5 days that's 35 pips right there. 35 pips is a good one hour trade sometimes so why give up that many? Click on the "Market" tab at the top of the page, to me the 2nd most important FF area, and look at some of the spreads during your trading time. FXDD (my broker) is often higher than FXCM and certainly no match for Oanda or MB Trading. Changes a'comin! p
  • #1,254
  • May 19, 2012 9:28am May 19, 2012 9:28am
Quoting Hugh Briss
I'm still trying to decide whether to wait for the signals in the direction of a daily trend or not. I'm guessing they would be excellent signals but you wouldn't get too many of them. Either way usdchf is an exact mirror of eurusd at the moment. Eurchf has been flatlining for weeks.
There is a thread here in FF started by a person named Harrington I think. I didn't follow it for very long but he makes the case to ignore TFs longer than the one you are trading and instead look at the shorter, what is happening in the "now." In my case trading the NY session I have an 8 or 9 hr wait for the daily to post its final price. I have been thinking that for this strategy, HA/stochs, I would place a 4H TF entry (8a.m.cdt/us) after looking at the 1H or even 15M. How often do we see a suggestion whereby a look at the 5M is for a better entry. Still much to learn for me but I'll get there. p.
  • #1,255
  • May 19, 2012 10:08am May 19, 2012 10:08am
Quoting fxblinkers
Hey Hugh...

It's tricky right now as both E/U and U/Chf are both in an area of strong S/R.. Do you think it's wise to sit it out for a few days on these pairs and wait to get a feel for what direction it's gonna take..?? They both appear to be trying to turn and head in the opposite direction... Hopefully it'll be the start of a long breakout run or reversal....!!!!

Blinkers..........
Yep, looks like they are going to pullback towards the daily 100 sma and then if they turn there then it should lead to another nice move.
  • #1,256
  • May 19, 2012 10:14am May 19, 2012 10:14am
Quoting piprac
There is a thread here in FF started by a person named Harrington I think. I didn't follow it for very long but he makes the case to ignore TFs longer than the one you are trading and instead look at the shorter, what is happening in the "now." In my case trading the NY session I have an 8 or 9 hr wait for the daily to post its final price. I have been thinking that for this strategy, HA/stochs, I would place a 4H TF entry (8a.m.cdt/us) after looking at the 1H or even 15M. How often do we see a suggestion whereby a look at the 5M is for a better...
hharrington's freebie 1 min trading method, it's an excellent thread.

I understand his approach but you can drop down a timeframe too many. My system aims to catch the meat in the middle of the daily heiken ashi runs in the direction of the daily trend. To do this I am looking at the 1 hour chart to get a better entry. Those two timeframes suit me but any two timeframes could be traded.

What you will notice is that when you get a good signal on the daily the 1 hour will have crossed the 100 sma and started trading the other side of it. I am only interested in trading the first bounce from the 100 sma, or the first decent pullback towards it, and then each subsequent signal according to the original "swing trading with heiken ashi and stochs" method, getting them all to break even until the trend is over.
  • #1,257
  • May 19, 2012 12:11pm May 19, 2012 12:11pm
Quoting rpvrpv
Why should you worry for 7 pips spread?
We are not scalping but try to ride the trend. If we aim for anything between 50 and 300 pips there is nothing to worry about 7 pips spread if the momentum and right entry is there.
At least that is my idea about it

I understand your point and believe me have gone over it in on paper every which way.

The range on those pairs was 7 to 35 ...... Just not certain how account for a spread like that from a SL - MM standpoint- FOR Example I only want to put up 2% on my account on any trade, on a $100 account that's $2, trading 5 cent PIPs (.05) thats 40 PIPs .... So if you are dealing with say a 20 PIP spread on each trade you would almost have to redefine you MM strategy... Am I suppose to cut my stop loss?

So a pair would really have to offer some unique opportunity to justify that type of spread. There seems to be plenty of action just watching the 6 or so I watch - and belive it or not you get a better feel for movement concentrating on a few VS. watching every pair... That's just me... I could be all wet.

That where I am coming from .... of course 60 days ago you would not found me pondering the D1 charts either. I am open to new Ideas...
  • #1,258
  • May 19, 2012 12:20pm May 19, 2012 12:20pm
Quoting drzeepfx
I understand your point and believe me have gone over it in on paper every which way.

The range on those pairs was 7 to 35 ...... Just not certain how account for a spread like that from a SL - MM standpoint- FOR Example I only want to put up 2% on my account on any trade, on a $100 account that's $2, trading 5 cent PIPs (.05) thats 40 PIPs .... So if you are dealing with say a 20 PIP spread on each trade you would almost have to redefine you MM strategy... Am I suppose to cut my stop loss?

So a pair would really have to offer some unique opportunity...
Your broker does seem to charge high spreads but if you can trade at 5 cents per pip am I right in thinking that is a nano account? That could be why. Try and find a broker that charges lower spreads but still allows smaller position sizes or just add 5 pips to the trade so risk 35 pips just to give the trade that extra room. I wouldn't recommend restricting the pairs you watch because you risk missing some good trends on the slightly higher spread pairs and if we are going to stick to waiting for a good daily trend signal before we trade the hourly we may well only be taking one or two positions in the market per month. You really need to trade every pair available. One or two positions a month means a good hourly trend with multiple add ons by the way so I'm thinking 800 to 1200 pips a month may be possible if the trades set up right.
  • #1,259
  • May 19, 2012 12:32pm May 19, 2012 12:32pm
Quoting rpvrpv
Maybe an other pair to check regular next week, usdchf.
Please correct me if I am wrong
Interesting set of charts - the weekly is so flat..
  • #1,260
  • May 19, 2012 12:37pm May 19, 2012 12:37pm
Quoting Hugh Briss
Your broker does seem to charge high spreads but if you can trade at 5 cents per pip am I right in thinking that is a nano account? That could be why. Try and find a broker that charges lower spreads but still allows smaller position sizes or just add 5 pips to the trade so risk 35 pips just to give the trade that extra room. I wouldn't recommend restricting the pairs you watch because you risk missing some good trends on the slightly higher spread pairs and if we are going to stick to waiting for a good daily trend signal before we trade the hourly...
OK - That's sound logic.... that's why I am here everyday Just going to take some getting used to - Thank you.
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