ok, thank you other variant mtf M15 stoch
- #708
- Jul 21, 2012 11:17am Jul 21, 2012 11:17am
Hello fellow traders! (my 1st post)
I'm an absolute noob but i have done about 7 months of educating myself about forex. I congratulate the traders that developed this system and wish them great success (even greater success).
As i was reading what people are saying and attempting to trade the system myself I ended up losing money primarily because well..im a noob. .....
Cheers for the help.
let me add some comments.
Matrix is a great combined indi but nothing more. You need to integrate it in a trading system which fits with your personality to have success with it.
Matrix
Pros : As said it is a combined indi based on 4 different indies. this combination reinforce each single indi and gives you more chance when you enter in the market. In other words higher rate of successful entries.
Cons: As many indies it is a little lagging (http://www.babypips.com/school/leadi...ndicators.html) and its signal is a little late compared to the pure price action. Therefore if you want to use it an important condition is that price can move enough pips in your direction.
How can we get it ???
Below some guidelines
- Time filter : choose the time during the day where volatility is higher (typically from London open to second half of NY session). Pay attention to FKT open because sometimes the price movement is denied by London open.
- Trade with the trend : This is obvious and you have heard it thousands times …trend is your better friend until it ends. Well how to understand where we are (trend vs. range : http://www.babypips.com/school/trendspotting.html)? Here some suggestions :
- Try to use a MA in the higher TF (I like SMA75 with EU) and look at the following conditions to spot a potential lasting trend:
- Price position (below/above MA)
- MA direction (raising or dropping)
- MA slope (Trend momentum)
- Stochastic oscillator : Once again higher TF give you the direction while the lower TF give you with the matrix the better entry point. RJ explains it very well in the pdf already posted. Let me add an advise. Don’t try to catch the perfect reversal point but wait for a clear trend in the higher TF before choose the direction … in other word wait for the crossover of stoch in higher TF and climbing over 30 level haeding up. This is the reason why some of us like to have a MTF higher TF stoch in the same window with the standard one.... this si their kompass.
- Try to use a MA in the higher TF (I like SMA75 with EU) and look at the following conditions to spot a potential lasting trend:
- S/R : This is the basic knowledge you should have before trading. If the price is coming close to a S/R pay attention because all of us are waiting to understand what will happen and as rule of thumb …. Buy close support and sell close resistance. In reality it is a little more complex and I prefer to wait for a confirmation (Yelena calls it double top I call it 123 pattern). For intraday traders pivots play an import role from this standpoint and once again as rule of thumb if price is above daily pivot think about going long and viceversa. (http://www.babypips.com/school/suppo...esistance.html).
- Last but not least read in this thread the posts of very good traders you can learn a lot about trading.
Concerning specifically your trades I see you use M15 TF. It is important to understand what kind of trades you are looking for (if you like scalping I think M5 is better but if you prefer let me say swing trading M15 could be ok … but this is my personal opinion).
When you got in the market price action was in a narrow range (about 35 – 40 pips) between R1P and a support (besides there were some other long term S/R and fibo levels). As I said The lagging factor and the range killed you. In these cases you have two choices : 1 move to lower TFs for scalping or 2 wait (also not to trade is trading) 
… the second one is my best choice.
Let me close with other two little advises :
· MM (never overtrade) and always protect your precious capital with SL and moving it to BE as soon as possible.
· Know yourself …. This is also an investment you can do for your life
I am sorry for this long post and for my bad English, I hope this could help you and someone else here.
Have a great future in this business 
Ciao
wiz
You control how you trade; the market controls how and when you'll get paid
- #710
- Jul 21, 2012 12:13pm Jul 21, 2012 12:13pm
- Joined Jan 2011 | Status: ,,,,, ....,,,,,, | 6,008 Posts
.... laughing all the way to the bank
For new(ish) traders....
Simplicity is key !
I've said it before on Symphonie's and I'll say it again here: on page one you have all you need. Download RJ's zip file, install everything on the instruments that you want to trade and don't add anything else.
