WOW, wud have covered the loss if one wud have have taken this one !!
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Double top off R2 helping with the decision to get in on that short signal. Nice. The stoch wasn't perfect but it doesn't matter within the context of price action at the time.
I'd rather trade the next long signal, although there's resistance on the 4hr chart above today's highs (from mid-sept) so would need to be careful.
Double top off R2 helping with the decision to get in on that short signal. Nice. The stoch wasn't perfect but it doesn't matter within the context of price action at the time.
I'd rather trade the next long signal though.
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Are u basing ur decision based on the rules made by FJ or r u using ur own discretion? And r my entries not consistent with the original rules? If no then can u tell me what m I not seeing here? I have read this forum till a 100 posts, and not sure if the rules have been modified.
pls help
Are u basing ur decision based on the rules made by FJ or r u using ur own discretion? And r my entries not consistent with the original rules? If no then can u tell me what m I not seeing here? I have read this forum till a 100 posts, and not sure if the rules have been modified.
pls help
Regards.
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Sure, some days taking all Force signals will net you loads of pips, but those days are quite rare. In order to increase the win rate, learning to read price action from the higher timeframes down to the timeframe you're trading, is the key.
Hope you're in on the long...will be interesting to see if R2 breaks this time.
Sure, some days taking all Force signals will net you loads of pips, but those days are quite rare. In order to increase the win rate, learning to read price action from the higher timeframes down to the timeframe you're trading, is the key.
Hope you're in on the long...will be interesting to see if R2 breaks this time.
Free trade now, so if it turns no worries. 15Stoch still firmly long for now at least. If stopped out there may soon be another opp to trade long, should this just be an impulse wave retracement before the next leg up, we'll see.
Edit: stopped b/e on this and took the next long signal @ 1.3124...edit, closed for +2.
I have been researching the use of the 15 min stochastic. It is very effective. The one observation is that the orginal Force rules would say that the 5 min stoch 5 and 3 lines must be below 20 (for long trade) or above 80 (for short trade).
My observation is that using the 15 min stoch as a filter will greatly reduce these trades. We may do well to take trades as long as the following is met:
15 minute stoch dictates trend direction
Price action supports trade on 5 minute chart - Bounces of support resistance, 123 pattern breaks, round numbers and or Fibs
5 minute chart stoch 5,3 touches the 20 level or 80 level or Stoch divergence is meet,
rest of Force rules are met
I really welcome feedback on this. It needs back testing. I have started reading the Genesis thread and they are very switched on - Great recommendation Sidefx!
There is no perfect system, however good filtering with sound trade management can move the odds to your favor.
I would love to discuss trade risk management as well. I am really interested in ideas on the following:
where people move to a break even trade
do they take part profits and scale out of trades
if using 15 min charts is it worth pyramiding on extra entry signals to exit the full trade
I think Forex factory has some really talented people in its community. I notice so much effort is put towards how to enter a trade (only in my opinon - not want to offend). It is so much more import to know how to exit effectively and how to manage position sizes
We are going into European session with a bullish reversal market. I view the 1.3115 to be break of resistance. We will then be looking for pullbacks and force setups on 5 minute charts
If you look at the M15 chart you will see that price is sitting at a FIB pullback which is really close to the resistance zone (previous support). I may stand corrected. I would not be supprised to see the 15 minute stoch turn down (currently above 80) and price to retrace.
If that happens we are looking to take shorts. we will see.
Note some semi-pin bar formations at M15 say that price is having a hard time going higher
Interesting posts, dug_forex. I agree that more emphasis should be placed on trade mngt. It would be great to show this on more of a realtime basis, where possible.
The hrly EU looks (to me) to be developing a H&S pattern, so I'll keep this in mind, of course anything can happen...
I had to step away and missed some screen time. I agree with the H1 head and shoulders Sidefx.
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..i'm short now off the latest signal; as it's CT and right into a potential support zone, i'm using lighter stakes and will be extra vigilent on the move to b/e..
edit (11:04 UK): moved SL to -5.
edit (11:14): SL now @ b/e. Possible long shaping up off the DP, but 15Min Stoch still short..
edit (11:24): b/e stop filled. Now flat.
