Multiple time frame 24ema

lesson learnt

stay in h4 to really see what is happening before moving to m15

EXAMPLES

THURSDAY'S TRADE

I must confess initially I wanted to bail out very early on in the trade, but the connection kept timing out.
(How long will I have to battle with that rush of emotion -"you are going to loose, run for your life.")

I guess I have to come to accept that anytime I place a trade I must say to the market "I'm not afraid to loose!"

IS THE TREND YOUR FRIEND?
I still am not satisfied seeing the whole day go in the way of counter-trades, while I just sit back helplessly looking.
I have to find a way to safely take counters even before 3EMA crosses 6EMA in H4, I think divergence is a sure tool.
Any views?

SIMPLIFIED

I miss too much of the action and so I decided to trim down to 4 pairs and not concern myself with whatever is happening with the other pairs.

HOW TO USE THE STOCHASTIC OSCILLATOR

I must confess I skimmed over the chapter on Technical Indicators when I went thru Babypips school.
The Mt4 default settings for Stochastic happens to be 5,3,3 and that had stuck with me until recently.
I found this yesterday, hope it helps.

AUGUST LAST LAP

Hi journal,
Let's do the last lap of August, it's been full of so many profit potential and I found that I've been the one standing in the way of my maximizing my potentials.
We want to take home more profit than last month with this model so we can fund another account and trade with confidence.

I've taken a trade this morning and (EURAUD long) will be away from the office so my targets have been placed; see you later.

PROGRESS

I'm back in the office found that the trade had made 30pips but I'm shooting for more; misse the GBPJPY entry and I see GBPAUD setting up for a buy.

I have to leave the office again cya soon!

OVERCOMING PAIN

Yesterday was great, if only I had not let my loss get me down.

MORE PAIN

Pain is the result of not following the game plan and that is .....
"Take the next signal your system gives, never minding the result you obtained the last time!"

I incurred a loss yesterday, but had I traded more I would have recovered it and been in super profit.
Today went the same way, but I am now questioning the reliability of my M15 entry signal, during back-testing, you see all the entries you would have taken after the loosing entries but you don't see the effect the loosing trade has on you often times hindering you from taking the next signal.

Do I change my entry Time Frame?
No Time Frame is loss immune!

UNFORCED ERRORS
I conceded losses on Monday and Tuesday (on M15 time frame) and was unwilling to do so again on Wednesday so I moved to M30 where I was too eager to take my signal due to the longer waiting time and I jumped the gun.

180 DEGREES TURN
I tweaked and tweaked and tweaked until I had to turn back to the basics.
I revisited the 24 MATRIX and found with the help of the original Stochastic settings a smoother way to use the 24EMA.
Starting from H1, 24EMA:
Going down to M30, 48EMA:
Again to M15, 96EMA:
Further down to M5, 288EMA;
Finally M1, 1440EMA.

Moving up from H1 to H4, 24EMA of H1 becomes 6EMA.

So it's simple now, just find the......
TREND DIRECTION from H4 and this is the confluence of simply STOCHASTIC CROSS IN O/B OR O/S FOLLOWED BY CLOSE BELOW OR ABOVE 6EMA RESPECTIVELY: Then move down to your preferred lower time frame of entry and take the corresponding STOCHASTIC CROSS IN O/B OR O/S

RECENT EXAMPLES

MORE

NOW

FINALLY SHORT

I don't know how I missed GBPJPY short
but let's see what GBPCHF will yield.

ANOTHER TREASURE

GOOD QUESTION

Am I trading 24EMA or 6EMA in H4?

I think it's more 6EMA in H4: See the progression.

H4 6EMA

H1 24EMA ie 6*4

M30 48EMA ie 24*2

M15 96EMA ie 48*2

M5 288EMA ie 96*3

M1 1440EMA ie 288*5

We find something similar with !0EMA from H4 down but our Stochastic 14,3,3 (or 14,3,4) H4 crossing, does not work well with the close above or below 10EMA.

The 10EMA Matrix works more with price action settings so I'd stick with 6EMA.

LAST TRADE OF THE MONTH

Did not follow the rules, SL too tight, missed the +ve GBPJPY signal.
Over all ended in net loss as a result of NOT TAKING ALL THE SIGNALS.

THIS HAS TO BE ADDRESSED NEXT MONTH

HAPPY NEW MONTH

I have committed to trading my system and I'm going to give it everything (except the need for sleep and family time and work).

Last month was going well until the last week when I tripled my lot size (out of confidence) and 2 losses in a row brought me back to BE and the next loss on a reduced lot size took me to negative.

Would have been profitable overall if I had taken every signal even after incurring losses.

So off to a start missed some wonderful opportunities of recovering last months losses but will God willing take all the chances that come up before me.

This trade was a loss did not steer clear of impending news, took a counter trend trade based on brewing H4 divergence but was spiked out on the release of GBP PMI figures.
LESSON: Despite brewing Divergence, wait for the STOCH CROSS!