Multiple time frame 24ema

REAL TIME OBSERVATION

The crossing of the M1 stoch came and let's see if there was a follow-through by the Bulls.

i remember something someone said, "some things work some of the time, but nothing works all of the time" we just need to get an average success rate and play the numbers game.

THE MORAL OF THE STORY

Fight, back after every drawdown.

I took 4 trades yesterday the results were all negative, at the point of the 5th and 6th signals my thinking was "The markets can remain irrational longer than you can stay solvent" so I stayed out on the sidelines to re-appraise my strategy then I watched as 3 buy signals go green then 2 sell signals go green and finally a buy signal go green 20 pips.

My conclusion is that the market is neutral you have to develop a thick skin to losses.

CHANGES

I decided to scale down the level of multi time framing, previously, the higher time frame employed from M1 to M30 was H1.
The approach is now to use the immediate higher time frame except for M1
For M1 the higher time frame should be M15:
For M5, the higher time frame should also be M15:
For M15, the higher time frame should be M30:
While for M30 the higher time frame should be H1:
And for H1, the higher time frame should be H4

FIGHTING BACK

I'm fighting back though still missed a few entries

VIEW FROM M1

I'm beginning to love M1 time frame

MASSIVE DROP

What a pay day this would have been for anyone shorting the Euro

WHAT NEEDS FIXING?

Following my dismal performance (down 10% something that 30 good pips will take care of) I tried to see where I derailed and I found a couple of pointers.

#1 Missing the late Asian session/Frankfurt Open moves,
#2 Switching between Time Frames
#3 Net surfing when I should be watching my charts for a signal
#4 Distracting myself with tweaking midway thru the day (I developed a winning Renko system that can be automated)

Solutions.

#1 I have to get back to getting to work very very early, as early as 6.15am.
#2 Curve-fit M15 into M1 this is done with the mtf MA indicator.
#3 All surfing including FF should be kept till after the days trading, copy out the following days news releases for reference the following day.
#4 Tweaking to be done only after the days trading.

NEW LOOK M1

I think it's easy to trade from M1 charts now just to remember the process

#1 M15 Stoch cross up,
#2 M1 Stoch cross up,
#3 Price close above the M1 14LWMA:
MEANS A M1 BUY SIGNAL
REVERSE FOR SELL

Trading the M15 from M1 charts

#1 M15 Stoch cross up,
#2 Price close above the M15 mtf 14LWMA
MEANS A M15 BUY SIGNAL
REVERSE FOR SELL

A M15 signal may precede a M1 signal
Normally the M1 signal would come before the M15 signal, and a great day would be one for multiple M1 entries after the M15 signal

GOOD DAY

Some opportunities presented themselves today especially on GBPUSD, took some missed some
Total +25 pips
Then missed a sweet 25 pips move that carried options for add-on.

the one that got away

IMPULSE TRADING

had good reason to be long on UDDJPY, but was too engrossed in GBPUSD that I missed my entry, then I impulsively chased the market, looked at the D1 view and panicked and generally missed a good opportunity for atl east 7 pips which I even gave to the market.
-7 pips on that one.

WHAT I'D BE LOOKING FOR
Very simply put
1, Bounce off Major Support & Resistance
1, Pull-back into the new or existing trend
3, Divergence to continue new or existing trend

Then

Retracement from New LOW or HIGH (counter trend)

Example of Today's EURUSD was a retracement from a new low.

WHAT A NO TRADE DAY

I missed a great opportunity early in the morning then got mixed up with my own rules and broke my no browsing guideline (which led me to an amazing discovery), and finally I missed out on a great wind fall.

I should revisit my rules and make them stick also the 2 screenshots I'm attaching will better show what to look for.

MY DISCOVERY

It's not actually new but it came sharply into focus today after I visited another thread R2R in 20 trades

http://www.forexfactory.com/showthre...61#post7084861

DIVERGENCE ON M30 ARE VERY RELIABLE up to 80%

LOWEST FALL HIGHEST JUMP

I took 2 trades yesterday.
1st was on the M30 Tf a sell HD but the news release moved price against my position, there was a positive slippage though as my SL was 26 pips and my TP was 104 pips, but I was Stopped out at 24.7 pips.
Soon after I scaled down to the M1 TF and got an opportunity to continue with the new wave, SL was 8 pips and left the TP to hover, PA made a swing for my SL and I left the monitor not to witness another SL being hit, and later I came back to see another spike this time in my direction I hit the close trade button at 50 pips but was filled at 48.8 pips.

The bad thing about yesterday was that there were several signals that had positive results only that I just lost my nerve to take them.

MISSED OPPORTUNITIES

Missed opportunities are more painful than loosing trades
Missed 3 today.
I think I will develop a SOLID PLAN for trading Divergence alongside my M1 trades so I can take at least one Divergence trade a week and bank at least 25% gain.
Meanwhile .....

Can you put up a TradeExplorer or Myfxbook to track your trades history? Your system is interesting.

I have tried both 3 times but the response I get is "Failed to connect to brokerage account", I took it up with my brokers Traders Trust but they say there is nothing wrong from their end.

When I fund another account I will attempt it with the new account (from another broker)

WHAT A CURVE!

The month November was as good and as bad as every other month, the market did like it used to, it went up, down and sideways, fortunes were made and lost and life goes on.
But I have to make a living from this vocation that I have chosen, lol.

This is the simplest and most lucrative business known to man, trading aka buy low sell high, but the toughest nut to crack.
I believe I have a very effective "nut cracker" I just have to continue putting the nut in the cracker everyday, no matter what.

I took 36 trades in the month as against 52 in October, there were more missed opportunities and the chance to double my account was there.

Looking back I think I sort of got anxious thinking "hope this thing will work this month, hope I'm not taking the market for granted".
Onthe other hand I was discontent with my account size and was wondering if I could really succeed at growing the remainder of this account to triple digits, or just fund another account and trade with appropriate R/R?
Another obstacle was the nature of Multiple time frame indies and market movements and how your indicators can get you in short and the market can go long without warning.

The only solution I can come up with is this to take aim acquire target and fire, forget about the missed chances, forget about the losses, tweak thee system if possible and stand and fight another round.
So far it's been 3 months of victory even with the dismal performance in November.

NEW LOOK

I love Forex Factory, thank god for Forex factory!
I do visit other threads and see what I can learn and adapt and lately from Mr EURUSDD it's the concept of "Tops and Bottoms".
It should be so easy to inculcate into my approach.
All I've done is to determine with MA's the earliest turning points in the trends, sometimes price turns there at times the market changes it's minds but soon I should find the rhythm of the market to precisely catch tops and bottoms.
One good tool though is DIVERGENCE meanwhile employing MA's with the MTF approach is a good place to start.