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Multiple Time Frame Stochastic trading using 1min charts

  • #1,581
  • Mar 31, 2014 12:33am Mar 31, 2014 12:33am
First trade of the week. +25

Was a little rough start as it retraced 13 pips as it initially broke above active resistance level as both mtf stochastics indicated bullish intentions. Second break was a better entry point.
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  • #1,582
  • Edited 12:49am Mar 31, 2014 12:36am | Edited 12:49am
GM - so far positive pips are in short supply......took partials, waiting to see if any more become available...

Edit: and they did.....missed my TP by < a pip, exited in the 7:38 candle after the high volumed small red spinning top that was the high.....
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Trading Levels with WRBs
  • #1,583
  • Mar 31, 2014 12:44am Mar 31, 2014 12:44am
Hi again

After a weekend of some back testing

I have found that I take too many "grey" traders.What I mean by that is I use to much discretion and I'm losing money in the process.Never mind the money it is frustrating me and a frustrated person cant be calm enough to think straight especially on the 1min TF the way I want to trade

So as a sort "keeping myself in check" system I will be posting a full report/journal post every morning.One of the biggest problems I think that I had was in the weeks prior to the last we had some beautiful moves that were really easy to trade and my discipline stared to wonder.

Here we go with my trades for the day. Incorrect being I broke my rules and correct meaning I follow the rules.Nothing to do with pip count

Trade 1 (correct entry) = +3.7 and +0.2

Trade 2 (incorrect entry) = +1.9 and -3.5

Trade 3 (correct entry) = +1.6 and - 0.1

Trade 4 (incorrect entry) = +2.4 and 4.4 *Incorrect entry and that pissed me off so much that I had done it for the second time that I closed TP2 early*

Line 5 would have been the correct entry point for the long and it would have given me +20 in total very easily

Daily pip count + 10.4 (Should have been +30 easliy.I know should have could have doesnt count but a very good reminder to follow the stinking rules)


This feels like my last problem that is keeping me back.The fact that I go with flow of the waves is good , but I must use the system to it full potential.

Hope you guys had a good morning session

GL

Rooi
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We miss 100% of the shots we don't take
  • #1,584
  • Mar 31, 2014 12:52am Mar 31, 2014 12:52am
Quoting Islander
GM - so far positive pips are in short supply......took partials, waiting to see if any more become available... Edit: and they did.....missed my TP by < a pip, exited in the 7:38 candle after the high volumed small red spinning top that was the high..... {image}
Quoting gkawa22
First trade of the week. +25 Was a little rough start as it retraced 13 pips as it initially broke above active resistance level as both mtf stochastics indicated bullish intentions. Second break was a better entry point.{image}
Nice trading guys

We miss 100% of the shots we don't take
  • #1,585
  • Mar 31, 2014 1:06am Mar 31, 2014 1:06am
Hi Rooi

I am no expert but I think you are too hard on yourself, any one of the longs would have worked but were grey trades with 141.5 just above. So I think itchy clicker finger is the problem, my achilles heel as well.

Thanks for posting your charts
When all conditions are met - Enter trade - sit back and FRET !!!
  • #1,586
  • Mar 31, 2014 1:13am Mar 31, 2014 1:13am
Quoting jsf
Hi Rooi I am no expert but I think you are too hard on yourself, any one of the longs would have worked but were grey trades with 141.5 just above. So I think itchy clicker finger is the problem, my achilles heel as well. Thanks for posting your charts

Hi jsf

Thanks for the kind words and I agree that they could have worked.

The itchy finger syndrome is a real problem you are right.

Thanks for your charts.

All the best

Rooi
We miss 100% of the shots we don't take
  • #1,587
  • Mar 31, 2014 1:21am Mar 31, 2014 1:21am
The way I viewed this was that the Australasian session was flat in a narrow range, so no input for Frankies Hour

Just after FO - now at 6am GMT after Europe changed onto Summer Time / DayLight Saving yesterday - UJ had a buy arrow, so I was only looking for buys in EJ and as it is a Monday too, I was not in any hurry to get in......
Trading Levels with WRBs
  • #1,588
  • Edited 2:27am Mar 31, 2014 2:14am | Edited 2:27am
2nd trade of the night. +19 pips and more then exceeded my daily goal. Total 45 pips for day. Another Agreement of stochastic and pivot high. Exit on R1. Anyways I believe I am done.

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  • #1,589
  • Edited 2:36am Mar 31, 2014 2:25am | Edited 2:36am
Quoting Rooi
{quote} Hi jsf Thanks for the kind words and I agree that they could have worked. The itchy finger syndrome is a real problem you are right. Thanks for your charts. All the best Rooi
I actually discovered I personally cannot trade the one minute charts like yourself and like the many other experts here. I found out the hard way and I too have an itchy finger. I would trade 20 times on a nightly basis and end up paying more in commissions on my ecn account more then anything else. I can be way positive and overtrade only to lose it all and then some in the end. Thanks to Ahmad he made me realize I cannot be afraid of setting wider stops 15-20 pips but only look for those ideal setups. I hope you don't mind me posting charts although its a 5 minute time frame.

I appreciate everything you have done on this thread and will continue to participate as long as its ok with you.
  • #1,590
  • Mar 31, 2014 2:35am Mar 31, 2014 2:35am
Quoting gkawa22
2nd trade of the night. +19 pips and more then exceeded my daily goal. Total 45 pips for day. Another Agreement of stochastic and pivot high. Exit on R1. Anyways I believe I am done. {image}
Well done - you have your system and you are trading it well

So far, UJ has been the power behind both GJ and EJ's rallies as it broke above its BRN at 103 and then a solid down trend line on the 4 hr chart, also a 50% retrace at 103.09. IF its rally continues, its next upside targets are 103.43 and 103.73 which would pull both GJ & EJ higher.......TWT

Remember that both Yellen and Carney are speaking later today....
Trading Levels with WRBs
  • #1,591
  • Mar 31, 2014 2:40am Mar 31, 2014 2:40am
Quoting Islander
{quote} Well done - you have your system and you are trading it well So far, UJ has been the power behind both GJ and EJ's rallies as it broke above its BRN at 103 and then a solid down trend line on the 4 hr chart, also a 50% retrace at 103.09. IF its rally continues, its next upside targets are 103.43 and 103.73 which would pull both GJ & EJ higher.......TWT Remember that both Yellen and Carney are speaking later today....
Thank you islander. I take bits and pieces of your expertise along with others including RJ to be more in tune with market. Our charts are all so different but we all have that common goal to make positive pips on a nightly basis.
  • #1,592
  • Mar 31, 2014 3:17am Mar 31, 2014 3:17am
Quoting gkawa22
{quote} Thank you islander. I take bits and pieces of your expertise along with others including RJ to be more in tune with market. Our charts are all so different but we all have that common goal to make positive pips on a nightly basis.

We all "see" charts differently, so I totally agree with your approach.....IMO there is no "one size fits all" in looking at charts and each trader has to work out what is best for him / her

This is my update laptop set-up for viewing EJ.....I can easily change the small charts on the right side to view the 5m & 15m for EJ. Knowing where the next areas of S&R are on EJ's constituant pairs helps me "see" EJs action and what is driving it and thus with decisions on exiting trades....

PS as RJ commented, this is probably too much for most traders, but take from it what you will....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #1,593
  • Mar 31, 2014 3:23am Mar 31, 2014 3:23am
Quoting gkawa22
{quote} I actually discovered I personally cannot trade the one minute charts like yourself and like the many other experts here. I found out the hard way and I too have an itchy finger. I would trade 20 times on a nightly basis and end up paying more in commissions on my ecn account more then anything else. I can be way positive and overtrade only to lose it all and then some in the end. Thanks to Ahmad he made me realize I cannot be afraid of setting wider stops 15-20 pips but only look for those ideal setups. I hope you don't mind me posting...

Hi gkawa

Glad you are comfortable with your method and making pips

As long as you show entries and exits for your trades then you and anyone else will always be welcome here.There is always something new to learn or consider when look at a trader that is making pips

I hope you will continue to post and share you trades

May the pips be plentiful

All the best

Rooi
We miss 100% of the shots we don't take
  • #1,594
  • Mar 31, 2014 3:26am Mar 31, 2014 3:26am
Quoting Islander
{quote} We all "see" charts differently, so I totally agree with your approach.....IMO there is no "one size fits all" in looking at charts and each trader has to work out what is best for him / her This is my update laptop set-up for viewing EJ.....I can easily change the small charts on the right side to view the 5m & 15m for EJ. Knowing where the next areas of S&R are on EJ's constituant pairs helps me "see" EJs action and what is driving it and thus with decisions on exiting trades.... PS as RJ commented, this is probably too much for...
Raking in the pips like always captain

Well done
We miss 100% of the shots we don't take
  • #1,595
  • Mar 31, 2014 5:45am Mar 31, 2014 5:45am
I am happy to see that every one making pips but sad thing is that i am at my work and couldn't get enough time for analysis and trade.
Love for all; Hatred for none.
  • #1,596
  • Mar 31, 2014 6:23am Mar 31, 2014 6:23am
Quoting aahmad29
I am happy to see that every one making pips but sad thing is that i am at my work and couldn't get enough time for analysis and trade.
I missed my opportunity when price hit my favorite level 1.3800.
Love for all; Hatred for none.
  • #1,597
  • Mar 31, 2014 8:57am Mar 31, 2014 8:57am
+24 pips using level 1.3800 . I will post chart later bcz i am managing trades from work.
Love for all; Hatred for none.
  • #1,598
  • Mar 31, 2014 3:09pm Mar 31, 2014 3:09pm
Quoting aahmad29
+24 pips using level 1.3800 . I will post chart later bcz i am managing trades from work.
My trade
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Love for all; Hatred for none.
  • #1,599
  • Mar 31, 2014 10:25pm Mar 31, 2014 10:25pm
Quoting aahmad29
{quote} My trade {image}
You took a sell trade when all stochs showed up move?
  • #1,600
  • Mar 31, 2014 10:41pm Mar 31, 2014 10:41pm
Quoting LFN
{quote} You took a sell trade when all stochs showed up move?
Yes, as you can see that i missed one opportunity of sell when price hits 1.3800 and at that time both stochs were on OS area. I waited for the price to hit 1.3800 again and i was lucky so this time i did not care about stochs because according to my analysis price will go down one more to same level where it was gone in last cycle in M5.

Now many traders asked me that how i did my analysis? it is very difficult to explain but there is general rule for me that price hits major Psychological levels at least 2 times but not all the times.

Honestly I missed 50 Pips opportunity according to my analysis because i was at work.
Love for all; Hatred for none.
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