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Multiple Time Frame Stochastic trading using 1min charts

  • #1,621
  • Edited 11:15pm Apr 1, 2014 11:04pm | Edited 11:15pm
Quoting panamamike
{quote} Not sure what time you are showing. I missed the first two hours of London session today. i did did get a piece of the after Cut move. BTW, what is a Buck's Fizz?
I put GMT as a reminder on the top line of my charts.....its position varies as I zoom.....a Bucks Fizz aka a Mimosa is Champagne with orange juice - or here, its Cava with OJ.....I was just fooling around a bit - as you said, it was a quiet day....but contraction leads to volatility and that happened later in the Australasian session....lets hope that it continues in the European / US sessions....

PS the overnight driver was UJ - perhaps the BOJs March Tanken data pushed UJ up to a nine month high around just above todays's R 1 at 103.86 - lets hope for the BRN next...

PSS long EJ at FO....
Trading Levels with WRBs
  • #1,622
  • Apr 1, 2014 11:22pm Apr 1, 2014 11:22pm
Quoting Islander
{quote} PSS long EJ at FO....

Same here but tight on the SL trialing with half off already
We miss 100% of the shots we don't take
  • #1,623
  • Apr 1, 2014 11:38pm Apr 1, 2014 11:38pm
Quoting Rooi
{quote} Same here but tight on the SL trialing with half off already
Rooi

I notice you only trade FO and LO. Is it more time constraints or movement during these times?

thanks
  • #1,624
  • Apr 1, 2014 11:42pm Apr 1, 2014 11:42pm
Morning again guys

+17

Only one entry and happy with that will see how London opens and seeing what signals we can observe.

Hope you guys have good session

Rooi
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We miss 100% of the shots we don't take
  • #1,625
  • Edited Apr 2, 2014 12:03am Apr 1, 2014 11:43pm | Edited Apr 2, 2014 12:03am
Quoting Rooi
{quote} Same here but tight on the SL trialing with half off already
I followed the green candles and as soon as I saw the wider one with increased volume I focused on the PA and put a SL under the first red candle and took partials for ~ 14 pips....the red S&R zone has now changed to a green S&R zone

Edit - closed remainder for +10 after the LH at 6:48.......now for LO....
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Trading Levels with WRBs
  • #1,626
  • Apr 1, 2014 11:47pm Apr 1, 2014 11:47pm
Quoting Rooi
Morning again guys +17 Only one entry and happy with that will see how London opens and seeing what signals we can observe. Hope you guys have good session Rooi {image}

First class trading
Trading Levels with WRBs
  • #1,627
  • Edited 12:24am Apr 2, 2014 12:06am | Edited 12:24am
Quoting gkawa22
{quote} Rooi I notice you only trade FO and LO. Is it more time constraints or movement during these times? thanks
Hi gkawa

I trade only the FO and LO with a target of getting as close to 20 pips as I can without forcing it to much.Like now I have +17 and Im happy with that.No need to cause myself any heart ache by risking profits.

I changed how I trade a great deal in the last four months as I had been spending 10hours a day in front of the charts trying to catch as much as I can and trying to understand everything and every session but at the end of it all I never once made 100pips at the end of the day because I was over trading and really making and losing a lot of pips but my end result would normally be anything from -30 to +30 for the whole day.

I have followed Strada for a long time and he has really been through it all and has a very long history with trading and you can see it in his results.He only maybe has one or two losing days in a year if that, with a target of 30 pips a day but more importantly closer to 600pips a month trading only FO and LO.So not chasing the pips on the bad days but rather making plenty on the good days.Knowing there will be plenty of both.

So when I looked into some of my results I realized that there was no real benefit to trading from London open to London close as I was not making more pips just causing myself a lot of head ache by winning and losing pips the whole day long.Others like Islander might be great at the NY session but it very difficult in my opinion there is always a great deal of news and all sorts happening and after a whole morning of trading I tend to not think my trades through as well as I should.

Getting back to LO.LO has the cleanest move with a lot of volume so there should be a 95 % chance of the move in either the GU or EJ as you have the 4 main currencies in that group and they behave very well in the 1min with strong moves and reversals.

So taking a page out of Strada's book I now only trade 3 hours in the morning and give it my full attention.Still working on making my 20pips a day but as long as I dont have down days then I am slowly growing my account consistently without violent swings.Your risk % can also increase as one becomes very consistent and knowing that you have very few down day

I now have much less head ache in the afternoon and plenty of time to spend doing my other home based job and working on my other venture.

Its much better in my opinion to trade/scalp the cream of the day.The market is just too vast to to be trading the whole time.

Three hours is plenty and you can always do some swing trading or investing like I am doing as well if you like myself , feel the need to always have money in the market

Sorry for the long winded explanation but that's why I only trade FO and LO

All the best

Rooi
We miss 100% of the shots we don't take
  • #1,628
  • Apr 2, 2014 12:14am Apr 2, 2014 12:14am
Quoting Islander
{quote} First class trading
Thanks captain and the same to you

Was nice to know you and I were fishing in the same river in the same direction
We miss 100% of the shots we don't take
  • #1,629
  • Apr 2, 2014 12:30am Apr 2, 2014 12:30am
Quoting Rooi
{quote} Hi gkawa I trade only the FO and LO with a target of getting as close to 20 pips as I can without forcing it to much.Like now I have +17 and Im happy with that.No need to cause myself any heart ache by risking profits. I changed how I trade a great deal in the last four months as I had been spending 10hours a day in front of the charts trying to catch as much as I can and trying to understand everything and every session but at the end of it all I never once made 100pips at the end of the day because I was over trading and really making...

Great advise Rooi, no need chasing the market from dawn to dusk. I'd take this to heart
Let it turn and find your entry.
  • #1,630
  • Apr 2, 2014 12:40am Apr 2, 2014 12:40am
Quoting Rooi
{quote} Hi gkawa I trade only the FO and LO with a target of getting as close to 20 pips as I can without forcing it to much.Like now I have +17 and Im happy with that.No need to cause myself any heart ache by risking profits. I changed how I trade a great deal in the last four months as I had been spending 10hours a day in front of the charts trying to catch as much as I can and trying to understand everything and every session but at the end of it all I never once made 100pips at the end of the day because I was over trading and really making...
Nice post - I too only trade for ~ three hours in the morning which is what I did with Medici in our thread. Later, as it was winter, I started looking at the two US Opens, so now I often trade those too.......but 20 to 30 pips consistantly from the morning's three hours is a good achievable target....

PS UK data at 9:30 GMT

PSS Whoops that should be 8:30 GMT
Trading Levels with WRBs
  • #1,631
  • Apr 2, 2014 12:46am Apr 2, 2014 12:46am
Morning all, EJ today and a shaky start. The pre FO isn't working so well at present so may have to lay off it for a while. It's good overall but does go through these phases sometimes of not waking up till post FO, anyway we watch and monitor.
Trade 4 was only 1 TP with tight stop ie 5 which is all I had in the bank before going back into loss for the day. The trade went quite well so set my stop for +15 giving me +20 for the day, a good result after the earlier trades.
regards, strada.
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  • #1,632
  • Apr 2, 2014 12:48am Apr 2, 2014 12:48am
Quoting strada
Morning all, EJ today and a shaky start. The pre FO isn't working so well at present so may have to lay off it for a while. It's good overall but does go through these phases sometimes of not waking up till post FO, anyway we watch and monitor. Trade 4 was only 1 TP with tight stop ie 5 which is all I had in the bank before going back into loss for the day. The trade went quite well so set my stop for +15 giving me +20 for the day, a good result after the earlier trades. regards, strada. {image}
Very nice two way trading, with a very clear, detailed chart
Trading Levels with WRBs
  • #1,633
  • Apr 2, 2014 12:55am Apr 2, 2014 12:55am
Quoting strada
Morning all, EJ today and a shaky start. The pre FO isn't working so well at present so may have to lay off it for a while. It's good overall but does go through these phases sometimes of not waking up till post FO, anyway we watch and monitor. Trade 4 was only 1 TP with tight stop ie 5 which is all I had in the bank before going back into loss for the day. The trade went quite well so set my stop for +15 giving me +20 for the day, a good result after the earlier trades. regards, strada. {image}

Hi Strada

Yes I got bitten by those pre-FO trades last week and have been a bit weary of them but like you say there are periods where they work very well and there are big moves that come from those early signals.

Nice to see you got the last move down as well.I was contemplating it.

I have been waiting for the 15min Stoch for confirmation and it does help quite a bit.

Thanks as always for sharing your chart.

All the best

Rooi
We miss 100% of the shots we don't take
  • #1,634
  • Apr 2, 2014 1:20am Apr 2, 2014 1:20am
First trade of the night +20. Pipsometer shows 14 pips because its calculating the -5 pips from last night and doesn't reset till midnight. I no longer have anything affiliated with Genesis or Matrix on my chart because I found keeping it simple is best and not cloud my charts with too many indicators. Anyways if I find anything useful like Ahmads supdem indicator I will include it as my analysis. I do thank everyone on this thread for sharing their indicators as I will do the same.


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  • #1,635
  • Apr 2, 2014 2:14am Apr 2, 2014 2:14am
+10

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  • #1,636
  • Apr 2, 2014 2:24am Apr 2, 2014 2:24am
Quoting strada
Morning all, EJ today and a shaky start. The pre FO isn't working so well at present so may have to lay off it for a while. It's good overall but does go through these phases sometimes of not waking up till post FO, anyway we watch and monitor. Trade 4 was only 1 TP with tight stop ie 5 which is all I had in the bank before going back into loss for the day. The trade went quite well so set my stop for +15 giving me +20 for the day, a good result after the earlier trades. regards, strada. {image}

Nice, Strada

Do you have a look at the 5m charts before you take the trade on the 1m?

Regards,

K
  • #1,637
  • Apr 2, 2014 3:46am Apr 2, 2014 3:46am
Quoting Kobiet
{quote} Nice, Strada Do you have a look at the 5m charts before you take the trade on the 1m? Regards, K
Hi Kobiet, No, I don't look at 5min or any HTF before trade entry.
This may not find much agreement with most, that doesn't make anyone right or wrong, it just means we're different!
For me, trading 1min is all about 1min charts, nothing less, nothing more, I get all the info I need from that 1 chart. I know for a fact that if I start trying to predetermine direction using HTF charts or indies I will then have bias, I will then hesitate, over-analyse, double/triple check and end up missing perfectly good trades.
But it goes a lot deeper than that. Before switching to G1m I obviously did a lot of research and testing, I had in fact been working with it on the sidelines almost since the genesis inception but using 1min charts, so I developed quite an affinity with it. What I did know was that the method yielded consistent profitable results just as a stand-alone system without any of the additional filters (including some that RJ used) but using my own well established MM.
So when you know that a method is going to give these results, it isn't difficult to run with it and take the inevitable losses in the stride, although they have to be sensibly managed with a decent plan. On this basis I'm not interested in looking for ways to filter out losing trades, it's a waste of time because I know I'll fiilter out more good trades than the bad ones.
I would much rather be in a signalled losing trade than out of a signalled winning trade.
Going a bit deeper, there then has to be a suitable trading plan to capitalise. I used to use 3 TP's before, then Rooi came up with the idea of using 2 and he made it work quite well so I checked it out and followed his example, that has proved extremely beneficial. My targets are relatively low these days because I can't maintain the same levels of concentration any more so smaller targets, higher value pips, I really need to concentrate for that short session each morning and therefore have to keep it all as simple as possible. That means no HTF or additional charts/indies.
Long winded I know but maybe it helps. However please remember, if others do it differently, that doesn't make it wrong, just different.
regards, strada.
  • #1,638
  • Apr 2, 2014 3:50am Apr 2, 2014 3:50am
Quoting strada
Morning all, EJ today and a shaky start. The pre FO isn't working so well at present so may have to lay off it for a while. It's good overall but does go through these phases sometimes of not waking up till post FO, anyway we watch and monitor. Trade 4 was only 1 TP with tight stop ie 5 which is all I had in the bank before going back into loss for the day. The trade went quite well so set my stop for +15 giving me +20 for the day, a good result after the earlier trades. regards, strada. {image}
Strada, no critiques just an obeservation but that second trade short was against the m15 stochs, part off a plan ? For the rest nice trading
  • #1,639
  • Apr 2, 2014 3:59am Apr 2, 2014 3:59am
Quoting huskyboy
{quote} Strada, no critiques just an obeservation but that second trade short was against the m15 stochs, part off a plan ? For the rest nice trading
Hi Huskyboy,
Part of the plan?? It would probably be more accurate to say it isn't, I don't pay much heed to it. a 15 min indie when trading off 1min charts doesn't make a great deal of sense to me, as per the previous post. But i can see how it may give additional comfort to an entry, however it also delays the entry often then you can be in the position of trying to catch the falling dagger. Too much blood for me??
All the best, strada.
  • #1,640
  • Edited 4:26am Apr 2, 2014 4:03am | Edited 4:26am
Quoting strada
{quote} Hi Kobiet, No, I don't look at 5min or any HTF before trade entry. This may not find much agreement with most, that doesn't make anyone right or wrong, it just means we're different! For me, trading 1min is all about 1min charts, nothing less, nothing more, I get all the info I need from that 1 chart. I know for a fact that if I start trying to pre. regards, strada.
Cheers mate

It's true what you say about the higher timeframe; albeit just 5m. I do find myself sometimes confused, but like you said, that doesn't mean it's wrong; it's just depending person to person. RJ gave us a good template and I'll be trying the 1m standalone for a while.

Regards,
K

Edit:
Pardon my manners; thank you for taking the time to write a decent response.
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