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Multiple Time Frame Stochastic trading using 1min charts

  • #2,481
  • May 30, 2014 11:39am May 30, 2014 11:39am
Quoting jonnypants
{quote} Hi Rooi Don't want to sound like I'm being critical here, just trying to get my head around 'your mentality' and 'the system' But why did you take the first trade when (a) daily S1 was just a few pips away and (b) it had already bounced off there so there was a reasonable probability it would bounce again? and have a great weekend all!

Hi JP

I have a set requirements that when met qualify a entry.

That move started about 26 min earlier.This move that I traded could have made a new low for the day.

The system isn't deigned to have 100% win rate but rather to have winner bigger than losers

I use the pivots as a guide or as targets.

That trade should have been TP1= +2.7 TP2 =-2.7 giving a BE trade but I summed up the situation incorrectly.

Im still working on my trading a great deal but for now I am happy with taking that trade

Have a great weekend
We miss 100% of the shots we don't take
  • #2,482
  • May 30, 2014 11:42am May 30, 2014 11:42am
Quoting Intrepidpips
{quote} Thanks Jonnypants, I'm giving myself till September to prove to my family with results then I can quit. (wish I were single I'd have done that long ago.

Dont rush into quitting a perfectly good well paying job for the market.

The market is there to make money from.There is plenty of time to make money when you are not working.

Dont mean to sound like Im preaching but there is lots of time to quite your job in the future. Dont rush it

Have a good weekend
We miss 100% of the shots we don't take
  • #2,483
  • Edited 6:01pm May 30, 2014 3:28pm | Edited 6:01pm
I would just like to say that for posting the picture of the three beers Rooi deserves an accolade, well done Rooi.
Good weekend to all.
Anthm
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
  • #2,484
  • May 31, 2014 4:11am May 31, 2014 4:11am
Quoting Rooi
{quote} Dont rush into quitting a perfectly good well paying job for the market. The market is there to make money from.There is plenty of time to make money when you are not working. Dont mean to sound like Im preaching but there is lots of time to quite your job in the future. Dont rush it Have a good weekend
Thanks Rooi I appreciate your concern it's tough leaving certainty for uncertainty, I mean to the left the market is so lucrative but to the right you never know what can happen the next second, I've seen 80 pips spikes in less than 1 minute and at such times it's very difficult to guarantee your SL being honored and trading with 1 pip = 1%, that could end up an 80% loss in one swoop. Trading the markets full time is like learning to swim with great white, and tiger sharks without being eaten alive, but many have learned how to and I'm about to join them.

I keep saying that my attention to Forex affects my job and my job demands affects my performance in the markets.
Everyday looking back at the charts I see that had I taken every single one of my M1 signals I'd have ended up above my daily target.

I wont say I have this Forex thing all figured out but I've come to realize technical methods work some of the time, so take the wins with the losses and you will end up a net winner if you STICK TO THE PLAN!

I will work the FO and LO and give it at least 3 months June being a gestation or moratorium period and you'll be here to monitor my progress as well, we are in this thing together

I'm happy my "Just over broke" (job) is not a well paying job, else I may have given up the struggle to make it in Forex!
Let it turn and find your entry.
  • #2,485
  • Jun 2, 2014 1:25am Jun 2, 2014 1:25am
My early thoughts for the week.... Looking to sell AUD before tomorrow nights rate decision. Especially looking to sell vs JPY. I have big divergences showing on JPY pairs on the hourly charts. Very heavy news week. Will maintain flexibility, but will look to trade bigger size on signals showing YEN strength. Just my. .02
  • #2,486
  • Jun 2, 2014 2:10am Jun 2, 2014 2:10am
Hello to all

Took silly long GU trade early but got out after rejection of pivot (((( I Think taking trades when they heading for Pivots or Daily support and Resistance levels where touched on late last week)))) anywyas the good the bad the ugly.

+10.1 for me and +9 for TO

Out at 19.1 for the day

Regards
Anthm
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When you're in the land of HOPE, you're done, get out of there, WALK AWAY
  • #2,487
  • Jun 2, 2014 2:55am Jun 2, 2014 2:55am
Quoting anthm
Hello to all Took silly long GU trade early but got out after rejection of pivot (((( I Think taking trades when they heading for Pivots or Daily support and Resistance levels where touched on late last week)))) anywyas the good the bad the ugly. +10.1 for me and +9 for TO Out at 19.1 for the day Regards Anthm {image}
Good day all!
I have been battling to tame "The Beast" -GBPJPY but it seems my stops are just too fickle to contain it so I might just stick to EJ & GU like most on this thread.
Got stopped out 4 times this morning although the 1st one was against my rules then missed the 5th which would have recovered some.

EJ would have given me an excess of my daily target and I guess it's the best performer with the lowest spread next to EU.

Post some charts later.

Have a pips filled, target exceeding month!
Let it turn and find your entry.
  • #2,488
  • Jun 2, 2014 2:58am Jun 2, 2014 2:58am
Hi guys

Had to do some things this morning and took longer than expected so missed the opens.

Will be around for tomorrow

@anthm - Nice trading and thanks for posting.

Rooi
We miss 100% of the shots we don't take
  • #2,489
  • Jun 2, 2014 3:02am Jun 2, 2014 3:02am
Quoting Intrepidpips
{quote} Good day all! I have been battling to tame "The Beast" -GBPJPY but it seems my stops are just too fickle to contain it so I might just stick to EJ & GU like most on this thread. Got stopped out 4 times this morning although the 1st one was against my rules then missed the 5th which would have recovered some. EJ would have given me an excess of my daily target and I guess it's the best performer with the lowest spread next to EU. Post some charts later. Have a pips filled, target exceeding month!

And the same to you sir
We miss 100% of the shots we don't take
  • #2,490
  • Jun 2, 2014 6:19am Jun 2, 2014 6:19am
Quoting Intrepidpips
{quote} Good day all! I have been battling to tame "The Beast" -GBPJPY but it seems my stops are just too fickle to contain it so I might just stick to EJ & GU like most on this thread. Got stopped out 4 times this morning although the 1st one was against my rules then missed the 5th which would have recovered some. EJ would have given me an excess of my daily target and I guess it's the best performer with the lowest spread next to EU. Post some charts later. Have a pips filled, target exceeding month!

After 4 losses in a row you'd be wary of taking the next signal naturally but trading they say is counter intuitive and am beginning to see it s.o.
Took the 6th signal and hit my TP but I had to attend to my job so could not recover my losses. Took a EJ shot but bailed out as PA was threatening to reverse on me pity I'd have landed in +ve for the day.
Maybe I'm over trading or too eager to prove I can do this or perhaps I just need to confine myself to the less volatile EJ and GU?
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Let it turn and find your entry.
  • #2,491
  • Jun 3, 2014 12:59am Jun 3, 2014 12:59am
Pre FO short EJ....looking for some profit taking before euro CPI readings. Short at 129.21
  • #2,492
  • Jun 3, 2014 1:02am Jun 3, 2014 1:02am
Quoting panamamike
Pre FO short EJ....looking for some profit taking before euro CPI readings. Short at 129.21
Morning Mike and All

Nice call

Late getting in the chair this morning for me but should be some movement left.

Rooi
We miss 100% of the shots we don't take
  • #2,493
  • Jun 3, 2014 1:05am Jun 3, 2014 1:05am
Hasn't really started yet..... 1/2 off +7
  • #2,494
  • Jun 3, 2014 1:17am Jun 3, 2014 1:17am
BE +2 on remainder....waiting new signal.
  • #2,495
  • Edited 1:42am Jun 3, 2014 1:19am | Edited 1:42am
Quoting panamamike
BE +2 on remainder....waiting new signal.
Quoting panamamike
Hasn't really started yet..... 1/2 off +7
Nicely done

Ihad a small go at it.

Waiting for the next signal
We miss 100% of the shots we don't take
  • #2,496
  • Jun 3, 2014 2:11am Jun 3, 2014 2:11am
Sluggish this morning IMO

-1.3 thus far
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We miss 100% of the shots we don't take
  • #2,497
  • Jun 3, 2014 2:32am Jun 3, 2014 2:32am
Back in 2 hrs after the numbers......
  • #2,498
  • Jun 3, 2014 2:46am Jun 3, 2014 2:46am
Done for today
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We miss 100% of the shots we don't take
  • #2,499
  • Jun 3, 2014 2:47am Jun 3, 2014 2:47am
Quoting panamamike
Back in 2 hrs after the numbers......
Might be around later,if not, see you tomorrow
We miss 100% of the shots we don't take
  • #2,500
  • Jun 4, 2014 12:40am Jun 4, 2014 12:40am
Good morning everyone AUD GDP sure moved the AUD pairs might be a continuation, I'm cautiously betting on it, in a AUDUSD long atm.
Let it turn and find your entry.
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