I got stopped out, which is fine. Short trade set up below the believed double bottom at 1.5885 with S/L at 1.5985 and T/P at 1.5785
Nice simple system. I like it.
So what exactly are your Entry and Exit rules?
I see you use a 10 and 20 EMA but then in another post you mention a SMA, which is it?
I would love to follow along and test this out in a demo account but I like clean and definite rules.
It looks like to go with the direction of the 10ema when it crosses the 20ema as long as the Stoch is in oversold or overbought according to the direction of the 10ema (ie buy if 10ema crosses above the 20ema AND stoch is BELOW the oversold line). Is this right?
What happens if the crossover occurs with the stoch APPROACHING BUT NOT YET CROSSED the “over” lines? Do you wait or do you get in early and ride out any continuation of the trend before reaping the reversal?
Also what if the stoch signal is over the “over” lines and turning back in the same direction as the 10ema where the 10ema crosses the 20ema? Is that too late a signal?
Thanks
10 SMA with 30 EMA. Sorry for the confusion. Generally, I try and trade the SMA cross with the Stoch in overbought or oversold ranges. Regarding crosses with Stoch in neither of these ranges, it can vary. On the 2nd of Sept. of this year on the GBP/USD Daily chart, there was a downward cross with Stochastic in the middle of its ranges and the price sank solidly. I need to work on my discipline as I do try to get in early then get easily spooked out of situations like that.
About your last question, I might wait because the price may reverse to continue in your favor. Being a novice, I’m uncertain about this, so I urge you to do what you personally feel is best…
Thanks for the response. Do you use the slow Stochastic or the plain one?
Plain, Marshal
HI, I come from China, and really love this great forum. it’s nicely designed and the content are useful.
these weeks, EUR/USD, USD/JPY and volatile and crazy, it’s challenging. isn’t it. good luck, all guys. want to make more friends here.
Good Luck Arthold, I’m going to keep an eye on your thread and hope you do well. Let us all know when you go live.
Also interested in how you decide to tweak the Entry/Exit signals to a more detailed/consisitent level.
For the time being, I’m merely following trends and do need to work on my entries/exits over time.
you decided in right way folk…
Back after 2 months off due to rl stuff. Wow, 3k+ views! Not bad, heh. Noticed strong resistance on the GBP/USD dailies at around 1.53000. Set a buy stop at 1.533 with a S/L at 1.51500 and T/P at 1.57500.
If anything I’d be looking at a short, the pair are breaking out at the bottom of the 55 day price channel and Ichimoku show no sign of an end to the down trend
You’re right, I’m embarassed to admit. I’ve been playing the game of “hoping i’m right” which is terrible. One of my big problems is i cannot draw trend lines due to my disability. Any thoughts on indicators that may help? I use EMA/SMA and fractals, but that’s all right now.
I don’t use trend lines very much. I do a little discretionary trading, but mostly mechanical.
I use cloud breakout on the Ichimoku chart to enter a trade with a stop on the other end of the candle that has left the cloud. I then look for a crossing of the Tenkan-sen and the Kijun-sen as an exit signal. If the trade is running successfully stop is moved to twice ATR (40) once it is past my initial stop (calculated every close). This method has many false breakouts, so keep the stop very tight for the 1st few days.
I also use a 55/20 channel system - made famous by Richard Dennis’ Turtle trades. Again I keep the stop tight initally, and then once its running I give it space.
I also use Courtney D Smith’s Conqueror system. Buy his book to find out how that works.
Quick update for very different S/L and T/P points, again GBP/USD daily chart. Short trade was entered at 1.5334 with S/L at 1.5344 and T/P at 1.5871, based on Fibbing the fractal point on 12/29 to the fractal point on 1/3. Thoughts?
Edit: Loosely based on ICT’s intra-day trading video 
That is not a video of ICT’s that I have watched, but I’m still thinking a market making lower highs and lower lows is in a down trend, especially when it has broken through a longer term support line at 1.54.
1.54 has been the fuzzy support line since August 2010, so it may be just giving it a good test, or it could be breaking through.
Lost my last trade, currently long at 1.544 with S/L at 1.54 after 2 upward heading trading days.
Long EUR/USD at 1.298 with S/L at 1.294. Entered based on similar pattern on the GBP/USD daily, both seeming on a retracement.
Ended my week up 137 pips on the GBP/USD chart, letting that run. Also, eager to see if the EUR/USD stays bullish over this upcoming week.
Closed my GBP/USD trade due to my believed end of retracement. Pocketed around 100 pips, so I’m happy with it. Still have the EUR/USD trade awaiting triggering…