I will look for set ups on the weekly and daily only. I take those trades off the TF the set up occurs on. I don’t drop down to a smaller TF for either entry or exit… I know most do. Personally I find the shorter TF’s too confusing. Using day and week gives me plenty of time to look for a good set up enter and wait it out. most of my trades last 1-3 days and the type two trade anything from one week up.
Nope same layout just switched up/ down from week to day TF a cuople of times a day.
In an ideal world I would prefer the monthly, weekly and daily to be in agreement but its not often that occurs.
One thing worth mentioning that JBS just didn’t seem to get is PA can sometimes cover a weeks TF or even a third of a months TF candle in a single day. Don’t think trading a weekly candle will take a week same with the monthly.
I am beginning to see the light, as well. Like you, I’ve spent the better part of my young trading life (about eight months now) trying to find equitable trading strategies for the shorter TFs - including scalping - due the fact I simply could not live with some of the account compounding schedules many veterans espoused as the “reasonable” norm (“Doubling my account once every 6 months? Are f-ing [I]kidding[/I] me?”).
So I stuck to trading the shorter TFs (often irrespective of the larger TF trend direction), believing my only hope was aggressiveness coupled with larger trade sizes.
Now I’m beginning to see after watching RC and Shr1k have so much success that I can still trade shorter TFs if I’m trading in the direction of larger TF trends. And I even can trade OB/OS off the larger TFs early in a session using Shr1k’s hyper-aggressive money-management system (hey, I think I may start calling it that: HAMM ). I think utilizing HAMM as well mulit-lot positions (‘pyramiding’) when such can help me get the most out of gains signaled off the larger TFs is the way to go.
I think from now on I am going to print out the weekly charts (every week) and the daily charts (every day) so that I may staple them together for each pair and keep them on my desktop. It’s one thing to switch TFs on my platform and make a note of trend directions, it’s another to have them there every day to remind myself of which pairs are best to trade that day and in which direction I should trade them.
So let me see if I’ve got this right, your weekly EU 2 period LWMA tunnel bias is still long. And the last few days have probably been a just a retracement of the long trend and not a trend change back down to the short side?
If that’s so I’ve got to change my 5 period tunnel back to the 2 period because my 5 tunnel on the weekly is still giving me a short bias. I guess the 5 period is too slow, and I just need to learn how to interpret the PA within the quicker 2 period tunnel.
read my most recent post, I might have been wrong on the weekly trend last few days, Maybe the monthly is down, weekly going up and the daily down for a few… but 2 out 3 isn’t bad!
still learning!
Edit: DUH!!! I guess the price would need to at least break last week’s low before I could say it’s in a weekly down trend…
i should change my user name from d-pip to stupid-a$$
Only thing I don’t like about it is the fact that it reuqires a lot of screen time. You really only have to watch the charts when the bolls start leveling out but once they are level you need to constantly watch.
So far it is working good for me and easily achieving 2%+ per day only watching the charts from about 8am est to 3pm with missing a lot of time in between for summer classes and lunch breaks etc.
Is anyone else using that simple GU strat RC posted? It’s working very well for me so far with another easy 3.5% today. Very few losses, one so far and lots of winners. Every day has earned 2%+ so far. It’s funny how something so simple works so well.
R Carter. I have been using your LWMA channels…with Bollinger bands. I am not sure if this has been mentioned or not (too many pages in this thread! ). But by doing so, I have avoided some fake outs. For instance, I saw what I thought was a nice trade with the bar piercing both lines. But when I put on the bands, I saw that the bars were right in the middle between mid BB and outer. So I waited. Lo and behold, the price kept moving in the same direction and I avoided a losing trade.
I think I am a big fan of your methodology. I now also trade higher time frames and it is working well. Thanks a lot!
What happened was we 'Mericans decided 'Hey, we’re good at everything but soccer so lets start a really good soccer program and win the World Cup." And now we’re gonna win :p. Lol, honestly I don’t know how we’re doing good at soccer. Past years havn’t been too good. The first part of the quote was just a joke but my friend who is big on soccer told me that America decided to up its soccer game for the 2010 world cup. That friend is the #6 soccer juggler in America :p.
Actually, he lives near you Merchant Prince.
Oh, and RC, I’ve found the indicator that tells you the true high and true low :p. What you do is you wait until about 5pm est then every tick after that is the highest high or lowest low of the daily.
Yes, I have that post in doc file as part of my 5m strategy. That is basically the same as the Urban Forex 10-pips a Day strategy (I can’t link to it without being turned to stone!).
It’s the same exact rules, save that he adds a Stoch filter (which seems redundant to me, since almost every time an extreme candle closes outside the outer boll the stoch pretty much [I]always[/I] shows OB/OS, from what I can tell from a cursory examination).
A close must happen outside the Bollinger Band indicator
Stochastic Oscillator indicator must be in a oversold (below 20) or overbought area (above 80).
If market is in a uptrend, look for a red candle. If market is in a downtrend look for a green candle.
We will call these the “[B]Signal Candles[/B]”
Once you see your signal candle, enter in that same direction and scalp your pips.
ok, I’m playing around with an image editing software so not good at putting text in the image but hopefully this will show up. Just a trading idea I had
where it says sell#1, that’s also the exit of the previous buy.
Where it says drawdown sell#! that should read sell#1 and enter sell#2.
Just started looking at this so don’t know yet how much it repaints. This is basically a 2period moving average on the daily high and low but it is overlayed on a 15minute chart which is zoomed out so you see the main price moves without seeing all the little bits of noise. These are trades that last about a day or two.
). I think utilizing HAMM as well mulit-lot positions (‘pyramiding’) when such can help me get the most out of gains signaled off the larger TFs is the way to go.
). But by doing so, I have avoided some fake outs. For instance, I saw what I thought was a nice trade with the bar piercing both lines. But when I put on the bands, I saw that the bars were right in the middle between mid BB and outer. So I waited. Lo and behold, the price kept moving in the same direction and I avoided a losing trade.
