The reason why stochastic is different, is because i was trying different options. But the final setting iĀ“m using is 8.3.3. I back tested the system and works better with those settings.
About stochastics, this is how i use them: I first look at the 4h chart, see if is in the oversold or overbought area, then switch to 1h chart and see if is in the oversold or over bought area. You need to wait to both charts show you the same (oversold or overbought) , and then you pull the trigger!. If you are in a down trend ignore overbought areas, if you are in an up trend ignore oversold areas. If you are in a ranging market, then sell in oversold areas and buy in overbought areas. Is simple, sometimes you will lose, but you need to have a good money management to be profitable!
If those areas are the same as fibonaccio retracements then you have a more valid signal. and you can risk more, maybe 4 o 5% of your account!
Feel free to ask any question
I will keep posting my trades! IĀ“m 17% up this month
Hi, Do you have set trading times? Can you explain a little more about when you take a trade: are you waiting for a candle to close? waiting for any conformation that it may have peaked, using market order, etc. Any more insight into the trade execution would be appreciated, Thanks.
Sorry, when I sent this I didnāt see there was more then one page. Reading over the pages now for better insight. :o
Currently, there seems to be a chance nearby. EURUSD is ranging and I guess 4h overbought will be together with resistence area. Then if 1h overbought, from your strategy, should we prepare to sell?
But sometimes you dont have to wait to much because you can miss the trade. At least both need to be near overbought (or oversold) zone If you see very strong resistance or support around that area, then pull the trigger!
Here is an example of what i was telling you. I entered short at 1.3671. If you take a look at the 1H chart, the sotchastics are in the oversold zone and also there is a very strong resistance (the blue trendline). So, even tough the 4H stochastic is not in the oversold zone (is close), i pulled the trigger because i had 2 strong signlas. Get it?
Failed to break yesterday high 1.3773. We are seeing some resistance around that area. Is the 4H uptrend over and we are heading back to the daily down trend? LetĀ“s see what happens in the afternoonā¦ be prepared!
Todat during London session prices broke yesterday high and weekly high and found resistance at pivot point R1. The stochastic in the 4H chart were in the overbought area. Then i switched to 5M timframe to look for lower highs and lower lows to enter short.
Short at 1.3795
SL: 1.3825 (then move to break even).
Closed my position at 1.3736 (CENTRAL PIVOT POINT), for a total +59 pips. I already made my weekly goal so i didnt want to give back my profits to the market
I just read this for the 1st time and I must say you and your strategy work well together. It is up to everyone else to see if the āshoe fits.ā Your chart posting helps a lot, glad to see them. I use Oanda and they have 3H charts instead of 4H but I donāt think that is a big problem as S/R & TLs are drawn by prices. Nice work G., looking forward to more posts.
Thank you and good trading, dobro
p.s. - Trading the NY session with 1 pr and 2TFs is about as uncomplicated as it gets.
G. -
I set up my demo platform but just didnāt see a trade possibility especially with the 3H (Oanda) and the 1H stochs not agreeing. But as you said there will be days with no trades, no use forcing one and probably taking a loss. d.
You still can catch some pips tomorrow in EUR/USD. I think during London session prices will retrace a little to 1.3630 - 1.3650 area and then continue down. Try to find a nice short entry tomorrow, take a look at stochastics in 1H and 15M Thats is my prediction but who knows! the market is always right!
