[B]PhilipPirrip[/B], at start post you say this strategy is better for big timeframes, but on page 4 you trade M5 and get in money.
What additional rules can you advise to me for trading intraday?
I can see that all movings on m5, m15 and m4 are similar, but the lower timeframe we watch the agressive price goes. May be there is a reason to tweak indicators for intraday?
H4 TF Watchlistā¦ Just eyeballed, so look into these in detail
[B]EURCAD[/B]: Not the first long signal. Secondly, your original entry would now be trading at BE. So based on this fact alone, iād be careful on taking a new long position.
[B]EURJPY[/B]: Same as above. Long position triggered quite a while back and with close above 100% Fib, trades are at BE, so not worth taking long positions
[B]EURAUD[/B]: A bit of choppy price there and previous long entry recovered or made small profits on how you view it. A short position could be in the making, so iād put this into the watchlist
[B]EURUSD[/B]: Definitely in the watchlist for potential short positions
[B]USDCHF[/B]: Watch for longs (20<50, waiting for stochs to signal)
[B]USDCAD[/B]: Watch for longs (20<50, waiting for stochs to signal)
[B]USDJPY[/B]: Definitely in the watchlist for potential longs
[B]GBPUSD[/B]: Not the first long signal so stay on the sidelines
[B]GBPCAD[/B]: Definitely in the watchlist for potential longs
[B]GBPJPY[/B]: Not the first long signal so stay aside
[B]GBPAUD[/B]: Not the first long signal so stay aside
[B]GBPCHF[/B]: Long signal triggered some 25+ bars ago
[B]CHFJPY[/B]: Watch for shorts (correlated to EURUSD)
[B]AUDUSD[/B]: Watch for shorts
[B]AUDNZD[/B]: Stay aside
[B]CADJPY[/B]: Stay aside
[B]AUDJPY[/B]: Stay aside
[B]WTI Crude[/B]: Watch for shorts
My first post here on babypips - so, firstly let me just say thank you to everyone that has contributed to make this great forum what it is!
I am still very new to trading, still playing with a demo account and trying to find a strategy that works for meā¦ Find the simplicity of this strategy amazingly appealing. To be honest - when I read the first few pages i thought āgee, this seems too simpleā¦ā so I went to the chartsā¦ yep. Still seemed too simple but a few quick hunts through charts for entry signals showed some recent opportunities which could have yielded very tidy profits, so certainly keen to see how this goes 
At the moment, I have marked the EURUSD as one to watch for a short position, based on the 20EMA crossing below 50EMA 5-6 candles ago, with the stochastic (14,3,1) at that point well down into oversold territory. I am watching now for it to reach overbought and then make a downward cross again at which point I will enter it short - I will follow the OPās guidance with regard to using fib for trailing stops and see where we end up.
Nowā¦ time to have a look through some more pairs for other opportunities!
D
So, after flicking through all of my charts (only looking at 4H TF), my watch list now looks like:
EURUSD, USDCHF, AUDCHF, USDJPY, AUDUSD, USDHKD, EURCHF
I can certainly tell you that EURUSD, USDJPY and AUDUSD arein my shortlist as well. I donāt know about the rest because I dont trade them.
No extra rules. The problem with trading on the 5 minute is that the winning % is much lower. That means you have to focus on one pair and trade every signal until you get the winner that makes your money back.
So its much better to stay with the 4HR and watch the entire market why you are relaxed.
Long position opened on AUDCHF after receiving the appropriate buy signal
Apologies! That was really dumb of me, really sorry.
All Eur are currently interesting me in a downward move while USD/JPY Looking for a conformation to buy.
All charts in the 4 hour time frame, again my apologies any future posts will be made much more obvious =)
No worries.
I checked the pairs, nothing is near materializing yet but good luck with them.
This one is going well for me so far - entered long at 0.73533, currently hovering around 50 pips profit (and still moving upwards). Manually trailing my stop based on the 30m chart - moving it up to the lower end of each minor retracement on that time frame (I prefer this to using the fib levels, mostly just because I often check in from my phone and the get messy on my little iPhone screen )
None of the others in my watch list have given the go trigger yet, so continuing to monitor for the relevant stochastic entry signal on EURUSD, USDCHF, USDJPY, AUDUSD and EURCHF. I have decided to remove the USDHKD from my watch list as going back through the chart looking for signals it doesnāt appear that the stochastic behaves quite the same with this pair as it does with the others - In general, I have found USDHKD to be a pair that I really canāt find much profit in so think Iām just going to forget it even exists haha.
i use fxcm trading station when i put stochastic it shows 5 3 3, should i change it to 14 3 1 ?
Short answer, read the thread!
Slightly longer answer: Yes, set it to 14,3,1 - Although on the FXCM Trading Station you MAY not be able to use those exact settings for some reason. I initially was able to set it to that without a problem, but for some reason this morning it will not let me use 14,3,1 and instead is only letting me set it to 14,3,2 so thats what I have it on right now. Iām not sure what (if any) impact this is going to have. (appreciate some input from the smart kids on this one!)
Quick update on my watch list - I have removed USDCHF from the list as the stochastics crossed in the middle of the range. I am looking for this cross to happen only in overbought/oversold territory to ensure a good strong signal.
AUDCHF stopped out for 47.5 pip profit - Iām happy with that Still waiting for signals to enter the other pairs on my watch list.
Iām now long USDCAD. Iām also preparing for short EURUSD today or next week.
Iāve gone short AUDUSD after seeing the stochastic cross back downward - itās not in overbought territory, but itās over 50 so Iāll see how it goes.
Closed for 55.8 pips profit - Iām happy with that
Its good. Just note that this trade was not profitable because there was news of higher inflation in the US, which led to a strong dollar.
It had nothing to do with stochastic moving above 50.
Elsewhere, I entered the EURUSD short. Iāll update myfxbook now so you guys can follow my account.
[QUOTE=āPhilipPirrip;701352ā] Its good. Just note that this trade was not profitable because there was news of higher inflation in the US, which led to a strong dollar. It had nothing to do with stochastic moving above 50. Elsewhere, I entered the EURUSD short. Iāll update myfxbook now so you guys can follow my account.[/QUOTE]
Thanks for the tip when I mentioned the stochastic being above 50 I didnāt mean that as any sort of signal in and of itself, I simply meant that even though the stochastic hadnāt reached overbought territory yet like I wanted, I felt it was far enough from oversold to be worth entering anyway when I saw the cross.
Philipā¦thanks for the set upā¦can I have some more clarification on losing trade exitsā¦on one post you said you dont exit a loser until an opposite signal occursā¦is this your standard practise? and what happens if its 300, or 500+ pips into the red and still no opposite signal ?