Hi femison, those are great questions, will do my best to answer.
Yes you can use H4/H1 for confirmation to trade M15. Its best to choose just one to dictate the direction of your trading, whichever seems to fit the chart best (and sometimes that will change) but its always good to at least be aware of whats happening on all long TFs.
It has to be above on the TF you’re using to dictate your trade direction, and the lower TF you’re using to enter. Don’t worry too much about TFs inbetween. There is, however, an exception to this. Just say you’re trading in a long direction based on the H4, and the H4 becomes overbought & in an extreme ATR area. If the ATR midline is a considerable distance below, far enough to trade, and the price has a history of retracing in a firm downmove rather than jittering sideways, its permissible to take a counter-trend trade - ie when the M15 switches to short you can look for short entries.
Yes you must wait. If the lower TF is indicating a trend in a different direction than the higher TF, and you want to trade in the direction of the higher TF, you must wait until the lower TF matches.
If the M15 is overbought, and assuming the price is not running hard & ignoring overbought signals, the price is likely to stop and retrace. Therefore again it makes sense to wait before entering.
I hope that helps. Please check the blog too for more examples of how I’m trading, as I’m regularly posting analyses of eurusd, audusd and others & I go into a lot more detail than I can here. Warning though, I’m using Wolfe Waves a lot (there’s posts on the blog explaining what they are) as they have a real & direct impact on trends. I’ve been working on & off on updating the manual to include a section on them, but haven’t had nearly enough hours in the day!
Post came on another page, had to have them together because they’re very interesting questions and answers, have to read them more carefully as im very slow with so many terms
sorry if i mistaked with this post i just think makes it a bit easier
I’ve been doing extremely well with this method since I started using it. I’ve been following the rules just like SlipShod said. The EUR/USD has been a tricky one this week since the Daily was in oversold almost all week but the price kept falling. I shorted it numerous times when the 4Hour & 1Hour came out of overbought and I cleaned up. I’ve started closing half a position after the price has stalled and let the remaining position ride since I am tired of taking BE on the whole position. Who caught the 180pip move down this morning ? I shorted after that shooting star on the 4 Hour when price came out of oversold on the stoch rainbow.
Thanks again for this method SlipShod! When I enter a trade with this method I feel like I am not guessing which is what I’ve been doing trying to trade pure price action. Atleast now I am getting quick 30 pip+ moves & then some :5: Gotta grow the account day by day!!
Hi slipshod,
Thanks for your prompt response. I really appreciate.
In your answer to Question 1, you said ‘’Its best to choose just one high TF to dictate the direction of your trading, whichever seems to fit the chart best’’
Pls what TF do you think is best to dictate the trading direction if one is trading M5, M15, M30 and H1 respectively.
Also during what session(s) do you think is best to trade this system? Or it is tradable whenever one sees the price action signals,
Sorry if my questions are too much slipshop. I just need your prescription. I will also check the blog.
Thanks a whole lot.
Hi again fem. My opinion is, if you’re trading M5, M15 or M30, the primary direction of the trade should be governed by what H4 is doing. If you’re trading H1, then look to the daily chart to determine direction. However, that’s just my opinion. There’s nothing wrong with just trading one timeframe alone - for instance just taking the signals on the M15 chart & trading it, and never looking at others.
I think you can trade the method whenever you see signals. I’ve seen many a dull Asian session followed by lively London/New York, however I’ve also seen strongly trending Asian followed by a sideways crunching London. It also comes down to where you live & what hours you keep as to what you’re able to trade
Hello Slipshod,
I just want to thank you for your willingness to help.
Thanks a whole lot. And sorry if my question are a bit complex. I just want to trade the way you do.
Pls would you consider a currency pair overbought on H4 when only 1 blue line on the Stoch Rainbow has crossed 80? I mean when price action has just touched ATR extreme line. If not, how many lines would you consider as over bought? How about when price action has not touched ATR extreme. Also how about on M15 and H1?
Is it after a currency pair show overbought/ oversold that you start looking out for our trend enemy ‘wolf waves’ ? or it can occur at anytime?
Thanks a whole lot once again. Your response are very helpful.
Slipshod, just wanted to stop by and thankyou for the training wheels. It actually helped me make my very first successful trade all by myself. So in short I’ll be following you and your site closely and thankyou again.
Quick update for any newbie looking for a reliable easy to understand system.
I started trading with this Wednesday last week. I’ve been studying for 2 months, mainly babypips school.
I chose this system as it was the system if the month but I’m also learning (trying at least) VSA on this forum.
So how have I been doing? Well Wednesday I made 80pips using this system as a scalping tool on both EU and GU, Thursday made 47 pips on two re-entry positions same pairs. Yesterday made 97pips with it same pairs again.
Now remember I’m a complete new comer, I don’t have any background in anything financial or any high education, BUT I do have discipline and follow my rules to the letter.
For instance I heard about a trade yesterday that sounded awesome and the training wheels indicators suggested it was a good trade but wasn’t quite ready and I knew I had to wait. Ten minutes later that awesome trade went south about 50pips ! It’s at that point I gained even more faith in the system it’s rules and my discipline.
Use this system but stick to its rules and your own.
Will it work 100% of the time ? No of course not but that’s where your SL and risk management come in to protect your account.
Good trading and thanks again for a great system ‘entering at the safest possible point’ is the ethos of the training wheels.
Ive been trying this strategy for 2 weeks now i think, i did good over all, managed to break even(learning process) i got to notice, it doesnt act the same way with all the pairs, am i right? its best to do it with very volatile pairs, its my conclusion, what pairs do you guys trade this strategy with? im going with atleast 12 trying to find a trade the whole time, not trading reversals, literally speaking im just waiting for the candles to reach the pink line, open a green/red candle and follow the move, no looking at news nothig, ignoring all feelings trying to be a robot
I’ve only been trading EUR/USD and I was doing good for a few weeks but had a few trades go sour on me because I think I didn’t have a clear trend on the longer timeframes. I’ve been trading entering on the 15 minutes chart but I seem to have problems when the 4 Hour and/or Daily show a shooting stars or go flat then I’m trading against that long term trend and don’t even know it. You almost need to wait for a strong move in one direction to be sure the trend is on because once the rainbow lines touch OB / OS it could go either way.
I also have not had many trades make it to the top ATR line. They all turn around on me and take me out at BE so lately I’ve just been grabbing 20-40 pips and then waiting for the next move.
Let me know how your doing with other pairs because I’m not too confident on the EUR/USD in the last week or two. I like the 2 pip spread though. I think any pair that you trade will have good weeks and bad weeks so I should consider adding more pairs to my screen.
hello, i am new in forex market. i read about this strategy and the indicators. thanks a lot, special for the manual, there is a lot of stuff, i can learn from.
but now i have a question. i put the indi on 2 mt4 windows 1 pair only different time frames and there is a small different. a red line is missing. what i am doing wrong. is there somebody who can give me a hint?
regards
as
Try right clicking on your chart and choosing indicators. Then click on the TW_StochRainbow indicator and choose, Edit. Then click on the colors tab and make sure nothing is set to “Black” otherwise you won’t see it since your using a black background.
pls i have tried my best to add this indicator to my meta4 platform.but it has failed,maybe i dont know how to add it.
*****please somebody should help me with a tutorial i can use to add this indicator to my chat.
******also help me with any beginner aid…i realy need them…
thanks alot
hi emmanuel, to add the indi is not so difficult. select the indi, than doupleclick and at last ok. thats it.
take a look at the screenshot.
regards
as
Thank you for sharing your strategy, I’m very much a fan of this one!
I’ve had an idea for an indicator, or rather a new way of forming candlesticks which i think would be great. It’d be great if you could send me an email so i can discuss the idea with you and see what you think!
