Traders Anonymous

[1pipatatime 10]

Hi Guys, I'm having lots of difficulty with picking a good stoch cross from a bad one, I'm getting lots of false starts as I call them. It goes like this: Assuming I'm looking for a long trade and looking at the 1,3+5 charts I wait for all stoch's to go below -40, red rsi below 10, black rsi below 30 the wait for a stoch cross on the 1, if the 3min stoch has crossed up and the price has crossed the ma13's on the 1 I enter. Now here is the problem, with some reliability the price recrosses the ma's and the stoch goes back down = losing trade.

Is there something I'm missing? Is there something else I can check to add strength to an entry?

 

Firstly just to let you know I will be in S.A on Saturday for a couple of weeks and there is a coaching session on the Sunday from 5pm.

 

Now the safest way of entering a trade is to wait for the 5 minute 13's to be heading in a direction and waiting for the 1 minute Stochastic to then go to the extremes supporting the 5 minute 13's and entering when the 1 minute stochastic crosses.

 

I will be going through this on the Sunday evening.

 

Hope this helps

 

1pipatatime

[1pipatatime 10]

For my two cents worth, as they say: If you waited for all those elements to line up, you would only get about one trade a week! A slight exaggeration I know, but there is no perfect trade and by the time you got all these things to line up, the trade would be gone.

 

You've made no mention of checking the 15 min red RSI. What direction is it heading in, nor the MA 13s on any of the charts, other than the 1 min.

 

Also, to get into the trade quicker, when the 3 min stoch has crossed and confirmed, enter the trade when the price hits the black MA on the 1 min. If you wait until the MA 13s cross and price opens on the other side, a whole lot of action has already passed.

 

In general, if all the indicators have been high, start looking for short trades and of course the reverse is the case. Sometimes the indicators will stay in the extreme for quite some time, while the trade continues on. In this case, either wait it out, or look for a re-entry (price touching the black MA on the 1 min). If looking for re-entries don't necessarily expect a great number of pips.

 

Good post

 

"Also, to get into the trade quicker, when the 3 min stoch has crossed and confirmed, enter the trade when the price hits the black MA on the 1 min. If you wait until the MA 13s cross and price opens on the other side, a whole lot of action has already passed."

 

With this here (above quote) only do this with the trend or when the 5 minute stochastics are at extremes, then wait for the 3 minute stochastic to cross on a confirmed candle and then wait for price to cross the 13's on the 1 minute chart or for the blue RSI to cross on a completed 5 minute candle to be safe.

 

When you get more comfortable with your trading you can be more aggressive but for now just take on learning one aspect at a time as to build up your confidence with the system.

 

Always trade with the trend and only go against the trend when the indicators have confirmed the change.

 

Just to make sure everyone has the trend worked out.

 

The top half of the charts (13's) are the major trend then there is the lower half which is the trend within the trend.

 

Then we have the 15,30 and 1 hour charts telling the trend.

 

Then we trade of the 5 minute trend using the 3 & 1 minute charts.

 

Cheers

 

1pipatatime

[allyscan 10]

Now the safest way of entering a trade is to wait for the 5 minute 13's to be heading in a direction and waiting for the 1 minute Stochastic to then go to the extremes supporting the 5 minute 13's and entering when the 1 minute stochastic crosses.

1pipatatime

 

With this Lance, does it matter what the stochastics on the 3 and the 5 are doing. Watched this closely tonight and the 13's on the 5 had the support of the 13's on the higher charts as well, but each time a trade presented itself using this criteria, the stochastics on the 3 and the 5 were going in opposite direction of the trade.

 

Thanks,

Allison

[winddragon 10]

Had a ripper of a day on friday - but today I'm having trouble pulling the trigger - any good suggestions?

thanks

[1pipatatime 10]

Had a ripper of a day on friday - but today I'm having trouble pulling the trigger - any good suggestions?

thanks

 

When you get confronted by pulling the trigger you are trying to get it right or you are trying to be a perfectionist.

 

The thing that you need to keep in mind (this is what I deal with all the time) is that you need to think of the trade as a probability, what is the probability of the trade going in that particular direction and if it is in your favor then pull the trigger.

 

cheers

 

1pipatatime

[1pipatatime 10]

P.S Congrates on Friday, was it live or demo?

 

Cheers

 

1pipatatime

[1pipatatime 10]

Hi Guy's here is a market time converter site which refreshes evey 5 minutes.

 

www.forex.timezoneconverter.com

 

Cheers

 

1pipatatime

[mattgenton 10]

hi to all at Traders Laboratory - Active Trading Community i thought i had sent this newyears eve but it didnt send so i have sent it again good luck for 2012 to all of you

- gentas