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I thank so much to everybody here in the forum specially to nina this is a great method, if it is possible some day to have an alert to the stepma with sound would be my xmas gift so that way i dont have to stay so many hours in the night waiting for the cross, anyway thanks again.
After following and re-reading this thread for some time I am amazed by how much input there has been to constantly analyse, test and improve something soooooooooo simple......that merely started with a bare naked 50ema....like you say!!!
Yet you constantly stay open and encourage new ideas....so here's another one!! (btw How's CatFx16 coming along?)
I would like your thoughts on this simple idea:
You said "you typically go to a 5min chart" to "fine tune" your exits manually off of supports and resistence and fibs and pivots....don't most discretionary traders do this?
To help our exits, I suggest we employ a 5min chart running in the background with the following alert set up as the assistant to our CatFx50 30min charts.
The Simple 5min alert:
Stochastic 5;3;3 5min tf
We know, the standard Slow Stochastic is plotted as two lines called %K, a fast line and %D, a slow line.
• %K line is more sensitive than %D
• %D line is a moving average of %K.
and that the 80% value is commonly used as an overbought warning signal, and the 20% is used as an oversold warning signal.
BUT......I am finding the signals become even MORE reliable if you WAIT.
Try this: (demo of course!)
on an uptrend, enter the exit (or a reversal!), when the fast, %K line, is >95% AS LONG AS the slow, % D line, is <90%. ( if %D is above 90% it indicates considerable strength may remain in continued direction).
on a downtrend, enter the exit (or a reversal!), when the fast, %K line, is <5% AS LONG AS the slow, %D line, is >10%...(same logic regarding remaining strength.)
OF COURSE..........EVERYONE use all other discretions/rules regarding support and resistance, daily trend, trading times, news events, candle formation etc. for exiting the trades (this use of the stochastic is meant to be HELPFUL to the "ART" of exiting NOT a mechanical answer to prayer!!
If this is helpful to our exits, we would simply need an alert signal for the slow stochastic indicator that is structured for the above.
It would simply trigger on the fast %K line equal to or greater than 95% and below 5% and run in the background while we moniter our 30 min charts!
If this is a bad idea then please just throw it out....and we will keep moving on polishing this "holy grail"
Thanks Nina
i agree with nina plz attache some pics in ordrt to clarify your rules for exit so we will be able to test it too.
I thank so much to everybody here in the forum specially to nina this is a great method, if it is possible some day to have an alert to the stepma with sound would be my xmas gift so that way i dont have to stay so many hours in the night waiting for the cross, anyway thanks again.
Hi, bmac!
Bmac, what you ask for is easy to make. Someone will do it. I will add that the new one with alert should has the option to turn it off.
Nina can you please explain me how you use your fibpivots? If you have the time and patience i would apreciate very much..
Have a nice day!
Hugo, from Portugal (Nuestros hermanos) ahahah
Hola, Hugo!
As you know, there are as many points of view and ways of trading pivots as kind of pivots and all their lines together.
The Fib Pivots have a similar calculation to standard pivots but are based on Fibonacci Ratios applied to the previous days trading range.
Common Strategy for Daytraders on the Forex Market
1. Wait for the prices to reach the Support (Resistance),
2. Look for reversal patterns,
3. and then go long (short) with a tight stop and a decent target (or trailing stop).
This is how people that trade pivots work. But as we do not trade them, we should be aware about where they are. They are points of "reversal" or "stop". So, if we can scale, we begin to take profit at R1/S1 and so on. If we are lucky, of course.
QUOTE=kamyar]i agree with nina plz attache some pics in ordrt to clarify your rules for exit so we will be able to test it too.[/quote]
OK Nina/Kamyar.....thx for the invitation to input....you are awesome!
I hope it may be helpful in fine tuning our exits.
First off......here are the indicators I use and a pic of the 5minSetUp....
It's simple and straightforward:
On the Slow Stochastic the settings are 5;3;3
Upper left corner of the Sto indicator has 2 sets of numbers:
The first set is the FAST line (%K), you want that to be above 95% or less than 5%.....confirm with your S&R's/Pivots/Distance away from 50ema/candle formations...etc. Then make your decision to exit and/or reverse.
The second set is the SLOW line (%D), you want that to be 80-90% OR 10-20% (not above 90% or below 10%.....as that may indicate remaining momentum of present trend....it is actually showing accumulation rather than distribution, i.e. building up pressure.)
Like you Nina, I do not use this with USD/JPY because it is usually not in sync with the other 3 pair (though sometimes I wish I did!)
I look for my signals usually from the GBP or EUR.
When I get a strong signal (as above) I look for confirmations from the pivots or S&R levels (sometimes candle formations too) then exit (sometimes reverse) on all three simultaneously....only simultaneous when they have demonstrated that they ARE in sync of course! (If not just trade them separately).
I always pay healthy respect to the Daily, Hourly, and 50ema trend as well.
That's it.....I included the pivot and S&R indicators that I use in case someone doesn't have their own preferences for these.
If it helps......the good news is it will be a nice SIMPLE assistant to the CatFx50!
Thanks again to ALL who contribute to battleing Nina's PIRATES with crafty skill and our simple weapons at hand!!! Attachment 3819
Help Please!
xmas gift
Para Nina
Linear Mode
