Multiple Time Frame Stochastic trading u using 1-minute charts (New)
(Last updated information on May 23, 2015)
This post is not intended to teach anyone anything. This post is for those who are willing to educate themselves.
We are one of the few traders who trade in this way, this is to allow us to share trades we take and ideas we think may be important, and to be able to answer questions about trading in a structured way.
This thread is inspired by the Creation Matrix System <br> This thread is a continuation of this thread with a lot of testing and learning going on.
Special thanks to RJ for letting us use his system
Special thanks to Strada for showing us what you can do if you apply yourself correctly
Thread rules
*Respect and common sense prevail. I know some people here well and others not so much. If you are new, please be polite in what you do.
Comment
*Our trading approach is very discretionary, although the system has fixed rules, such as pivots, support and resistance and news are everyone's own prerogative. This may be a signal, but is it really a signal? Chance
*You will notice that the first three articles have a lot of good examples of how we trade.
system
The system is based on the Creation Matrix system. It uses the matrix (the square at the bottom) to give us the entry signal. It works in the genesis thread.
We won't discuss this in detail. Please read this topic.
There were multiple timeframe stochastics in the original template, then it was discovered that Strada etc. preferred to use the ULTRA indicator here I no longer use them as it was a bit too much for me but very useful for others.
The system's trading hours range from 30 minutes before the opening in Frankfurt to 2 hours after the opening in London. It works best at the open because that's when the probability of a move in either direction is highest. Consolidation is the weakness of this system and we have to accept it and understand when the best trades are. It can always work as long as you realize that you can't just accept every color change of the matrix in a slower period.
We Trade EUR/JPY or GBP/USD Most of the time it doesn't matter which one you trade, but sometimes one obviously underperforms and then you have the other. I personally trade E/J as my bread and butter and most of the time it's pretty good. To be able to change, there has to be a real indication that a pair is better, and in my opinion they are equal.
Admission requirements
1 - The matrix changes color and the bars turn off. This will be the signal candle (the indicator will not redraw)
2 - Signal candle price increases by at least 1 pip
3 - If you use the stochastic indicator, there needs to be at least one indicator that goes in your direction.
Now you have a signal. It's up to you whether you choose to use it. There is no magic answer to when to use it and when not to use it. Understanding how prices work and observing price movements on a daily basis will help you make better decisions the more experience you gain with this system.
If - You decide to trade your stop loss higher than the swing high or low, but it really depends on how you want to proceed. Your trading system and must be responsible for the risks you take, etc.
These patterns are repeated day after day. Consistently changing what you see will train your eye. A weak craftsman will blame his tools.
quit
Exiting is the most important thing in trading because this is where you as a trader decide if the opportunity still exists. Exits help lock in profits and reduce risk by moving stops and many other things. Nothing complicated just the basics
I split my trade into 2 equal parts so that there are 2 exits. If I think the price is going to continue and I want to keep moving and want to take some profits, I might take half the profit again in the second half of the trade.
Other traders divide the size into 3 equal parts from the beginning and then trade accordingly. I can't speak for them, so send them a private message or ask them.
TP 1 = +6 or greater
TP 2 = +12 or greater or if there is a reversal signal
Like I said, exits are key to becoming a trader, the better you get, the more confident you will be in your decision to stay in the trade or close the trade.
If a signal appears in the other direction and you think there is enough reason to close or even cancel your order, the open trade will be closed.
Tools A big thanks to Safford for all his work
Found it here Originally posted by RJ in his post
market opening line
Find news indicators here
template
Partially close EA_Button
*Any other tools you see on anyone's chart can be requested via private message to that person and I will add them here if needed.
motivation
Please look up here
psychology
Please take a look here
-I added my favorite story about the physiology of trading and how people think about trading in the first post of this post
I wish you successful trading. Everyone has to find their own way
The Forex factory is full of gold, it has to be mined in the right places
This post is not intended to teach anyone anything. This post is for those who are willing to educate themselves.
We are one of the few traders who trade in this way, this is to allow us to share trades we take and ideas we think may be important, and to be able to answer questions about trading in a structured way.
This thread is inspired by the Creation Matrix System <br> This thread is a continuation of this thread with a lot of testing and learning going on.
Special thanks to RJ for letting us use his system
Special thanks to Strada for showing us what you can do if you apply yourself correctly
Thread rules
*Respect and common sense prevail. I know some people here well and others not so much. If you are new, please be polite in what you do.
Comment
*Our trading approach is very discretionary, although the system has fixed rules, such as pivots, support and resistance and news are everyone's own prerogative. This may be a signal, but is it really a signal? Chance
*You will notice that the first three articles have a lot of good examples of how we trade.
system
The system is based on the Creation Matrix system. It uses the matrix (the square at the bottom) to give us the entry signal. It works in the genesis thread.
We won't discuss this in detail. Please read this topic.
There were multiple timeframe stochastics in the original template, then it was discovered that Strada etc. preferred to use the ULTRA indicator here I no longer use them as it was a bit too much for me but very useful for others.
The system's trading hours range from 30 minutes before the opening in Frankfurt to 2 hours after the opening in London. It works best at the open because that's when the probability of a move in either direction is highest. Consolidation is the weakness of this system and we have to accept it and understand when the best trades are. It can always work as long as you realize that you can't just accept every color change of the matrix in a slower period.
We Trade EUR/JPY or GBP/USD Most of the time it doesn't matter which one you trade, but sometimes one obviously underperforms and then you have the other. I personally trade E/J as my bread and butter and most of the time it's pretty good. To be able to change, there has to be a real indication that a pair is better, and in my opinion they are equal.
Admission requirements
1 - The matrix changes color and the bars turn off. This will be the signal candle (the indicator will not redraw)
2 - Signal candle price increases by at least 1 pip
3 - If you use the stochastic indicator, there needs to be at least one indicator that goes in your direction.
Now you have a signal. It's up to you whether you choose to use it. There is no magic answer to when to use it and when not to use it. Understanding how prices work and observing price movements on a daily basis will help you make better decisions the more experience you gain with this system.
If - You decide to trade your stop loss higher than the swing high or low, but it really depends on how you want to proceed. Your trading system and must be responsible for the risks you take, etc.
These patterns are repeated day after day. Consistently changing what you see will train your eye. A weak craftsman will blame his tools.
quit
Exiting is the most important thing in trading because this is where you as a trader decide if the opportunity still exists. Exits help lock in profits and reduce risk by moving stops and many other things. Nothing complicated just the basics
I split my trade into 2 equal parts so that there are 2 exits. If I think the price is going to continue and I want to keep moving and want to take some profits, I might take half the profit again in the second half of the trade.
Other traders divide the size into 3 equal parts from the beginning and then trade accordingly. I can't speak for them, so send them a private message or ask them.
TP 1 = +6 or greater
TP 2 = +12 or greater or if there is a reversal signal
Like I said, exits are key to becoming a trader, the better you get, the more confident you will be in your decision to stay in the trade or close the trade.
If a signal appears in the other direction and you think there is enough reason to close or even cancel your order, the open trade will be closed.
Tools A big thanks to Safford for all his work
Found it here Originally posted by RJ in his post
market opening line
Find news indicators here
template
Partially close EA_Button
*Any other tools you see on anyone's chart can be requested via private message to that person and I will add them here if needed.
motivation
Please look up here
psychology
Please take a look here
-I added my favorite story about the physiology of trading and how people think about trading in the first post of this post
I wish you successful trading. Everyone has to find their own way
The Forex factory is full of gold, it has to be mined in the right places
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