Simple PA And Stochastic System
Introduction:
Hello everyone! My name is Jia$ON! Some of you know me for my wild scalping technique developed using a variation of Paulus COG (oan based) which generated over 800+ pips in a month. After suffering some huge losses and continuing to explore scalping techniques, believe it or not, there was nothing I could do to recapture the glory I once had.
Since then, I have been using a variation of the 3 Ducks system as my long-term intraday technique. It's great, but there are very few transactions using this system. Over the past month or so I have been searching these sectors to find a good scalping or short term trading technique that I can use to make money between these trades. After achieving some small success, I started to use my brain again. I am a firm believer in KISS. Method, this is such a system. It's very simple and very basic.
With that in mind, this is by no means a finished or polished system. This is a work in progress, taking two proven technology concepts and combining them. To be clear, I am not the inventor or creator of this system. Someone may have done this exact method before, but I just didn't see it. If you've done this before, feel free to post on this topic!
My goal with this article is to get people to help each other and see if we can develop this into a very profitable short term trading technique. We try not to add useless metrics or metrics that contradict the original plan . By "useless" I mean metrics that are completely irrelevant or irrelevant to current technology. For example: no indicators based on little boxes that change color, no stochastic MAs (unless you think they make a specific addition to the strategy), and no lagging indicators (making backtesting impossible and live trading annoying).
Here are some very basic rules for this thread:
1. Always treat others with respect.
2. Don’t publish any useless metrics.
3. Work together. We are all here for the same reason. To make money.
Strategy:
- Open the M5 chart of your favorite currency pair. I choose GU or EU.
- Attached is a basic random 5-3-3 indi.
- Plot some basic S/R levels to give you an idea of where price is likely to stop and provide additional confirmation on entry.
- Familiarize yourself with "pinbars". (A candle with a long wick and a small real body at the close indicates a price reversal)
- Take a closer look at the higher highs and lower lows. Make sure you trade on a pinbar that is actually a higher high or lower low.
Selling (Short):
stoch is our filter. Wait for overbought (above 80). When overbought, look for pinbar formations. This is our trigger. When the pinbar forms, place a sell position and set your stop loss 3-5 pips above the pinbar. Your price target can be set at a strong resistance level or you can wait for a buy signal to form to close your position.
For buy (long):
The opposite is true when wearing shorts (stoch needs to be oversold, below 20).
This is again a work in progress! Let me know what you think so far and let’s get to work!
PS: Start releasing those indie games that sell well or are oversold/overbought, haha
PPS: Sorry the image file is of poor quality. I don't know how to compress the size but maintain the quality. Plus I have multiple 26 inch monitors so the screen size is huge haha.
Hello everyone! My name is Jia$ON! Some of you know me for my wild scalping technique developed using a variation of Paulus COG (oan based) which generated over 800+ pips in a month. After suffering some huge losses and continuing to explore scalping techniques, believe it or not, there was nothing I could do to recapture the glory I once had.
Since then, I have been using a variation of the 3 Ducks system as my long-term intraday technique. It's great, but there are very few transactions using this system. Over the past month or so I have been searching these sectors to find a good scalping or short term trading technique that I can use to make money between these trades. After achieving some small success, I started to use my brain again. I am a firm believer in KISS. Method, this is such a system. It's very simple and very basic.
With that in mind, this is by no means a finished or polished system. This is a work in progress, taking two proven technology concepts and combining them. To be clear, I am not the inventor or creator of this system. Someone may have done this exact method before, but I just didn't see it. If you've done this before, feel free to post on this topic!
My goal with this article is to get people to help each other and see if we can develop this into a very profitable short term trading technique. We try not to add useless metrics or metrics that contradict the original plan . By "useless" I mean metrics that are completely irrelevant or irrelevant to current technology. For example: no indicators based on little boxes that change color, no stochastic MAs (unless you think they make a specific addition to the strategy), and no lagging indicators (making backtesting impossible and live trading annoying).
Here are some very basic rules for this thread:
1. Always treat others with respect.
2. Don’t publish any useless metrics.
3. Work together. We are all here for the same reason. To make money.
Strategy:
- Open the M5 chart of your favorite currency pair. I choose GU or EU.
- Attached is a basic random 5-3-3 indi.
- Plot some basic S/R levels to give you an idea of where price is likely to stop and provide additional confirmation on entry.
- Familiarize yourself with "pinbars". (A candle with a long wick and a small real body at the close indicates a price reversal)
- Take a closer look at the higher highs and lower lows. Make sure you trade on a pinbar that is actually a higher high or lower low.
Selling (Short):
stoch is our filter. Wait for overbought (above 80). When overbought, look for pinbar formations. This is our trigger. When the pinbar forms, place a sell position and set your stop loss 3-5 pips above the pinbar. Your price target can be set at a strong resistance level or you can wait for a buy signal to form to close your position.
For buy (long):
The opposite is true when wearing shorts (stoch needs to be oversold, below 20).
This is again a work in progress! Let me know what you think so far and let’s get to work!
PS: Start releasing those indie games that sell well or are oversold/overbought, haha
PPS: Sorry the image file is of poor quality. I don't know how to compress the size but maintain the quality. Plus I have multiple 26 inch monitors so the screen size is huge haha.
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