Stochastic MTF trend, h4 (stochastic MTF trend, h4) - MT4/MT5 resources

Hello First of all I would like to say a "big thank you" to Philip Nel and SpudFyre as my work is based on their work. These guys are my master I am using the Amibroker platform but you can also use it if you find a good MTF stochastic indicator on MT4 there are some online

Indicator settings:

||For 4 hour TF: Random % K (X,3)
-X from 6-13 blue
-X 14 red
-X 15-24 orange

For all stochastics: the levels are not 80/20, but 76.4 and 23.6

||To see higher TF trends:
-Daily % K (14,3) red and % K (5,3) blue
- Weekly % K(14,3) green (optional - % K(5,3) orange)

||Momentum: MACD (5,13) does not have a signal line, we need a bar chart to show whether its value is falling or rising
||RSI(14) only applies to large overbought/oversold moments

http://img692.imageshack.us/img692/4314/mz6l.png

http://img838.imageshack.us/img838/1928/otjs.png

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If the Daily RED stoch is in the same direction as the Weekly GREEN (remember! Not today's repaint value, but the last fully closed value)
+ Stochastic line turns to trend direction + MACD turns to trend direction

|When Stoch is overbought/oversold - we assume it has been trending up/down in that area|
|We are looking at daily and weekly (14,3)|

----If daily red and weekly green are overbought/oversold, we can enter without MACD confirmation (stop loss at last high, tight)
----If the daily red line touches overbought/oversold which is opposite to the weekly trend, enter the market in the direction of the daily line.
----For example, daily red exits from oversold but still <30, daily blue <50, we can enter, same goes for overbought

|When daily is opposite to weekly, we can still trade on the first candle of the new day|
|After Sunday it is better to wait for the signal of 3 candles|

Always use a stop loss as an exit because the trend is in our favor and we want to take advantage of it for as long as possible!

Mechanical rules:
a) When the daily line is still in its direction and MACD changes color: SL +6 points from H/L (it is better to set it at the nearest resistance/support level)
b) Daily thread is changing direction, not overbought/oversold, and MACD changing color:
- If the stop loss like "a)" is too big (20-30+ pips) -> the stop loss is +5 pips from the closing price
- If overbought/oversold - like "a)"
c) Thread "spike" - 5 pips from closing price
e)MACD color change, RSI(14) overbought/oversold - stop loss very tight (<10 pips)
When we enter, we always place a 100 pip stop loss!
When the market is range-bound, place larger stops at the bottom/top of the range to avoid entering many false trades and waiting to see if they will get hit.
You can use stop loss to save your trade on pullback highs/lows
Fixed lot size

I'm using GMT -1 candles and I think it's very important to be close to them

Why use these colored random lines? As you become more experienced you can read more and more from their setup http://forums.babypips.com/images/smilies/yahoo/1.gif
For the basics, you should read the .pdf file created by SpudFyre. http://forums.babypips.com/images/smilies/yahoo/1.gif

I wanted to make it mechanical, like a system should be. Of course, increasing your experience can squeeze more ideas from the market

To understand the basics:
http://www.forexfactory.com/showthread.php?t=37111

http://www.forexfactory.com/showthread.php?t=14630