Your Single Best Piece of Advice

[JahDave]

My observations of all markets are the longer term charts trump the shorter term charts. I.E.,,,,the 15 minute chart patterns will play out and ignore the 5 minute charts, and the hour will trump the 15 minute, and the day will trump the hour charts,,,,,,etc............I get people email me saying that whatever happened on a particular chart could not happen, but when you look at a longer chart then it is not extreme at all................

Good Trading ,
JahDave

 

[Anita V]

From what I've seen so far as well, that seems to be the case. I've been looking at 5min, 30min and 4 hour charts to get a better idea of the "big picture". I don't want to be caught with my pants down because I didn't have the presence of mind to check the overall trend or to find a proper place to enter or exit.

So essentially the 5min charts give me entry/exit points, 30minutes is my main chart and 4 hour shows me the trend. I want a middle-length strategy, intra-day for sure. Does this sound like a good strategy to you?

Thanks JahDAve

 

[JahDave]

From what I've seen so far as well, that seems to be the case. I've been looking at 5min, 30min and 4 hour charts to get a better idea of the "big picture". I don't want to be caught with my pants down because I didn't have the presence of mind to check the overall trend or to find a proper place to enter or exit.

So essentially the 5min charts give me entry/exit points, 30minutes is my main chart and 4 hour shows me the trend. I want a middle-length strategy, intra-day for sure. Does this sound like a good strategy to you?

Thanks JahDAve

My favorite indicator is the stochastic with a fractal stacked on top of it, below my candle chart...........this seems to work very well for me with the stochastic set at 34, 21, 13............This works very well for me on all time frames............I check this and compare the 5 minute, 1 hour and the day charts before I take a trade..........That is my way, but I also use Elliott Wave and Fibonacci on the hour and day charts...........Also I use other indicators, but only trade technical...............

Good Trading,
JahDave

 

[forker]

My favourite indicator is the green flashing one on the microwave to let me know when it's time to drink my latte

 

[DashRiprock]

Microwave Latte?

 

[Anita V]

I've just used the stochastic with default settings, I'll have to review exactly how it works again before changing it in any way. How come you use 34, 21, 13 JahDave? A microwave latte does not sound very enticing...

 

[JahDave]

I've just used the stochastic with default settings, I'll have to review exactly how it works again before changing it in any way. How come you use 34, 21, 13 JahDave? A microwave latte does not sound very enticing...

The longer the time frame then the longer it takes to turn........I have found that the way I trade these settings work the best for me on average trading times............I do trade shorter stochastic settings when I am scalping...........

 

[Anita V]

I see I see, then my default settings of 5, 3, 3 are for a much shorter time frame.

 

[JahDave]

I see I see, then my default settings of 5, 3, 3 are for a much shorter time frame.

I hope this makes sense, but for me 5,3,3, would be good for scalping 10 or 20 pips on the five minute charts or for shooting for several hundred pips on the daily charts or maybe 50 or 100 pips on the 4 hour charts.......

Good Trading,
JahDave

 

[JahDave]

Here is my current 1 hour EUR_USD chart.........My stochastic is set for 34,21,13..........and It has a fractal stacked on top of it for buy and sell signals............

P.S.,,,34,21,13 are all Fibonacci numbers and I only use fibonacci numbers on my stochastic settings, because I know that Fibo is important...and I am long here tonight.....

 

[JahDave]

Here is the same chart without a fractal on the stochastic........Please notice how much earlier the fractal signal is compared to the stochastic fast line crossing the slow line...

 

[Anita V]

Very interesting! It also looks like the fractal is prone to giving false signals or fake-outs too though... I guess you'd have to be careful with it, there's a few points where it shows that you should stop a trade or start a trade in a certain trend but it actually continues in the same trend or goes the other way altogether. It really doesn't look that reliable to me!

It would be in the way you read it I suppose, or if you wait to see it go in the intended direction before entering a trade... but still.

 

[JahDave]

Very interesting! It also looks like the fractal is prone to giving false signals or fake-outs too though... I guess you'd have to be careful with it, there's a few points where it shows that you should stop a trade or start a trade in a certain trend but it actually continues in the same trend or goes the other way altogether. It really doesn't look that reliable to me!

It would be in the way you read it I suppose, or if you wait to see it go in the intended direction before entering a trade... but still.

Nothing I have found is 100%.........That is why I use Elliott Wave counts, Fibonacci retracements and projections, channels, percentage channels and even more technical tools for confirmation............Also, as you trade and learn the markets, then you get a "feel" for the charts...........For me this is just like any thing else in life........ The more work you put in then the better results you get.........The difference in this is that it is scalable........Meaning that as you get more consistent profits,,,,,you can trade larger and larger lots........You can't do that if you are self employed building houses or whatever else you do.........I have been self employed with a printing company for 27 years and Forex is a better opportunity........

 

[Joseff]

'Expect the unexpected'

 

[Anita V]

That's what I thought, I was just commenting on how I saw false indications with the fractal. I would say that in conjunction with a couple more indicators it would be a good way to enter a trade earlier for maximum profitability.

As for what Joseff said.. that's exactly what my math teacher used to say in high school!

 

[TheBramble]

Fold the tissue over before re-use.

 

[DashRiprock]

'Expect the unexpected'

story of my life

(see what I did there bramble?)

 

[TheBramble]

story of my life

(see what I did there bramble?)

Yes. You ignored me.

This is a positive development.

Soon, turds will no longer seem so attractive. And Arabian will have nobody to talk to…

 

[TheBramble]

That's what I thought, I was just commenting on how I saw false indications with the fractal. I would say that in conjunction with a couple more indicators it would be a good way to enter a trade earlier for maximum profitability.
!

A good way to enter trades is not earlier, but right on time. Same with getting out on the exit.

A conjunction of indicators. I think we have a new collective noun. If we can astrologicise that – so much the better.

 

[nunrgguy]

Can we change it to a conflunction?