Freedom Bars v2 with 5, 15, 30, 30 (2,2,2,2) and 5,3,3 stoch. 10 pip tp and last swing high/low sl. I avoid trades that set up with large candles. Works good so far, but I'm still looking for a better trigger.
Thx alot ropb for that suggestion, ill look at it seriously!
tahnk you, can you post indicator for swing high/low?
No indicator, I just look at chart.
Thanks rob for the helpful contributions, maybe it may help everybody here if you also can post some screenshots of your trade if you wouldn't mind so we can see how the stochs are working for u?
That would be great
I think what we need is more thorough testing and new insights on what seems to work, and what doesn't. I can agree with you rob that the big candle signals tend to be a little dodgy, Personally i avoid these.
I have an additional piece of info which Could help us get more of the right trades and less false ones....The zip file i posted few pages back with the template im using has a 20 and 50 ema plotted onto it.
Simple rule could be to look for long setups once the 20 ema has crossed over/above the 50 ema, and when the 20 ema has crossed under or is under the 50 ema, then look for short setups. This way, we're going with the overall trend, and avoiding getting caught out in bad trades?
Any thoughts on this, does anybody agree with me on this observation?
Rob: To answer your question about how i long the trades longer, I only trade during the Frankfurt opening and first few hours of london session, after this, it seems as if the market messes up, until I have more experience thats all im trading for the moment, and theres plenty of pips in the London open, Frankfurt session. Plenty! I try to hold it until i see weakness with price action or a reversal/retrace back to an MA, i would rather bank 30-40+ pips and be happy for the day rather then predict the next move of the market and lose more pips. Hope that helps. I'll post more charts if i can later on guys.
Here's a chart of how I'm doing it with 2 trades marked on their entry candle. I enlarged the chart a bit so you can get a good look.
For a long trade, I want the stoch to be coming up from the 20. It's best if the stoch has not reached the top by the time of your entry. Coming out of the 20 and on the way up is best.
For a short, stoch coming down from the 80.
I have been experimenting with some other indis to identify trend, but there's nothing yet I like enough to add in permanently.
hi robp, I use stoch too, with settings : 5,3,3 Low/High
And what is your settings for stoch ?
Thanks for the extra info n screenshot rob. Very helpful insight. If you dont mind me asking what was the pair you were trading, what sort of stoplosses have you been having good success with?
In my opinion, i think between 10-12 for the stoploss on the Majors seem adequate, as long as u get in at the right time...
Btw you can save the chart from your Mt4 by going into File, Save As Picture, and then leave the active chart option selected and save it
I've been working on sl, but nothing really good yet. I've been using the last swing high/low as stop, but sometimes it's too far away.