Welcome to my journal. I have decided to post my trades in a new thread, as I can't find a good fit to post in other forums. The Trading made simple thread is...well ruined...and others that I have posted in don't quite fit with what I'm doing now. For instance I look at divergence so it would be inappropriate of me to post in Davits thread.
Thanks need to go to Realjumper who has taught me the importance of the stoch and the nuances it has, Likica for her guidance on looking for higher highs lower lows etc, Davit for the use of the weekly fibonacci pivots and just how accurate they are, and the posts of Lastingwell and her use of the 1hr 62 ema and bounces from it - originally taken from Eohater's thread which I found fascinating and have extended that to the h4 and also daily 62 ema's.
So down to my thinking. I am working on the H1 chart using the H4 stochastic 8.3.3 along with the h4 tdi and the H1 stochastic 8.3.3. I was taken by Eohaters thoughts that although the price moves start on the very low timeframes, it won't move very far without the higher timeframes being in some sort of agreement - Lastingwell also echoed that. So I don't look for "trends" as such on the higher timeframe but a reason price might turn. I have found the best way to see that is with the h4 stoch and tdi together, why both? because the tdi is much more sensitive to movement and the stochastic is more conservative, marrying the two made sense to me, BUT, I must also see on h1 a higher low at least for a buy and a lower high for a sell, or divergence if not. One other thing, I take notice of "overbought" and "oversold" on the stoch and will NOT put in a sell if either h1 or h4 stoch is above 80 or a buy below 20.
I will post my trades on here to give me a record of my trading and to try to keep myself strict. I have had my Trade explorer up for quite a while, but have only just consolidated in my mind what I want to see on my chart so its a good time to start this journal.
This for instance is the gold trade I went in on this morning, the main problem is the 1hr 62ema right in the way, but as price has tried to pass that severall times I am hoping this time it can but we will see
Thanks need to go to Realjumper who has taught me the importance of the stoch and the nuances it has, Likica for her guidance on looking for higher highs lower lows etc, Davit for the use of the weekly fibonacci pivots and just how accurate they are, and the posts of Lastingwell and her use of the 1hr 62 ema and bounces from it - originally taken from Eohater's thread which I found fascinating and have extended that to the h4 and also daily 62 ema's.
So down to my thinking. I am working on the H1 chart using the H4 stochastic 8.3.3 along with the h4 tdi and the H1 stochastic 8.3.3. I was taken by Eohaters thoughts that although the price moves start on the very low timeframes, it won't move very far without the higher timeframes being in some sort of agreement - Lastingwell also echoed that. So I don't look for "trends" as such on the higher timeframe but a reason price might turn. I have found the best way to see that is with the h4 stoch and tdi together, why both? because the tdi is much more sensitive to movement and the stochastic is more conservative, marrying the two made sense to me, BUT, I must also see on h1 a higher low at least for a buy and a lower high for a sell, or divergence if not. One other thing, I take notice of "overbought" and "oversold" on the stoch and will NOT put in a sell if either h1 or h4 stoch is above 80 or a buy below 20.
I will post my trades on here to give me a record of my trading and to try to keep myself strict. I have had my Trade explorer up for quite a while, but have only just consolidated in my mind what I want to see on my chart so its a good time to start this journal.
This for instance is the gold trade I went in on this morning, the main problem is the 1hr 62ema right in the way, but as price has tried to pass that severall times I am hoping this time it can but we will see
Success means going from failure to failure without loss of enthusiasm