This whole week, the EUR/USD did not produce many opportunity for trading my strategy. I managed to find one at the end of the week. A simple bearish elastic trade. I waited for the 1h stoch (thick blue line) to point downwards and entered the market. I held my position waiting for the 1h to recross 20. But the market was closing, and I don't want to hold a trade in the weekends so I closed it.
FOR those new comers,
the chart is as such,
thin RED line: 15min stoch
thin BLUE line: 30min stoch
FAT BLUE line: 1h stoch
FAT RED line: 4h stoch
Sunday, December 16, 2007
Bearish Elastic 14DEC 0715GMT 191pips/USD1910 Balance: US$10115
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4 comments:
Hi, Glad its going well. Have read a lot on MTF stochs but have not been able to catch the trades if I wait till the close of the 15 30 and 1 hr bar respectively. On these most recent trades do you wait till the close of the bar, or just using the MTF stoch indicator make the trade when simply pointing the correct direction. Ta drandycollings@hotmail.com
What kind of stop loss do you use? What is the margin requirement on your account?
You are doing a fantastic job Kris. The fact that you did not take any trades for the entire week, shows great discipline. You are bound to be a great trader.
Cheers,
K.
Hi,
I wait until the bar ends and the stoch has already confirm its move. Because the MTF indicator is known to repaint itself. So always wait for bar ends. If you are looking at the 4h stoch, must wait for it to end. But most trade are based on 15/30min stoch. So we only need to wait 30 minutes max
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