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This is all you need to become a trader


egaalh

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Incredible! left is MT4 and right is Ninja. Only the Stochs levels need adjusted. Although the settings are the same (85 and 15), the thresholds look differenthttp://img703.imageshack.us/img703/7259/201101131146.png

 

Forgot to mention: credits to cubicrey for the indis :)

 

Alright, sorry if I have missed it, but what are those indicators on MT4 (other than Stoch that was shared by @cubicrey)? Could you please share them?

Thanks.

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Although it would have been fairer to open another thread (which you can still do) so the posts wouldn't get mixed up, of course you did get me intrigued. Can you pinpoint entries, SL and TP please? Then if you want to add indicators and template it would even be better. Then if someone could adapt it to MT4 it would just be a blast!:D
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This is what I prefer in daytrading:

 

http://img267.imageshack.us/img267/2149/mytemplateeurofx.jpg

 

More than 90% profitable trades. :)>-

Good Luck!!!

 

Looks good. Can you please post a link for the Ninja indicators and template? Thanks. As Trader34 mentioned, it seems to have problems with strongly trending markets. Perhaps a trend filter would help? One idea is to take signals that agree with market structure as shown by your HH, HL, LH, LL indicator (what is that indicator?).

Edited by Diesel 10
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No stochastic does, because it goes from oversold to overbought, but the price keeps going and going and going way way past overbought/sold.

Stochastic was not meant was not designed to trade as an oscillator to go long/short, it was designed to confirm double tops and bottoms on DAILY charts using 100 other things.

 

Trader34, what would you think about the following: on a 5 minute chart, filter the signals with a 14 period ADX. If the ADX is above 25 and rising, don't take reversal signals against the dominant trend.

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It filters it a bit I guess but I don't think it would make much difference stochastic is not meant to be a leading indicator it is meant to be a confirming indicator.

Meaning if its over sold, then you look to your other leading indicators to sell or overbought etc.

But it was originally designed purely to confirm double bottoms on daily charts in stocks.

Ill give you 2 examples of how originally stochastics were designed to be used, they were purely only to look for bottoms because in those days they only ever BOUGHT stocks there was no short selling.

This is on ES emini S&P and also these setups might only occur 1-2 times a year so its not practical for today's environment this is how they did it like 60 years ago.

http://img34.imageshack.us/img34/3853/stochastics.jpg

http://img196.imageshack.us/img196/5268/stochastic2.jpg

 

What you're showing here is the well known concept of divergence.

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Good morning all ,planning to have it at 11 a.m as we talk about before ,here is my problem I have 2 computers on 1 of them I have a problem with my mic ,I don't have a problem om my other computer,so in 1 computer I want to talk and show on my other computer,if some one can help me will be good ,leave me a p.m with a way to contact and I will do it,(just learned today where to find p.m) this is the reason I didn't answer any person ,sorry about it,waiting for someone to leave me a p.m so we can do it today,thank you
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Yes but what I was actually trying to show is what the purpose originally they used to use a stochastic oscillator for regardless of divergence this is what the original people who invented it used it for they used to draw it by hand.

What I was trying to explain is, its not meant to be used as a directional (buy sell) oscillator thats why it fails miserably.

 

Mostly agree.

 

However trading with the dominant trend, Stochastics(5,3,3) is excellent for telling you when the trend is resuming after a countertrend pullback. I know this to be true because I have been trading profitably using this for many many years...

 

I have found Stochastics is also good in range bound market.........

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