Stochastic Oscillator Trading Indicator - Determine Market Extremes ( Trend Following Mentor)
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Now that we have an understanding of the basic calculations and logic that is behind the Stochastics oscillator, it makes sense to start developing new ways of using the indicator. This is the only way that traders can truly gain an edge on the rest of the market, where the exact same signals are being sent to everyone using these indicators and oscillators with their default settings. One alternate way of using Stochastics is to combine a fast Stochastic with a slow Stochastic and then to identify areas where each indicator moves to opposing extremes.
This dual Stochastics trade can generate many signals that are not readily apparent to those that are basing Stochastic strategies on the default methodology. We will also be using a period EMA as an additional trigger signal that is used to validate any potential trade ideas that might be identified. This EMA is not completely required for the dual Stochastics system but there are some added advantages that can be captured when putting this extra trading indicator on your charts. If you are using the Metatrader platform, this is how the platform should be configured for the slow Stochastics:.
For each of these Stochastics lines, you will want to use different color lines, as this makes it much easier to spot trading signals as they unfold. For actual trading criteria, there are some additional rules that should be remembered when using the dual Stochastics strategy:. Next, we will look at some examples of the dual Stochastics strategy at work. For the most part this strategy is employed on the middle time frames ie.
The forex pair has started to generate a strong series of higher highs and higher lows, which meets the first criteria for new trade entries using the dual stochastics strategy. In both cases, prices break above the period EMA and then fall back to test the supportive effects of the indicator. As this occurs, there is an extreme difference seen in the activity of the fast and slow Stochastics as one of the indicators falls into oversold territory while other other rises into overbought territory. Adding to the bullish bias are the candlestick formations that are seen as these developments occur.
In both cases, doji candles are followed by bullish engulfing candlestick patterns. Added information on the engulfing candlestick pattern can be found in this article. In this example, we can see that the extreme differences between the slow and fast Stochastics created a precursor that signalled the larger bull rally that followed, and the two potential entry points shown in the example above would have generated significant profits if identified early.
Trend Following & Mean Reverting Indicators: How to Use, When to Use, and How to Use Together
In this chart example, we can see the bullish case that is based on the arguments in the dual stochastics strategy. If an initial downtrend was present the same rules apply, only in reverse.
The important part to remember here is that opposing signals must be sent by the dual Stochastics readings, as this ultimately suggests that the initial trend is likely to continue. In this way, the dual Stochastics strategy should be viewed as a continuation structure and that probability for success are greater when one or more additional factors EMA activity, candlestick patterns, etc. You can post now and register later. If you have an account, sign in now to post with your account.
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Search In. Welcome Guests Welcome. Sign In or Sign Up. Recommended Posts. Posted March 24, Share this post Link to post Share on other sites. Join the conversation You can post now and register later. Reply to this topic Go To Topic Listing. How to be a successful trader. There is no short cut to become successful in this world. We have to face every problem first then only we are going to prove our self.
Before the days of the Net, this was the online place to chat with market professionals, traders, and other novices. This simple inquiry started a fascinating relationship that lasted several years until his untimely death. I was actually using the chart to read the past, and this was how I could see what would happen next. While Bollinger Bands improved my vision, the underlying patterns and trends within the bands were telling me where price was about to go. John also suggested that this complex world of chart patterns was really built upon a single unified structure.
He never described its appearance, but it became clear to me that this master pattern might explain price movement through all time frames. I became fascinated with this intriguing concept and decided to learn more. I looked for this master market pattern everywhere but could only find pieces of it. I noticed that stock charts would print the same old formations over and over again. There were triangles, wedges, and reversals from the classic books by John Murphy and Edwards and Magee.
I saw more evidence through the big W in market bottoms and the five-wave decline in major selloffs. It appeared to me that popular gurus were faring no better in their quest for true market knowledge. They would talk endlessly about a trading method or strategy but would rarely discuss the underlying mechanics that create opportunity in the first place.
They would allege ownership of a common chart pattern and charge a fortune to those willing to pay for its secrets. And they would feed ruthlessly off their uninformed disciples with a few simple techniques they learned through actual market experience.
Finally, two brilliant traders opened my vision to this master pattern. She uses this clever analogy to illustrate how both sides of the brain must work together to visualize and interpret the broad range of price patterns. The Traders Wheel was slowly brought to life through their powerful insight. In early materials that first appeared at Compuserve, the Wheel describes how markets move relentlessly from bottom to top and back again through all time frames. This first crude theory evolved over time and branched out into many different trading tactics. The original materials have grown well beyond my initial expectations.
They now encompass all market movement and provide a simpledefinition for how price gets from one place to the other in a predictable manner. They also offer many powerful tools for swing traders to gain a needed edge over their competition. Pattern Cycles describe the machine language within market opportunity.
They reveal the origin of the trade setup and how to capitalize on inefficiency through every phase of bull and bear conflict. They show swing traders where to find consistent profits and offer natural methods to shift tactics quickly as conditions change. Above all else, this master pattern accurately predicts the impact of the emotional crowd on trend, range, and price development. This book describes an original trading methodology that relies heavily on classic technical analysis and pattern interpretation.
It offers dozens of specific trading strategies and setups that include reward, risk, and stop loss considerations.
7.1.1 RSI Calculation
It presents concrete tips, concepts, and workflows for readers to make informed choices at all stages of short-term trading development. It looks specifically at brokers, execution styles, and stock characteristics to offer advice on how to match personal lifestyle with trade management.
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Readers will note a highly original market view throughout the text that offers the journeyman trader extensive support on the road to consistent performance. But it does assume knowledge of basic market mechanics and technical analysis. Take the time to build a core understanding of the financial world before attempting to absorb this text.
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Professional traders and other market insiders will find this book of great value for expanding their skills and improving their bottom line. And market timers will discover that technical analysis still has fresh ideas to offer after several centuries of noble service.
For decades, this expression referred to a futures market strategy that held positions from 1—3 days in order to capitalize on cyclical swings in buying and selling behavior. This classic concept now describes any execution method that avoids the hyperactivity of day trading.