Advanced system #8 (4 CANDLES STRATEGY)

Hi Fee Dee,

You take stochastic indicator (14, 3, 3) or (5, 3, 3) and basically look at its lines: both lines head up - your preferred trading direction will be to the upside (Buy); both lines look down - you'll be looking to sell.

Now, as you trade the breakout:

"Trade the direction of the 4hours stoch with higher quantity" means:

if the breakout is in the same direction as Stoch lines, you can open a larger position.

"Trade direction against 4hours Stoch with lesser Quantity" means:

if, for example, the breakout is to the downside, but Stoch is heading upwards, you put less money at risk and open a smaller position.

Best regards,
Edward

What is GJ and J pair?
""At a break of the horizontal line, move to lower time frame like 5min TF
- then let the whole body of the 5min candle be outside the line.""

outside of what line???

These are abbr. for GBPJPY and xxx/JPY pairs. ("xxx" means "any")

The line would be the horizontal line at the highest high (and another one at the lowest low) of the first 4 candles of the day. You should draw and be able to see this line across all time frames, including 5 min, where your trigger would be the first 5 min candle to form and closed outside that horizontal line.

Regards,
Edward

Quote: A day where u have whipsaw, may be NO TRADE

What does it mean? Please help
Thanks a lot
Roberto

Roberto,

We cannot predict whipsaws, so "NO TRADE" is an aftermath, a summary of what had happened, nothing more.

Cheers,
Thomas

hi Edward, i m newb in town and wud like to know why when i downloaded the indicator or ea and paste them to the mt4 ea or indicator folder, they dosent work, cheers

ps: thks for the web learning opportunity you created, much appreciated

Hi,

check those guidelines, see if you're missing any of the steps.
http://forex-strategies-revealed.com/mt4/how-to-add-and-use-mt4-custom-i...

A video from Alpari can help too:
http://www.alpari.co.uk/en/alpari_academy/video_tutorials/indicators.htm...

Let me know if the problem remains.

Regards,
Edward

Hi Gang,
Just a short question about time frames and the fact that the breakouts are often occuring at 4 or 5 o'clock in the morning (GMT). This makes it difficult to trade! Am I missing something?
Many Thanks (great site)

Steve