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  1. #11
    Legendry Member Michael Hodges's Avatar
    good strategy and thread. Nice work,

  2. #12
    Master Member Okane's Avatar
    Thanks Michael!
    I'll update the thread with more information later

  3. #13
    Legendry Member Michael Hodges's Avatar
    Which charts do you use for drawing the support and resistance and how do you use them when looking for a trade?

  4. #14
    Legendry Member Michael Hodges's Avatar
    and how do you use stochastic? is it part of the signal or just a coincident indicator?

  5. #15
    Master Member Okane's Avatar
    Quote Originally Posted by Michael Hodges View Post
    Which charts do you use for drawing the support and resistance and how do you use them when looking for a trade?
    [QUOTE=and how do you use stochastic? is it part of the signal or just a coincident indicator?[/QUOTE]

    Great questions, thanks!
    Actually the Support and Resistance lines are just from an "file" someone gave to me, I just insert it as a custom indicator,
    it basically relates back to past support and resistance areas and it works pretty well!
    I use them to be ware of places where price could start a sideway trend, like yesterday on GBP/USD, see 15min chart picture.
    Click image for larger version. 

Name:	graf.jpg 
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ID:	1111 As you can see price kept bouncing up and down for a while before it finally broke that green line.
    So I use them more like a warning sign! The red lines I've placed on the chart are just to mark where I would have switched over to 5 min chart and
    looked for entry, BUT I did not do this because of the resistance line drawn on the chart which told me about the high probability of sidewayish trend starting,
    and as you can see it went sideways for quite a while! Although 2 of those 3 trades would be winners, I would prefer not to take risks like that.

    My strategy is about Confirmation=Trade/ or Cancellation=Don't Trade. This is why I would stay away even though the RSI "says" trade.

    About the stochastic, they are also very important. Here's an example why:
    You've just confirmed a downtrend on the 15min chart you go back to the 5min and wait for 2 bearish candles to decide where your entry will be (dojis don't count of course)
    Now you get a volatile move on the second bearish candle and the stochastic shows that it's already clearly oversold, and this is where one has to be strong enough not to enter the trade.
    I mean you have been waiting for so long and now you just have to let it go cause it's too late. Sure it could continue down still, but we don't want to take unnecessary risks.
    For more experienced traders like yourself it is easy to understand and get the whole picture, so I would say this strategy is harder for new traders.

    Another important thing is to always look back in the chart and ask yourself "what happened before", same things tend to happen over and over again.
    The lower lows and lower highs and higher highs and higher lows are very important and really helpful.

  6. #16
    Master Member Okane's Avatar
    By the way, the Pivot/res and support lines in the pictures are from:

    http://www.binary-options-x.com/Bina...ingMethod.html (FIBOPIV INDICATOR)

    Nothing to buy on that site, just some very good advices and I got the idea for my strategy from there!
    But then I don't trade the strategy the same way as described on the site.
    He looks at the 1Minute chart for confirmation and I use the two candle confirmation on the 5Minute chart,
    also I trade always in the direction of the trend and with 15min expiry (sometimes 30).


    But check out the site, it's especially good for newbies, nothing to buy there and no promises of making thousands in minutes... Just painfully and slowly .

  7. #17
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Okane View Post
    By the way, the Pivot/res and support lines in the pictures are from:

    http://www.binary-options-x.com/Bina...ingMethod.html (FIBOPIV INDICATOR)

    Nothing to buy on that site, just some very good advices and I got the idea for my strategy from there!
    But then I don't trade the strategy the same way as described on the site.
    He looks at the 1Minute chart for confirmation and I use the two candle confirmation on the 5Minute chart,
    also I trade always in the direction of the trend and with 15min expiry (sometimes 30).


    But check out the site, it's especially good for newbies, nothing to buy there and no promises of making thousands in minutes... Just painfully and slowly .
    heard on the painfully slow part. sounds about right Thanks for the answers to my questions. i am sure others had the same ones.

  8. #18
    Master Member Okane's Avatar
    Thanks Michael, happy to answer any questions!

    I must say that so far the hardest part has been the "psychology". But over time I hope to strengthen my mental trading skills!

  9. #19
    Master Member Bogdan G's Avatar
    How's your strategy performing, Okane? Still going strong?
    Btw, here's a thread about keeping discipline (saw from your posts want more discipline). Maybe you can use it:
    http://forums.binaryoptionsthatsuck....ng-disciplined

  10. #20
    Master Member Okane's Avatar
    Quote Originally Posted by Bogdan G View Post
    How's your strategy performing, Okane? Still going strong?
    Btw, here's a thread about keeping discipline (saw from your posts want more discipline). Maybe you can use it:
    http://forums.binaryoptionsthatsuck....ng-disciplined

    Hey Bogdan, the strategy itself is solid.
    The difficult part is monitoring all the charts and waiting for the "perfect trade". Dare I say I'm monitoring 12 charts :P.
    Sometimes I miss out on good trades and sometimes I get great confirmations on possible trade opportunities and
    I mess up or skip the trade because I'm still not mentally strong. But, luckily I've remained profitable so far.
    But I have not made so many trades with this strategy yet.
    Thanks for the discipline link, I'll check it out!

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