Pride's Intra-Day Strategy [Profit Everyday]

[.Pride.]

Hi Pride,

I am not sure whether you or anybody has already mentioned this, thought of sharing with all you guys.

After seeing ST Da's post on entires on the hourly chart [on the "How to trade Oscillators" thread], I was curious over the concept of extending Pride's method on the "hourly charts".

Difference would be:
1. Since we are looking at hourly charts no need for confirmation from the 30 min stoch .
2. Crossover in the 5/13 EMA and 1 hr stoch crossover for entry and exits.
3. We don't close our positions daily, instead carry on until an EMA/Stoch crossover.
4. Gap up/downs wont be a problem, if we restrain from entering a trade after 3 PM.

The results are not as mind blowing as the Intraday, but close to 400-500 points for the last one month is decent enough. Especially for people who are not full time traders[like me] can consider this. We will have to check the charts once in 2 hours and carry on with our other work .

I would like to know your thoughts on this. Maybe if people are willing we can have a separate thread on this so that we don't clutter this one.

Regards,
-Sri

Dear Sri,

this is a great idea and even I was contemplating this kind of modification so a new system can be made for positional trades. Just didn't get enough time to think it through.
It can act as a complementary system to the intra-day system as sometimes we miss out on the big moves with the current system. and as you said, it will be helpful for part-time traders as well.

 

[gunavadhi]

A different thread will not be a bad idea, to experiment and test the hourly trades. Do take a look at ST's thread: How to trade an oscillator. He has posted an hourly chart to explain and could be helpful in the new thread.

I am in for your suggestion.

Happy Trading

better you ppl open a new thread as this method is worth trying in all time frames and all cash scrips too.but let the mother thread is for NIFTY and BANKNIFTY only and other tweaks therein.

 

[ag_fx]

I was trying to configure metatrader for this set up. Attaching a snapshot. Can someone confirm if this is the right setting for stoch?
I dont know, i am getting confused

 

[gunavadhi]

I was trying to configure metatrader for this set up. Attaching a snapshot. Can someone confirm if this is the right setting for stoch?
I dont know, i am getting confused

d period is 3 and slowing is 4.

 

[SavantGarde]

Hi Ankit,

Settings Are Correct For MT4 Except For MA Method Select EMA Instead Of Simple As Shown In Your Attachment & Price Field Select Close

Happy & Safer Forex

SavantGarde

I was trying to configure metatrader for this set up. Attaching a snapshot. Can someone confirm if this is the right setting for stoch?
I dont know, i am getting confused

 

[ag_fx]

d period is 3 and slowing is 4.

Hi Ankit,

Settings Are Correct For MT4 Except For MA Method Select EMA Instead Of Simple As Shown In Your Attachment

Happy & Safer Forex

SavantGarde

Aila!!!!

I am more confused now

And if i remem correctly, in one of the posts, Pride had mentioned that MA for Stoch is Simple.



Pride, would you also share your thought on the setting?

 

[SavantGarde]

Hi Ankit,

There Shouldn't Be Any Confusion Everything Is Correct In My Post & Yes I Overlooked The Stoch Settings & Gunavadhi Is Correct, Just Change The 4 to 3 & 3 to 4.

Happy & Safer Forex

SavantGarde

 

[gunavadhi]

the main stochastic line is known as %k, and is calculated over a specified number of days/bars, in this case, it is 8.

a short term moving average is applied to %k and this timing line is known as %d, which is 3 for this system.

A third variable is used to “slow” or smooth the %k line by displaying it as a moving average, which for us is 4.


I hope this clears all the doubts regarding the stochastic settings

by the way, stochastic settings do not make much difference...if you are not able to modify them, just use the default settings because my settings have just a minor deviation from the default.

look here.

 

[gunavadhi]

SavantGarde, if pride told anything about MA Method in Stoch Settings? what Ma method to be used? AND WHAT SETTINGS IN PRICE FIELD?waiting for pride.

 

[SavantGarde]

Hi Ankit,

Normally My Slow & Fast Periods Are Same As 3,3 Look Back Which In Pride's Is 8 Is Dependent On What Type Of Trading I Am Doing At That Point Of Time....Early Mornings I Look Back 13, 15 Or For Shorter TFs I Usually Look Back To 5 & 7 Depends On The Time Of Day.

You Try By Using MA As Simple....& See How It Works Open Up Some Charts Of Different Pairs & See How It Works For You & What You Are Comfortable.

But Change The Price Field To Close

Happy & Safer Forex

SavantGarde