Hi Everyone,
This is my first post but I have been reading this forum for quite some time!
Like so many others, I just thought I'd like to share my method of trading. I'd be most interested in feedback.
The following must be set up on a VT trader day chart. (I also use a 4 hour and one hour chart with slightly different MacD settings) For now lets stick to the day chart.
For day trading:
Use a bar chart with daily open/closing
Rt click anywhere on the chart to add the following (Indicator quicklist)
Support and Resistance of 8
Chaos Fractals....this actually shows the pin bars.
Optional: EMA's of 5, 15 and 40. Just for a visual to see which way the trend is.
Now comes the interesting part! I like to overlap indicators.
Add:
Slow Stochastic Oscillator (8,4,E,4,E)(Navy) Rt click on this indicator and edit and add a 50% horizontal line.
Rt Click on this indicator again and go to attach indicators and add to it an EMA of 2. (red)
Rt Click on this indicator again and go to attach indicators and add to it Moving Average Envelope of 9, Simple. (Purple)
Next indicator:
Add MacD Histogram (C,9, E,C,17,E,9,E) (green)
Rt click on this indicator and go to Attach indicator and add EMA of 1 (green)
Rt click again on this indicator and go to attach indicator and add EMA of 4. (red)
Next indicator:
MA of Relative Strength Index (21,8,24) RSI (green), MA1(red), MA2(blue)
(This is a wonderfully accurate indicaton) I also add a center horizontal line of 50 as well.
To trade:
Look for the solid Slow Stowchastic line to cross over the red EMA line. I use the purple envelope line as a smoothing line. Visual verification of a trade.
Next I check and see if the MacD histogram is going up over the red EMA line or below it.
Thirdly, check and see if the green RS line of the third indicator is crossing over the upper /lower most MA line, which is usually the red one depending on which way the trade is going.
Then I start the trade, but not until the closing or starting of a new bar. (Once a day) Best trades are when all three indicators are doing the same thing.
You can follow the trade with a trailing stop of atleast 50 or whatever method you usually use. Stop the trade when the Stochastic starts to flatten out or when the MacD starts to turn in the opposite direction. There are many methods for stopping a trade and I'm still working on that! lol. However, I like my entry. If anyone can help me with suggestions for ending a trade at the right time I'd appreciate it.
Hope you enjoy the set-up. If someone can explain to me how to import this chart so you can see it, I'd appreciate it. (There are some things I just don't know how to do! lol)
Linda :-)
This is my first post but I have been reading this forum for quite some time!
Like so many others, I just thought I'd like to share my method of trading. I'd be most interested in feedback.
The following must be set up on a VT trader day chart. (I also use a 4 hour and one hour chart with slightly different MacD settings) For now lets stick to the day chart.
For day trading:
Use a bar chart with daily open/closing
Rt click anywhere on the chart to add the following (Indicator quicklist)
Support and Resistance of 8
Chaos Fractals....this actually shows the pin bars.
Optional: EMA's of 5, 15 and 40. Just for a visual to see which way the trend is.
Now comes the interesting part! I like to overlap indicators.
Add:
Slow Stochastic Oscillator (8,4,E,4,E)(Navy) Rt click on this indicator and edit and add a 50% horizontal line.
Rt Click on this indicator again and go to attach indicators and add to it an EMA of 2. (red)
Rt Click on this indicator again and go to attach indicators and add to it Moving Average Envelope of 9, Simple. (Purple)
Next indicator:
Add MacD Histogram (C,9, E,C,17,E,9,E) (green)
Rt click on this indicator and go to Attach indicator and add EMA of 1 (green)
Rt click again on this indicator and go to attach indicator and add EMA of 4. (red)
Next indicator:
MA of Relative Strength Index (21,8,24) RSI (green), MA1(red), MA2(blue)
(This is a wonderfully accurate indicaton) I also add a center horizontal line of 50 as well.
To trade:
Look for the solid Slow Stowchastic line to cross over the red EMA line. I use the purple envelope line as a smoothing line. Visual verification of a trade.
Next I check and see if the MacD histogram is going up over the red EMA line or below it.
Thirdly, check and see if the green RS line of the third indicator is crossing over the upper /lower most MA line, which is usually the red one depending on which way the trade is going.
Then I start the trade, but not until the closing or starting of a new bar. (Once a day) Best trades are when all three indicators are doing the same thing.
You can follow the trade with a trailing stop of atleast 50 or whatever method you usually use. Stop the trade when the Stochastic starts to flatten out or when the MacD starts to turn in the opposite direction. There are many methods for stopping a trade and I'm still working on that! lol. However, I like my entry. If anyone can help me with suggestions for ending a trade at the right time I'd appreciate it.
Hope you enjoy the set-up. If someone can explain to me how to import this chart so you can see it, I'd appreciate it. (There are some things I just don't know how to do! lol)
Linda :-)