15-30 Minute Strategy for Beginners!

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Comments

  • mohammadovmohammadov Posts: 25
    edited April 2015
    Okane said:

    Hey Okane, Thanks for the Strategy, Can this setup be made on freestockcharts.com? i couldnt find smooth SMA, only Simple?
    Another question, based on this strategy, does the criteria often happen more than 3-7 times a day - as an example- ? Thanks!

    SMA can be replaced with EMA. SMA 50 = EMA 99. Higher time frames = less signals, lower time frames more signals but less accurate.
    Try M5 for more signals.
    Thanks for your reply. Same Stochastic coordinates? shall i just enter 5 instead of 12 (check picture attached) ?

    ** if M15 is more precise, then i would stick with M15 :smile:
    stochastic.png
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  • mohammadovmohammadov Posts: 25
    edited April 2015
    Hello Again Okane, so today i tried to do the strategy for 30 mins -EURGBP, please see attached. I got OTM on the demo account. Is there something wrong?

    image
  • truthordaretruthordare Posts: 8
    Thank Okane for this trading tip for newbies like me! I am thankful enough that you guys here at BO.net take time to teach us! Million thanks! I just tried using this strategy on my demo forex account. It worked but my problem is still have to learn the stop-loss, take profit, etc..etc..
  • OkaneOkane Posts: 1,273 admin
    Mohammadov asked about a trade on AUD/CAD.
    First, I don't like CAD pairs.
    Second, you got a little bit unlucky there because price broke above the SMA.
    But let's analyze what happened here. Look at the picture, previous resistance was above the SMA
    and price was trying to reach it:

    Second thing to notice was that the lower high before was actually further down!
    So price was getting overbought at a higher level. Hence you could
    expect a change in the trend when the high you wanted to trade was higher than the previous
    one.
    Your next opportunity however, will come when price reaches the SMA on the M30 time frame :)
    audcad.jpg
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  • OkaneOkane Posts: 1,273 admin
    Mohammadov, look at the following pictures + forgot to include them in my last post:

    audcad2.jpg
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  • mohammadovmohammadov Posts: 25
    Thank you Okane, that was a good explanation actually. But isn't the second try also have a problem of "Lower high" is still down? This is the hardest part. The lower high, and the higher low :neutral:
  • OkaneOkane Posts: 1,273 admin
    About your other trade on EURGBP if I am not mistaken.
    Well, the rules are that your higher lows should be ABOVE the
    moving average. You can see in the picture that the trend is heavily bearish (going down).
    It broke above the SMA but you see it made a couple of huge lows that closed UNDER the moving average.
    So your next call is not a verified. It means price is in indecision, trying to change direction but it is failing.
    It helps and it is very important to also browse to higher timeframes and see "the bigger picture".
    Is there a higher more significant resistance/support near where price is? You have to ask yourself this questions always:
    Which level is the price trying to reach?

    For less noisy signals, you can also try this strategy on a higher time frame, I suggest M30 but you
    also need to learn how to draw and analyze higher time frames so you know where price is going.
    You had a couple of great put opportunities if you look at M30 on EURGBP today. Try it out, play with
    different time frames and draw some lines and get back to me!
  • OkaneOkane Posts: 1,273 admin

    Thank you Okane, that was a good explanation actually. But isn't the second try also have a problem of "Lower high" is still down? This is the hardest part. The lower high, and the higher low :neutral:

    Yes, I understand what you mean and it is very hard to explain to you what I see because
    normally I don't base anything on indicators only. I trade based on my lines and analysis and of course
    some confirmation from indies.
    Well, in this second scenario we are expecting to reach a higher much stronger resistance, the SMA on
    the M30. It is still a lower high if you look at the charts so we can consider it being a retracement back to
    where price dropped heavily before. Trading isn't 100% either, we just go with anything that has
    a high probability of winning. So in this case your M15 wasn't strong and good enough, the M30 looks more
    promising but again, not 100% either.

  • mohammadovmohammadov Posts: 25
    Hello Again Okane,

    i tried the strategy with 30 mins CHF/JPY as this image, but with EMA200 (after reading your diary)

    image

    But today i tried this with USDJPY and it failed, i saw the SMA50 as bullish when i was looking at the candle, but it is a bad luck maybe?
    image
  • OkaneOkane Posts: 1,273 admin
    Well, I see you tried my strategy. That one is based on much experience that took years to perfect.
    So I am not just basing my trades because of indicators. That's the part you must
    learn by practicing and looks like you are already :).


    Ok, second picture. How is the trend bullish there?
    Look at the rules again. When you see higher lows on the SMA.
    You have just had one price break above the SMA and you already want to trade
    on the FIRST oversold low on the SMA. So you have no confirmed higher lows above the SMA. Not even one with
    stoch oversold on the M15. Also, you are narrowing down your analysis too much.
    Take a look at the same time you took the trade and look at the M30 and H1. The trend
    is still bearish and has just bounced from touching the SMA and going down.
    So widen up your analysis, have at least 3 rules before you enter the trade, analyze as many time frames
    as possible, located strong support resistance areas.
  • mohammadovmohammadov Posts: 25
    Hello Okane,
    Thanks a lot for the explanation. I know its not that easy, but because you said its a beginner friendly, that's why i am into it.

    I admit that i was in a hurry when i did it, i like your explanation because i can now understand better. I already know that indicators are a helping factor nothing more.
    I still have a problem with detecting strong support and resistance areas.

    I will come again with new experience :(
  • OkaneOkane Posts: 1,273 admin
    Any time!
    Well, of course the strategy and the indicators are newbie friendly.
    But to become a better trader you need the skills and that just comes
    with experience, trial and error. But step by step you make the mistakes
    and you learn from them and add the things you learned to the strategy!

    Yes, I noticed you were in a hurry :( and that's why you overlooked many details.
    Every time you fail analyze the situation and ask yourself why did it fail and what
    you could've done differently. Would be a good idea to start your own diary too!
  • mohammadovmohammadov Posts: 25
    edited April 2015
    Hello Okane,

    Today i did two trades, but on M30, Because on M15 it passed the SMA50. Please have a look and let me know what do you think.

    Both are ITMs. But they were reall tight when they win, Just little pips difference.

    Thank you.

    image

    image
  • OkaneOkane Posts: 1,273 admin
    Good, you are learning, also check out the new strategy thread I made today. "okane's price action strategy"
  • mohammadovmohammadov Posts: 25
    Sure, thanks Okane. But is it okey to do as what i did? i mean if the conditions were met for the M30 not M15, and go for a trade ?
  • OkaneOkane Posts: 1,273 admin

    Sure, thanks Okane. But is it okey to do as what i did? i mean if the conditions were met for the M30 not M15, and go for a trade ?

    Again, every case is different and has other things to take into consideration.
    This is where your analysis come in. But I can tell you that the high probability trades
    are usually the ones where you have overbought/oversold Stoch on at least 3-4 time frames.
    It is not a guarantee either.
  • mohammadovmohammadov Posts: 25
    Okane said:

    Sure, thanks Okane. But is it okey to do as what i did? i mean if the conditions were met for the M30 not M15, and go for a trade ?

    Again, every case is different and has other things to take into consideration.
    This is where your analysis come in. But I can tell you that the high probability trades
    are usually the ones where you have overbought/oversold Stoch on at least 3-4 time frames.
    It is not a guarantee either.
    Using Price action and Stochastic right? i saw your other video, Price Action + Stoch on multiple time frames.. I just did a trade using the strategy, and will report back :)
  • OkaneOkane Posts: 1,273 admin
    Glad you saw the video. Sure, go ahead and try :) you will learn something for sure!
    Just remember that "price action" also includes experience, skills, patterns and a lot more than you might
    think. So keep practicing and soon you should understand what I mean and hopefully it will improve your skills too!
  • MindelsonMindelson Posts: 5
    Thank you for your description of the strategy . I think that it will suit beginners well. Profitable strategy should not contain many indicators - just 2 - 3 pieces. Also described strategy is easy to understand and implement .
  • heyzeheyze Posts: 9
    @ Okane pls, what broker do you recommend or what broker do you use personally? Thanks.
  • OkaneOkane Posts: 1,273 admin
    heyze said:

    @ Okane pls, what broker do you recommend or what broker do you use personally? Thanks.

    24Option or Stockpair. I have accounts with both but for short term trades I prefer 24Option and long term Stockpair.
  • Thanks, I'll try it
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