Settings for Studies in FX

[kma2053]

I see there really hasn't been a whole lot of posts recently. I have been trading the foreX for about a month now and need to find someone to discuss things with.

I use MACD, Stochastics, RSI, and the osc. Am wondering what are the best settings for the foreX. And since I"m pretty new, can you be specific and not just throw out a bunch of numbers? Thanks,

Kat
Washington

[DuaneG]

Hi Kathy,

Generally speaking, there are two camps of Forex traders. There are those who focus on charts that utilize 3 days of data and those who focus on more than 3 days of data (short term vs. long term). It really comes down to trading style and timeframe.

Most experienced forex traders would agree that this market can be difficult to scalp for any extended period of time with proper risk/reward rules in place. The benefit to trading the currencies is that they behave in a very technical manner.

As a resource, you may want to take a look at some of the Advanced Get Tools as they have been proven to work time and again. These tools can be applied to Forex trading and are technical in nature. Beyond that, it may take some tinkering on your part to find the best technical combo for your trading style. Try working with different chart intervals....I personally like using 45-minute charts, but only because it works for me...you should take the time to see what makes sense in regards to the pairs you are trading and a timeframe you feel comfortable with.

I'm also including a very good article from our Weekly Trading Education series that may help in your efforts.

[kma2053]

Duane,

You certainly sent some great info my way. I have had the program Advanced Get for over a year now and have used the elliott wave and the 4 types of trades in my opitions trading. I am very familiar with it. I am finding some very interesting differences with the ForeX version but very thankful that I have the AGET background that I do have. I've had the ForeX version for only about a month or two.

So, in other words, you will not be posting any parameters or settings for any of the studies you use. Nor discussing your strategies. I have started with a simple strategy and am going to use it until I get sick of it but am hoping then, since you won't share your settings, that you can refer me to some info with various strategies to study and learn.

I have not read the article yet that you sent the link to called Weekly Trading Education but will be reading it tomorrow.

Thanks,
Kat

[bugscoe]

Kathy - I trade Forex and also use MACD and Stoch. In fact, those are the only two indicators I use.

I just use the 12/26/9 settings on MACD. On Stoch, I use 15/3/3 on 5 and 15 min charts and 8/3/3 on the 60 and 6/3/3 on a 240min chart.

I primarily use both of those indicators for pos and neg diveregence but also use them to gauge momentum in moves.

Greg

[DuaneG]

Hi Kathy,

The reason I didn't go into detail with various technical indicators is that I am more of a minimalist when it comes to utilizing studies. I trade primarily based on pattern recognition and bar theory coupled with some Gann and Fib work. The one technical indicator I do use is the Advanced Get Stochastic. This is one of the best indicators I have come across and I use it consistently with the default settings (14, 3, 3).

[Alex415]

Advanced GET Stochastics

How does the Advanced GET Stochastics differ from conventional Stochastics on eSignal Basic?

Thanks,
Bob
aka Alex415

[ACM]

Bob
The Advanced GET Stochastic study itself is the same as the one that is provided in Basic Studies. However the Advanced GET version adds the False Bar indicator which is proprietary. For information on False Bar see the Reference Guide to Advanced GET Studies link in this page
Alex