I have another system thread called the TAW system (https://www.forexfactory.com/showthread.php?t=748815) and it is really the primary method that I trade.
HOWEVER, sometimes market conditions in some pairs are just better for looking at things a different way and trading under different rules. In my opinion the wise trader has several trading tools and systems at hand to use based on the conditions of the market and the conditions of the pair being looked at.
I have what I believe is an INSANELY simple range trading system to be used when a pair ends up range bound or what I call "channel bound."
Here is a look at EURUSD on the 1D.
With those fat lines put up there it becomes pretty brain dead simple to see how the pair has been constantly stuck in a range bouncing off support and resistance for what amounts to most of this year.
But to show an example of what I call, "channel bound" here is a look at AUDUSD on the 1D time frame
Now AUDUSD is fairly new to this channel however today we can see the bounce upward off the channel support point.
Again, you don't have to be a rocket scientist here to see the trade points.
Now with range trading I do set an SL usually a little beyond the area (to protect in case the pair is really going to breakout) and almost always my SL is only about half way into the range on a range bound pair. If you look at both of the charts you can see why that is. Now on channel bound pairs how I set my TP is a little more complex so I'll cover that in video. There may be a few seconds of "dead air" in the beginning.
https://youtu.be/2GV9CEH_Ep8
HOWEVER, sometimes market conditions in some pairs are just better for looking at things a different way and trading under different rules. In my opinion the wise trader has several trading tools and systems at hand to use based on the conditions of the market and the conditions of the pair being looked at.
I have what I believe is an INSANELY simple range trading system to be used when a pair ends up range bound or what I call "channel bound."
Here is a look at EURUSD on the 1D.
With those fat lines put up there it becomes pretty brain dead simple to see how the pair has been constantly stuck in a range bouncing off support and resistance for what amounts to most of this year.
But to show an example of what I call, "channel bound" here is a look at AUDUSD on the 1D time frame
Attached Image
Now AUDUSD is fairly new to this channel however today we can see the bounce upward off the channel support point.
Again, you don't have to be a rocket scientist here to see the trade points.
Now with range trading I do set an SL usually a little beyond the area (to protect in case the pair is really going to breakout) and almost always my SL is only about half way into the range on a range bound pair. If you look at both of the charts you can see why that is. Now on channel bound pairs how I set my TP is a little more complex so I'll cover that in video. There may be a few seconds of "dead air" in the beginning.
https://youtu.be/2GV9CEH_Ep8
Woohiye is a Lakota Sioux word that means success, or overcoming obstacles