Here is what I am referring to when I mentioned the longer term TL and the PA hitting top of up trend channel. It may bounce back down once PA touches upper channel line. Sorry I did not know how to post chart before.
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DislikedHere is what I am referring to when I mentioned the longer term TL and the PA hitting top of up trend channel. It may bounce back down once PA touches upper channel line. Sorry I did not know how to post chart before.Ignored
DislikedHi lawgirl,
I like your thread.
I just wanted to add that different brokers have different closing times for their bars/candles. If one is going to do analysis, he/she should do their analysis on the chart that gives them the signals.
fxtsun
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"Chance favours the prepared mind" - Louis PasteurIgnored
DislikedAnd if it touches, we will look to what I call a channel trade..one of my most favorite ways to trade, but more risky.Ignored
Dislikedafter first candel TL is going inside secound candel not exactly under secound candel is it o.k ?Ignored
DislikedAgreed, I would be shorting the touch of the upper channel line, not going long, as was originally suggesed by the 3 taps method. However, still remember that the overall trend is up, so I won't risk too much on the touch of the upper channel line. Like you said Lawgirl, it is a bit more risky ... However, if that channel line is broker though, then a nice long trade would be in orderIgnored
DislikedTHE CHART LOVERS METHOD
Scan through any or all pairs you wish to trade and jot down only those which have confirmation of direction on all three TFs. Do this by observing the RSI.
For LONG: RSI should be pointing between 12:00 and 2:00. 3:00 is neutral.
For SHORT: RSI should be pointing between 4:00 and 6:00. Again, 3:00 is neutral
NOTICE ON THE CHART BELOW THAT THE DIRECTION IS DOWN, OR SHORT. (RSI IS BETWEEN 4:00 AND 5:00 O'CLOCK)
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DislikedIf you are looking to get a few pips only off the trade, then it is all good -- I, on the other hand, am sitting this one out on the sidelines to see where price will go.
BTW.. the EURCHF trade you called is shaping up nicely ... thanks for the call and for this thread. What time zone are you in? when do you have time to actually post your charts and calls ...I'd like to follow along so that I cna check my computer for updates to the thread.Ignored
DislikedHi Lawgirl,
excuse me if my question is too stupid, but I do not really come along with your description of the RSI conditions. You described the RSI by using the time measurement. But .. what does it mean, the RSI is between 4 and 5 o' clock!? Wenn I do observe the scale of the RSI I could not discover what you mean ?!
Apart from this, great and plain idea! Thanks for sharing!!
All the best,
DortmunderIgnored
DislikedIs there a particular reason you are exiting these trades right now, or is it the end of trading day? I am thinking of staing in eur/chf to ride it out..I moved SL to BE+1Ignored