I like to use a period of 24 on the main channel because that covers a full day on the 1h, 2 days on 30 min, etc. But like I said before, it doesn't really matter. The period only determines the sample size. The sample size determines the variance, etc. Stats 101. On some of the screenshots there might be faint channels that are a period of 48 or so.
Everything tends to revert to the mean. Put a channel on the monthly on pound or euro and you can see price hugging the mean. Statistically, when that happens, price is in balance. with period of 24, that rarely happens on intraday, but has happend on the daily for some of those moves that seem to go forever.
I mostly watch the daily, 4h, and 1h charts for direction and the primary levels for entry/exit. I use the 1h and lower for setting the entry orders.
I rarely use market orders with this method.
With 8 charts on the screen, I can trade any style. Scalp, swing, or positional. I've left trades on for weeks while also doing smaller swings.
Once you get the hang of it, it's actually quite clear, absurd as that sounds . Where is price in relation to the channels and which direction are the channels. check against higher frames.
Everything tends to revert to the mean. Put a channel on the monthly on pound or euro and you can see price hugging the mean. Statistically, when that happens, price is in balance. with period of 24, that rarely happens on intraday, but has happend on the daily for some of those moves that seem to go forever.
I mostly watch the daily, 4h, and 1h charts for direction and the primary levels for entry/exit. I use the 1h and lower for setting the entry orders.
I rarely use market orders with this method.
With 8 charts on the screen, I can trade any style. Scalp, swing, or positional. I've left trades on for weeks while also doing smaller swings.
Once you get the hang of it, it's actually quite clear, absurd as that sounds . Where is price in relation to the channels and which direction are the channels. check against higher frames.