Daily channel trading with high R:R

Hi I just started to live trade with cent account using daily channels, so far so good.

I have more charts but i gotta eat now.

Here are more charts.

I took all these trades last night very close to each other.

Here is an update on Aud/cad.

I think I made a mistake going short on this one.

It did not yet hit sl.

but here is my explanation as to why I think I made a mistake going short.

I am starting to use andrews pitchfork to help me determine from now on.

First use channel than use that to plot pitchfork.

As you can see from the new Aud/cad chart. The price has closed above the mid line of pitchfork. This means that price has 80% of going to top of channel.

lets see what happens.

When I have time I will plot the pitchfork on all my trades that I took and the new ones.

This will help me determine whether to go short or long and also help me move my sl and take new positions.

Also let me tell you about a trick that I just learned.

after plotting the pitchfork tilt the screen to the right and bring the pitchfork slanted upwards to horizontal position.

At first you will see the market doing higher highs but when you tilt it to horizontal position you will see that it is just bouncing off previous highs.

When the price goes above these highs in the horizontal position it will mean the price will go even higher.

At the moment total of 422 pips since last night.

I have moved some of the trades sl to breakeven plus.

Using the pitchfork we can manage trades, ie. getout goto breakeven add to it and so on.

But I dont know what to do as of yet.

I think when price reaches midlevel of pitchfork we can take out some profit - bring sl to breakeven, and if prices breaks mid level and closes we can add to trade.

But we have to figure out a way to add to the trade where we can bring both the original trades sl and the new added trades sl to same level so if both sl is hit we are at breakeven. Keep in mind we had taken out half of our original trade out.

If anyone know a good way to keep track of this let me know.

Update,

I took out half of my trades except a few of them.

And brought sl to breakeven plus.

Just took this trade now

hoping the mid line holds

Great observation on patterns.. do you draw equidistant channel or Andrew pitchfork?

I'm just learning the pitchfork.

You can use pitchfork for taking profits and reentry imo.

But equidistant channel is better for my plan.

I am just developing this so.

My idea is to analyze multiple pairs and look at the big picture(daily) and in an instant decide which way the price is going.
I have experienced this in life as well. For example lets say I am watching who wants to be a millionaire and I read the question and the possible answers. 90 percent of the time the first answer that I visualize is the correct answer.

Same thing in trading. The first thought in your mind when you open the daily chart and zoom out should give you the answer.

Now comes handling the trade. I am going to try and enter the trade at the top/bottom of the channel and if there is 1:4 rr at least I will go ahead with the trade. My Sl would be close to channel top/bottom so it would be tight and my tp will be far away. Now If i'm right 1 out for times I am making progress.

What do you think?

Here is a picture worth 1000 words.

Where do you think the price is headed?

If you flip it to the left little bit and make the upper part of the down channel horizontal than you will see the price is making hh and hl. Bu the last high was not able to make a hh.

This one is tough,

The rule is that if the price closes above the median pitchfork there is 80percent chance that it will go to top of channel.

But if I see a nice pinbar down (prefer a red one) the price will go all the way to low channel. Because I see big rejection from the last 2 bars.

What you guys think?

What about this one?

The price touched bottom twice already, and it looks like its going down again.

If you look at the 2 previous touches on the channel the price only touched 2 times and kept going up.

You think the price will just go up from here?

Here is 4 hour version of cad/chf

Looks like price is headed up.


If you go long here, Sl is at bottom of channel about 33 pips.. TP middle of channel about 99 pips, TP top of channel about 220 pips.

So if you take 4 trades like this and you are correct one time you are profitable, what do you think?

If anyone else can post charts like this pls do so.

You can post any time frame but keep in mind which way the daily is headed.