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  • #101
  • Apr 20, 2020 5:48am Apr 20, 2020 5:48am
Quoting farshad.bah
{quote} First of all thank you for sharing your strategy. Could you please explain more about this trade? The posted chart does not show any channel failure( as the one of the trigger of entering market), the channel just approching the 200sma. Sorry if my question is wrong, becuase i recently begin learing about forex trading
Hi

It wasn't a channel failure, it was a channel trade. Post 1 should explain the difference but let me know if you need more help.
  • #102
  • Apr 20, 2020 5:49am Apr 20, 2020 5:49am
Quoting Wellington
Hi Laura - following your thread as it develops. Would this be a current example of a channel failure? {image}
Yes - perfect
  • #103
  • Apr 20, 2020 5:50am Apr 20, 2020 5:50am
Quoting LauraT
{quote} Yes - perfect
Cool, thanks
  • #104
  • Apr 20, 2020 5:53am Apr 20, 2020 5:53am
Quoting Loftboy
{quote} {image} Hope this works.
Few issues with that. Firstly it was an already quite mature move that had taken place, secondly price was quite far from SMA already.

Also, the aim for shorts is to enter when price is at or near the upper band so we get a 'good' price. I think you entered when price was beneath the lower band?
  • #105
  • Apr 20, 2020 5:58am Apr 20, 2020 5:58am
Quoting LauraT
{quote} Few issues with that. Firstly it was an already quite mature move that had taken place, secondly price was quite far from SMA already. Also, the aim for shorts is to enter when price is at or near the upper band so we get a 'good' price. I think you entered when price was beneath the lower band?
I thought it might have been a bit far from the 200 SMA. Yes, I thought it had to close above or below the channel. I have since noticed from your most recent screenshots what I was doing wrong. Thanks so much for your time.
All you touch and all you see, is all your life will ever be.
  • #106
  • Apr 20, 2020 6:19am Apr 20, 2020 6:19am
Hi LauraT, this is a great thread and strategy, will follow closely.
Just took my first sell on EU and locked in a small profit so far
  • #107
  • Apr 20, 2020 6:36am Apr 20, 2020 6:36am
Quoting jan.forex
Hi LauraT, this is a great thread and strategy, will follow closely. Just took my first sell on EU and locked in a small profit so far
Well done Jan

GU has responded nicely too.
  • #108
  • Apr 20, 2020 6:48am Apr 20, 2020 6:48am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM5.png Size: 47 KB


5m Gbp Jpy Channel failure trade entry at purple line.

Seemed to work out well

Thanks Laura
  • #109
  • Apr 20, 2020 6:48am Apr 20, 2020 6:48am
Hi,
Is this a buy signal?
Please see attached.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture5.JPG Size: 81 KB
  • #110
  • Apr 20, 2020 6:51am Apr 20, 2020 6:51am
To All,

Many charts are NOT showing the RSI-MTF, so please get it in your analysis and on your charts, it is helpful.
Attached Image (click to enlarge)
Click to Enlarge Name: rsi-mtf.png Size: 69 KB


Roy
  • #111
  • Apr 20, 2020 6:52am Apr 20, 2020 6:52am
Quoting ukmartin
{image} 5m Gbp Jpy Channel failure trade entry at purple line. Seemed to work out well Thanks Laura

well done Martin
  • #112
  • Apr 20, 2020 6:54am Apr 20, 2020 6:54am
Quoting r-ali
Hi, Is this a buy signal? Please see attached. {image}
You could have got a slightly better entry price by waiting for price to be around the lower band but yes, it's a valid buy Good luck!
  • #113
  • Apr 20, 2020 6:55am Apr 20, 2020 6:55am
Quoting LauraT
{quote} My first trade of the day was also a loser - it happens If you are trading the 5m chart, the bias should be taken from the M1-M30 timeframes on the MTF Dashboard. Plus the Composite RSI which is currently 58. So yes, bias is long for EU now. Ordinarily I'd say you could look for a long entry when price goes to lower band but look how far EU has travelled away from the SMA already. It could be that ship has sailed. Also, be aware that the previous day's high is now being flirted with and that could halt any bullish moves. Hope this...
Nice work Laura.

My respect greatly increases for a trader here when I see them post both their wins and losses.

Power on I say!!

Cheers
Anthony
Empty your mind and let the market guide you
  • #114
  • Apr 20, 2020 7:06am Apr 20, 2020 7:06am
Here's a puzzle for folks... took 106 points out of Dow but why was it a riskier trade than others?

Attached Image (click to enlarge)
Click to Enlarge Name: UsaIndSb620M1.png Size: 38 KB
  • #115
  • Apr 20, 2020 7:18am Apr 20, 2020 7:18am
Quoting LauraT
Here's a puzzle for folks... took 106 points out of Dow but why was it a riskier trade than others? {image}
Is it because H4 and H1 still moving up according to SMA indicators?
  • #116
  • Apr 20, 2020 7:20am Apr 20, 2020 7:20am
Quoting LauraT
{quote} You could have got a slightly better entry price by waiting for price to be around the lower band but yes, it's a valid buy Good luck!
Hi, thanks for your reply. It touched the lower band in the previous bar
  • #117
  • Apr 20, 2020 7:21am Apr 20, 2020 7:21am
2 reazons:
1 it could be break out of the channel
2 it's too far from 200 sma, which could behave like a magnet
  • #118
  • Apr 20, 2020 7:24am Apr 20, 2020 7:24am
Quoting LauraT
Here's a puzzle for folks... took 106 points out of Dow but why was it a riskier trade than others? {image}
Broke last Friday low at 130 points away from SMA200. So what's the rationale behind this trade ?

Support is another 300 points away.
Attached Image(s) (click to enlarge)
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Know what you trade
  • #119
  • Apr 20, 2020 7:29am Apr 20, 2020 7:29am
Quoting BWilliam
{quote} Broke last Friday low at 130 points away from SMA200. So what's the rationale behind this trade ? {image}
Spot on.

The trade actually follows a slightly more advanced concept around how I trade the previous day high/low, which I'll explain. Primarily though, I wanted to make sure people were keeping those dotted lines in their minds

When a previous day high/low is punctured, it often then becomes 'turncoat' support/resistance, which is what I envisaged.

Another reason I wanted to post the trade is to remind everyone to separate outcome from execution. The outcome was good but this was not a high probability trade. I've had small losing trades today that were executed better than this Dow win. Anyone who knows the work of Mark Douglas will be nodding along at this point.
  • #120
  • Apr 20, 2020 7:31am Apr 20, 2020 7:31am
I think you have the record in earning a badge from new member yesterday to top 4% today i think you mayby miss 5-10 subsribers for a red badge.....Not that it matter a lot,but i dont think many raise that fast with subs.....lolz
Insanityoing same ting over expecting different results..Einstein
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