{quote} HiIt 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.
{quote} Thank you very much indeed for your answer I thought, we can use channel trading just one time and after channel crossing the 200sma and in direction of the trend (if all of the other parameters such as MTF dashboard and RSI confirm the bias) and after that we just looking for channel failure for entering the market again. but I think now if all of the parameters (MTF dashboard, RSI and channel location according to the 200sma) confirm the bias, and the channel, after moving away from 200sma, approaches the 200sma we can use channel trading...
A channel trade doesn't have to be a 'once per turn' event. As long as price is close enough to SMA200 (in order that you will know you are wrong without too much cost) you can make the type of entry you highlighted.
Here's a quick chart showing a trade opportunity I took that has just finished. Was first alerted to potential entry when price bounced off Yesterday's High. I then waited until channel was above SMA and price was near bottom of channel. Eventually got in and took profit at Daily Open Line. In my first post I had mentioned that price often likes to return there after a journey away. Have a good weekend folks
{quote} Hi Laura, your thread looks interesting and I am just starting to go through it. I have a question on one of your first charts. Why did you not treat the circled area as the bounce off of yesterdays high, and then enter at the blue line. Why did you trade much later? Thanks {image}
Here's an example of where a quick scalp to the previous day high is the right move. {image} Channel failure. Bias in agreement. Price kept revisiting previous day high.
I will be exploring in demo coming period which trading style suits me the most, the main challenge I have is to combine my fulltime job with trading. My idea is to scan for example every 4h after candle closure for a chart setup. LauraT: can you give insights in how much time of the day you are monitoring the charts? Any advice for people that want to focus on longer timeframes 4H / 1 day? For the 4H, I took this demo trade on G/U: {image}
If you are able to check your charts every 4 hours or so, you'll be golden. The main difference with short-term trading is that you will find your stops and take profits are much larger (in pip terms). But that can be balanced out by reducing your trade size.
Hi Laura - perfect example here of the mkt returning to the opening price, but where on this chart would you have entered? I've circled a number of places that I felt would be valid entry levels and am interested to know your thoughts? Thank you
Hi Laura Nice thread.Wish you lots of success. Here is my little artistic contribution to your thread.Nice color scheme easy on the eyes and delicious to look. {image} {file}
