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  • #181
  • Apr 21, 2020 2:29am Apr 21, 2020 2:29am
Quoting fx-lover
Daily high and low not appear on my chart which indicator responsible in this?
!SM_Daily_HiLo
  • #182
  • Apr 21, 2020 2:31am Apr 21, 2020 2:31am
Quoting Robsflow
Hi LauraT, Great Thread! This looks like a great buy but not all is green for the SMA signal, Is that ok? {image}
When you are trading on the 1m chart, the main timeframes to be aware of on the MTF Dashboard are M1-M30, so that trade would have been valid.

Hope this helps.
  • #183
  • Apr 21, 2020 2:39am Apr 21, 2020 2:39am
Quoting Loftboy
{quote} I was of the understanding that the bar had to close outside the channel, although I saw on your examples yesterday that this is not the case. If this is not the case, what is the point of the channel? How could you be sure the price here wasn't going to go up? We can't see the 200 SMA. I know the composite RSI was below 50 but I can't install that anyway, nor the MTF 200 thingy in the corner. My guess would have been a buy trade. Other peoples' winning trades always look easy, until I try it for myself.
You couldn't see the SMA because price was well below it.

The point of the channel is many-fold. Post 1 explains

"How could you be sure price here wasn't going to go up?" - I couldn't. That's trading. We never know in advance whether an individual trade will be a winner or loser. We just try to stack probability in our favour.
  • #184
  • Apr 21, 2020 2:39am Apr 21, 2020 2:39am
Hello Laura T,

Thank you for your shared the system and know how. I follow your teaching.

regards,
Suchart
  • #185
  • Apr 21, 2020 2:42am Apr 21, 2020 2:42am
Quoting finessence
{quote} Hi Laura, May I ask why the entry and stop lines for the still ongoing part of the trade are not visible on your chart?
Hi there.

Two reasons I removed them. One is that it makes showing charts cleaner and easier to read, other is that I don't want to have to get ahead of the curve by explaining entries that might be more advanced or have been taken with a long-term viewpoint.
  • #186
  • Apr 21, 2020 2:44am Apr 21, 2020 2:44am
Quoting darien95
Some trades USDJPY Long Loss USDCHF Long Win AUDUSD Short Win GBPAUD Long Win {image} {image} {image} {image}
Hi - thanks for posting your trades Well done on your trading!
  • #187
  • Apr 21, 2020 2:46am Apr 21, 2020 2:46am
LauraT, thank you for this. I just came across the thread this afternoon, and I am writing from Brisbane, Australia. Having used the EMA8 for some time, I am enjoying the channel concept, which I have to say, I ha not thought of. Personally, I confine my trading to conventional FX pairs, and I like to trade D1 or H4. I stay away from the combat zone of the lower timeframes.
I look forward to continuing the journey here.

I have bought USDJPY D1, betting on a reversal.
Apologies in advance for probably breaking all of the rules
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  • #188
  • Apr 21, 2020 2:48am Apr 21, 2020 2:48am
First trade of the day 15 pips on AudChf

Attached Image (click to enlarge)
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  • #189
  • Apr 21, 2020 2:52am Apr 21, 2020 2:52am
Quoting Hammertop
Hello LauraT. Nice strategy you are sharing here, thank you. I have been profitable in high TFs but I have been looking for some intraday strategy easy to implement but solid at the same time. Yours looks like it might tick all the boxes Could you share more information about trade management please? Also, do you think this couple of trades I'm posting would be correct. Although the main entry would have been over the Asia session and already in profit at this moment in time, a retest on yesterday's low looked right enough. Just a bit wary...
Hi - thanks for the kind words

Your trades are valid. Price might want to have a push toward the SMA and/or daily open line but the concept of using the previous day low as turncoat resistance is a good one. Good luck!

I will be covering both trade management and money management, hopefully at some length. When I started the thread I envisaged it'd be a slow burner and I'd have lots of free time to write a structured step-by-step. I was quite unprepared for how popular it has become. But we'll get there - stay tuned
  • #190
  • Apr 21, 2020 3:31am Apr 21, 2020 3:31am
This is a pending sell trade AUDCAD D1. Unlike my first trade, this might be more compliant with the rules. I think the chart is an example of a failed channel break. Have I got this right. If not, the pending order may not be filled
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  • #191
  • Apr 21, 2020 4:03am Apr 21, 2020 4:03am
Quoting BillyF
This is a pending sell trade AUDCAD D1. Unlike my first trade, this might be more compliant with the rules. I think the chart is an example of a failed channel break. Have I got this right. If not, the pending order may not be filled {image}
Hi Billy,

It might turn into a channel failure but the channel hasn't yet poked above SMA200 and back down again so it doesn't qualify.

Hope this helps.
  • #192
  • Apr 21, 2020 4:24am Apr 21, 2020 4:24am
A few of you have already mentioned these kind of setups but I'll post this for those who haven't. This is an example of yesterday's low acting as turncoat resistance. Once I saw it unfolding I got short (and yes, well spotted if you notice my entry was less than perfect haha).

Attached Image (click to enlarge)
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So, we now have 3 types of entries in our toolbox. Channel entries, channel failures and now previous day high/low acting as turncoat resistance/support.
  • #193
  • Apr 21, 2020 4:30am Apr 21, 2020 4:30am
Quoting LauraT
A few of you have already mentioned these kind of setups but I'll post this for those who haven't. This is an example of yesterday's low acting as turncoat resistance. Once I saw it unfolding I got short (and yes, well spotted if you notice my entry was less than perfect haha). {image} So, we now have 3 types of entries in our toolbox. Channel entries, channel failures and now previous day high/low acting as turncoat resistance/support.
Thanks Laura - can I ask how you are finding entries? Are you simply eyeballing a multitude of different instruments/different timeframes or do you have alerts giving you the heads up when to pay attention to something? (btw I don't have MT4 so am cobbling together my own "roadmap" )
  • #194
  • Apr 21, 2020 4:37am Apr 21, 2020 4:37am
Sell entry at top of channel and off of yday's low
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  • #195
  • Apr 21, 2020 4:37am Apr 21, 2020 4:37am
Quoting Wellington
{quote} Thanks Laura - can I ask how you are finding entries? Are you simply eyeballing a multitude of different instruments/different timeframes or do you have alerts giving you the heads up when to pay attention to something? (btw I don't have MT4 so am cobbling together my own "roadmap" )
At the moment it's the good old fashioned method of constantly eyeballing charts. But going forward we might have some tools to help us (although they will be for MT4). Some traders use MT4 for charting/indicators and another platform for trade execution.
  • #196
  • Apr 21, 2020 4:38am Apr 21, 2020 4:38am
Quoting Wellington
Sell entry at top of channel and off of yday's low {image}
Bravo!
  • #197
  • Edited 5:08am Apr 21, 2020 4:40am | Edited 5:08am
Quoting LauraT
{quote} Hi - thanks for the kind words Your trades are valid. Price might want to have a push toward the SMA and/or daily open line but the concept of using the previous day low as turncoat resistance is a good one. Good luck! I will be covering both trade management and money management, hopefully at some length. When I started the thread I envisaged it'd be a slow burner and I'd have lots of free time to write a structured step-by-step. I was quite unprepared for how popular it has become. But we'll get there - stay tuned
Thanks, Laura.
While staying (impatiently) tuned and waiting for your input, I closed GU at H1-H4 support. R:R was 2:1 (47 pips), after moving stop to b/e at about +20 pips. EU was instead closed at BE after +20 pips. Both were late entries compared the original 1st entry so i decided to take the (virtual) money and run. On EU I think it was bad management as I should have exited at previous support in hindsight. I reentered on EU at a slightly better price as it seems to have created a double top (at the moment I'm typing it seems to have created a spike through it and retraced, so I'm still hopeful).


EDIT 11:08 GMT: I took 10 pips on EU as I don't like the PA. Too slow compared to many other pairs that i missed. Will wait for another opportunity over NY.
Attached Image (click to enlarge)
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  • #198
  • Apr 21, 2020 5:12am Apr 21, 2020 5:12am
Quoting LauraT
{quote} Bravo!
If only I'd taken it - saw it too late. Hindsight is a wonderful thing in trading
  • #199
  • Apr 21, 2020 5:55am Apr 21, 2020 5:55am
Hi, just stumbled upon this one.
Subscribed!

I like what I see, thanks LauraT and Patje!

After all these years... maybe this is the one?!
...note when I registered to FF.
I am more committed then ever.


Will work myself through the thread and come back with question.

Have a great day everyone and stay safe and healthy!
  • #200
  • Apr 21, 2020 6:02am Apr 21, 2020 6:02am
Quoting LauraT
{quote} You couldn't see the SMA because price was well below it. The point of the channel is many-fold. Post 1 explains "How could you be sure price here wasn't going to go up?" - I couldn't. That's trading. We never know in advance whether an individual trade will be a winner or loser. We just try to stack probability in our favour.
One of the best answers I have ever read, and completely agree with you, thanks for sharing this, hope a lot of people take advantage of this gem, also watch out for lower timeframes, I see a lot of people trading M1, go higher a little, scalps can kill your acct and knowing beginners would like to get rich quick, I imagine those lot sizes.

Keep the good work Laura, and I'm glad good people are out there sharing profitable strats.

Regards,

Fx4pty
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