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Price Channel Trading

  • #21
  • Edited 8:57pm Nov 6, 2006 8:46pm | Edited 8:57pm
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Quoting brainjt
Hi how can candle close outside channelprice?
Whenever the candle closes outside the channel lines, this is the entry (closing price or as close to it)
can you attach. chart:?
bj
Ahh, the trick with the price channel, was the shift. Thanks sergiu.
It's simply the latest highs and lows but excluding the current candle, if you set shift = 1.

I'll still add my version, for those who prefer a little cleaner code. :
And I got rid of the Middle Line.
Attached File(s)
File Type: mq4 PriceChannel.mq4   2 KB | 1,675 downloads
  • #22
  • Nov 7, 2006 1:05am Nov 7, 2006 1:05am
thx now its clear
BJ
  • #23
  • Nov 7, 2006 10:09am Nov 7, 2006 10:09am
Here are the rules and setup to follow with the price channel EUR/USD pair: (slightly different than GBP and CHF)

Basic Candle chart, using:

 

  1. Daily Charts
  2. Price channel 10 (remove the middle)
  3. EMA 10

Entry:

  1. Whenever the candle closes outside the channel lines, this is the entry (closing price or as close to it)
  2. Target is 20% over EMA10 between EMA and opposite channel line.
  3. Potential is the difference between the closing pice and the target.
  4. Stop is the 75% of the potential +/- to the entry price. R/R 1.33 to 1.

Additional:

  1. If we are stopped out, before re-entering, the price must touch the EMA10 before exceeding the channel line on a close.

Attached are the preliminary back test results from December 2005:

There were 6 losers, 12 winners, and 18 trades in total that realized 1406 net pips in 11 months. So far that's 5997 total net pips from the three pairs tested since December.

Northpro

Attached File(s)
File Type: pdf FXEUR PC Test.pdf   6 KB | 799 downloads
  • #24
  • Nov 7, 2006 10:19am Nov 7, 2006 10:19am
Here are the three tests all together in pdf.

NP
Attached File(s)
File Type: pdf FX GBP_CHF_EUR PC Test.pdf   12 KB | 720 downloads
  • #25
  • Nov 7, 2006 11:38am Nov 7, 2006 11:38am
If the EUR closes above the upper price channel today (2797) we will have a short entry to a target of 2683 and a stop at 2895, assuming there are no big price swings between now and the close.

Here is the setup as of now:

Upper: 1.2797
Lower: 1.2524
EMA10: 1.2723

Close?: 1.2804 which is the entry.

EMA10-Lower Channel: 2723-2524=199 x 20%=40.....EMA10-40=2683

Potential: Close - Target..2804-2683=121

Stop: 121 x 75%=91.....91+2804(close)=2895

If it does close above the upper channel, I will post the trade and the exact numbers then.

NP
  • #26
  • Nov 7, 2006 12:50pm Nov 7, 2006 12:50pm
do you use also trailing stop ? or only wait to reach ema 10?
thx


Quoting Northpro
If the EUR closes above the upper price channel today (2797) we will have a short entry to a target of 2683 and a stop at 2895, assuming there are no big price swings between now and the close.

Here is the setup as of now:

Upper: 1.2797
Lower: 1.2524
EMA10: 1.2723

Close?: 1.2804 which is the entry.

EMA10-Lower Channel: 2723-2524=199 x 20%=40.....EMA10-40=2683

Potential: Close - Target..2804-2683=121

Stop: 121 x 75%=91.....91+2804(close)=2895

If it does close above the upper channel, I will post the trade and the exact numbers then.

NP
BJ
  • #27
  • Nov 7, 2006 1:03pm Nov 7, 2006 1:03pm
No trailer, just the fixed stop and target...but this is a system in development by all of us. Take a look back and see if it makes sense to move stop to breakeven when price hits ema or 50%...or something.

NP


Quoting brainjt
do you use also trailing stop ? or only wait to reach ema 10?
thx
  • #28
  • Nov 7, 2006 3:44pm Nov 7, 2006 3:44pm
Well the E/U fell and missed the entry close above 2797, so no trade.

NP
  • #29
  • Nov 9, 2006 5:25pm Nov 9, 2006 5:25pm
We had an entry signal generated on the E/U today as it closed above the Price Channel.


EUR/USD
PC Trade 2

Entry: 2828
Target: 2714
Stop: 2914

Potential: 114
Risk: 86
R/R: 1.3 to 1

Success rate :67%

NP
  • #30
  • May 13, 2015 5:41am May 13, 2015 5:41am
Hello,
any one have colour price channels indicator, which is the middle line change colour up move and down move,
please help me

abmmalay
  • #31
  • Last Post: Apr 16, 2020 8:01am Apr 16, 2020 8:01am
hi check this indicator
https://www.mql5.com/en/market/product/48619#
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDH1bt4.png Size: 23 KB
Click to Enlarge Name: EURUSDH1selltake.png Size: 26 KB
Attached File(s)
File Type: ex4 threeChannel.ex4   203 KB | 426 downloads
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