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SRDC II Channel of the day 74 replies

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SRDC II Charts posting and discussion pertaining to it 37 replies

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SRDC Episode II

  • #601
  • Dec 6, 2006 11:22am Dec 6, 2006 11:22am
Quoting hensch
So far, OR has made two (really great)unannounced appearances on the room.

We are trying to get organized and see if we can have sort of a schedule.
However, we have to keep in mind that, in a previous post, OR mentioned somewhere
that at this present time of the year he's real busy and it may be difficult for
him to set a plan.
Ok thanks for the feedback. What about Sunday nights? Do some intend to make a regular appearance (with or without OR) to catch/trade the reversal effect?
  • #602
  • Dec 6, 2006 11:41am Dec 6, 2006 11:41am
Quoting Michelle
Hi Henry,

Thanks for your help. Can you please cary on and tell us how to draw the 2 middle trend lines? and how to adjust them to the tunnel.

Thanks
Michelle
Michelle.

To draw the quadrants, you may use a trend line and place it in the middle of the channel or as OR prefers, you can use the equidistant channel built in MT4.

To do that

1) Open the equidistant channel tool.

2) Align it to the LRC.

http://picnac.com/images/4644eq1.gif

3) Move it in between as in the chart below.

http://picnac.com/images/4607eq2.gif

Henry
  • #603
  • Dec 6, 2006 11:55am Dec 6, 2006 11:55am
Quoting sirwolf
Another great post. I have cut and pasted your posts on quadrants and channels into a word document - going to create my own little manual. You captured the concepts perfectly. Now all I need is fibos to round out SRDC #2

Thanks again!

SirWolf
Sirwolf,

We draw the fibo levels every MONDAY (blue fibos). These are going to be our
weekly levels, so we leave them fixed all week.

After that we draw a new set of fibs on Tue (red fibos) and we move those
everyday to the beginning of the new day.

Please, pay attention that because we are in a downtrend we place the O level at
the top of the channel and the 100% at the bottom of the channel. Do the
opposite for bull trends.

http://picnac.com/images/681fib.gif

OR has mentioned that he uses these levels for taking profits, therefore an idea
may be, enter trades based on channel/quadrants and take profits based on fibo
levels.

Henry
  • #604
  • Edited 2:46pm Dec 6, 2006 12:02pm | Edited 2:46pm
Here is a continuously adjusting LRC channel indicator that I coded this morning. Though it does change with each new candle, the changes are very small (depending on number of days used and price action, of course) but I think it is a good compromise between SHI and longer-term channels.

There are two user-modifiable parameters - DaysBack and LRCColor which are what they say they are. If there is interest in this indicator I will post future revisions (incuding automatic Fibo and Monday logic) to this forum.
Attached File(s)
File Type: zip #LRC_Channel_3.zip   5 KB | 570 downloads
Old Benjamin was right
  • #605
  • Dec 6, 2006 12:04pm Dec 6, 2006 12:04pm
Thanks Hench!

Now, I am assuming we draw them on the 1 HR chart and we draw them from the top of the channel to the bottom of the channel for the beginning of the day?
Believe and Achieve!
  • #606
  • Dec 6, 2006 12:16pm Dec 6, 2006 12:16pm
Quoting sirwolf
Thanks Hench!

Now, I am assuming we draw them on the 1 HR chart and we draw them from the top of the channel to the bottom of the channel for the beginning of the day?
That's correct.
  • #607
  • Dec 6, 2006 12:18pm Dec 6, 2006 12:18pm
Let me seize the opportunity to clarify the following to everybody.

At this point, Level II -part 1 and 2- has been mostly, if not totally explained
(I really don't know).

However, OR has put special emphasis on the fact that before we move any further
to the other levels, it's very important that everybody who's following the
thread masters channel trading.

That's where we should be focused now in order to move forward.

Henry
  • #608
  • Dec 6, 2006 12:22pm Dec 6, 2006 12:22pm
Henry,
I have tryed the chanel. Somehow it dosent cut the 2 parts in to halfs.
I think I will do the trandlines unless you have an idea.



Quoting hensch
Michelle.

To draw the quadrants, you may use a trend line and place it in the middle of the channel or as OR prefers, you can use the equidistant channel built in MT4.

To do that

1) Open the equidistant channel tool.

2) Align it to the LRC.

http://picnac.com/images/4644eq1.gif

3) Move it in between as in the chart below.

http://picnac.com/images/4607eq2.gif

Henry
  • #609
  • Dec 6, 2006 12:25pm Dec 6, 2006 12:25pm
Quoting traderlismiss
Good point Lou and I think you be happy with what will soon be posted here in the forum as a result of what we are learning in Teamspeak. It was never my intention or anyone else involved with Teamspeak to exclude anyone here or to do anything but enhance this thread. But to answer your concerns we have addressed the needs of this thread and we will be posting anything we cover in Teamspeak. But also understand for those of us who are using Teamspeak we are learning much more quickly than we could ever do by waiting for OR to respond to our question. In the future we will be ever mindfull of those who do not get in to Teamspeak and will post what happens there, in this thread.
Thanks Melissa - I know there was never intent to exclude anyone. This has been (and hopefully will remain) a thread remarkably free of acrimony. I'd actually enjoy participating at Teamspeak but the time is just not there.

Best,
Lou
Old Benjamin was right
  • #610
  • Dec 6, 2006 12:25pm Dec 6, 2006 12:25pm
Quoting traderlismiss
Great post Henry and I think you have done a fantastic job of conveying OrangeRoshan's message from today's Teamspeak session. I hope this will show everyone here we will not forget about the thread but will support it even better than before. The thread is why we are here in the first place. On a personal level, I will copy and print this post for my trading book. Great use of charts and description. I actually went back and made some adjustments after reading your post.

Thanks,

Melissa,

Thanks for the kind words. I'm just trying to help. I really appreciate the
extra work for setting up the TS room. That's been an awesome improvement.

Thanks also to traderbill, rojam, downunderdave, wilma, OR (of course) and anybody
I've may have missed. Your insights are really invaluable.

Henry
  • #611
  • Dec 6, 2006 12:26pm Dec 6, 2006 12:26pm
Quoting Michelle
Henry,
I have tryed the chanel. Somehow it dosent cut the 2 parts in to halfs.
I think I will do the trandlines unless you have an idea.
Have you tried resizing the eq. channel and make it fit?
  • #612
  • Dec 6, 2006 1:03pm Dec 6, 2006 1:03pm
I haven't. At the moment I am using Lou G LRC indicatot (post 604)
Can you tell me if it's any good?
It's got a bug. after you adjust it to the chart it comes out with 1 line.
Than I move to another map and when I come back the indicator has the 5 lines.
Lou G to your atention.


Quoting hensch
Have you tried resizing the eq. channel and make it fit?
  • #613
  • Dec 6, 2006 1:26pm Dec 6, 2006 1:26pm
Quoting Michelle
I haven't. At the moment I am using Lou G LRC indicatot (post 604)
Can you tell me if it's any good?
It's got a bug. after you adjust it to the chart it comes out with 1 line.
Than I move to another map and when I come back the indicator has the 5 lines.
Lou G to your atention.
Sorry, I can't help. I'm drawing everything manually.
  • #614
  • Dec 6, 2006 1:57pm Dec 6, 2006 1:57pm
Quoting Michelle
I haven't. At the moment I am using Lou G LRC indicatot (post 604)
Can you tell me if it's any good?
It's got a bug. after you adjust it to the chart it comes out with 1 line.
Than I move to another map and when I come back the indicator has the 5 lines.
Lou G to your atention.
Hi Michelle,

Here is an easy way to draw the channels and quadrants. Use the LRC tool to draw your original channel of any time frame. Now over lay that channel with the Fibo channel tool. The fibo channel is found under channel tools, same place the LRC tool is found. Now what you can do is go to the parameters tab and enter the 75 and 25 lines. Now when you overlay the LRC you will have the 4 quadrants. At this point you can delete the LRC. The fibo channel is a static channel so when you have long candles the breakout side the current channel you can use the LRC tool to find the best fit channel and just re-adjust the Fibo channel. I find this procedure works well for me. Hope that helps. If anyone needs any help just PM me.
Dave If you can't swim with the sharks stay out of the water!
  • #615
  • Dec 6, 2006 2:05pm Dec 6, 2006 2:05pm
Quoting hensch
Melissa,

Thanks for the kind words. I'm just trying to help. I really appreciate the
extra work for setting up the TS room. That's been an awesome improvement.

Thanks also to traderbill, rojam, downunderdave, wilma, OR (of course) and anybody
I've may have missed. Your insights are really invaluable.

Henry
Hi Henry,

I am with you, this thread is great but there is nothing better than being in the TS room and getting your questions answered in realtime. I appreaciate all of the great feedback and insight that everyone shares. A special "good on ya" award to Henry for his great documentation of the information shared in the TS room.
Dave If you can't swim with the sharks stay out of the water!
  • #616
  • Edited 2:47pm Dec 6, 2006 2:19pm | Edited 2:47pm
Quoting Michelle
I haven't. At the moment I am using Lou G LRC indicatot (post 604)
Can you tell me if it's any good?
It's got a bug. after you adjust it to the chart it comes out with 1 line.
Than I move to another map and when I come back the indicator has the 5 lines.
Lou G to your atention.
Have a little patience Michelle - all the lines will show up after a few seconds. No bugs are allowed in my code

Pride goeth before a fall - indicator in post 604 updated. Mea culpa...
Old Benjamin was right
  • #617
  • Dec 6, 2006 3:09pm Dec 6, 2006 3:09pm
Wow, this method has grown and I have learned a lot from everyone who has contributed to Orange's SRDC method. I might be in the background but I would like to thank Hensch,Lou,Aha,Traderlismiss and the others who have dedicated their time on learning this system and sharing with everyone.

Great work.
  • #618
  • Dec 6, 2006 3:10pm Dec 6, 2006 3:10pm
Quoting hensch
The Quadrants concept was introduced to the LII last Monday.

The idea is to divide the channel in four sections where we can orderly enter trades.

The idea is this:

Bearish Trend

http://picnac.com/images/5693QUAD.gif


Do the opposite in a Bull Trend.

According to OR (in a previous post) the guidelines for a ranging market are as follows:

Q1: SELL
Q2: Wait until it goto Q1 or Q4
Q3: Wait until it goto Q1 or Q4
Q4: BUY

So far, that's all we know on the subject.

Henry.
Henry,

Are we saying that trading should only be done in the direction of the trend? Or that it's more advisable to trade only in the direction of the trend? I can see it either way - retracements can sometimes be profitable but can take a long time if the trend is strong.

Thanks,
Lou
Old Benjamin was right
  • #619
  • Dec 6, 2006 3:49pm Dec 6, 2006 3:49pm
A newer version is available now. All the todos below are implemented.

http://www.forexfactory.com/forexfor...&postcount=586

As usual, you may use the daysago parameter to practice your trading decisions and test the indicator in the history. Enjoy!



Quoting aha
A couple of todos in mind. Let me know if I am missing any.

1. Fix the problem that it deletes all the objects when switching between timeframes.
2. Recognize the new trend on the 1st day (GMT 0:00) after the channel is broken.
3. Update LRC after every hour (optional).
Attached Image
Target: Trading naked.
  • #620
  • Dec 6, 2006 4:17pm Dec 6, 2006 4:17pm
Here 'Lou G's' auto chart [white background!!!]....looks great....well done.
Attached File(s)
File Type: doc Thurs1.doc   109 KB | 458 downloads
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