SRDC Episode II

Quoting jest1081

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well...i fell asleep when OR and Bill left for a private conversation. Gotta get one of those pillow speakers...shucks

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Quoting cbrock5000

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My Bias is we are going up. Weekly partial chart 2 shows we are in a uptrend since 10 June 2001. Note the weekly LRC channel with the Std Dev channel inside. [(Remember - Std. Dev is the predictive price action based upon bell curve distance away from the center line and always a tighter fit. Whereas LRC is the least squares fit of N data points with a best fit center line)]. See chart 1 below with a different view. Notice the TL's are from previous months bottom point through the 6th candle to gain a future trend. August, October & November all three pointed to a cyclical high at the beginning of December. This is not a coincidence. They still point up. We are having difficulty dropping below the current shorter term Oct 11th bullish trend. Unless price action is less volatile next week (which is a possibility while the big boys figure out the game) we will see a test of the shorter term December bearish channel before resuming the uptrend. Also the Really Big Boys (governments) are beginning to sell more $$$ in favor of the Euro (UAE announced this week also). If dollar is being sold which way will the pound go. If more US migrant workers are selling the $$ to convert to curency to send money home, which way will the $$ go.


Blue line is median of the 10 June 2001 longer term weekly chart. BIG Boys look long term. Retail Traders look short term. Price action is having difficulty dropping below this line for 1 month. White Channel (11 October 2006) is the channel I believe we are about to resume up. The grey channel is the December month to date bearish channel that we have had trouble dropping below the median since 20 December. BUT, in Feb 1991 and Aug 1992 price had resistance at 2.0050 & 2.0100 respectively.

ORANGE ROSHAN several of us have weighed in now. Would you please give your prediction also. Thank you in advance.

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Quoting Panjan

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Master Orange,

I really have to thank you for showing me/us on how to trade using channel trading. I've tried a lot of method or even bought a software...but this one fits me the best.

I know.. I still have a lot to learn for a better consitetncy result. But Just to share with you what I have got for today.(attached)

Once again, thank you Mr.Orange Roshan. Hope you will open the door if I were to suprisingly pay you a visit in Brunei.

Sincerely,

shah

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Quoting cbrock5000

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great trades!!

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Quoting Panjan

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I'm still using the channel from yesterday. I just placed short this morning at 9742. Thank God it going to the median and may be I should close half position and move the to BE.

I also placed a short last night 9723 it was positive for awhile then turned negative. I need to improve my exit strategy on how and when.

Happy Trading.

p/s : hope I'm not being too much here. Just wanted to share and learn

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Quoting Panjan

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I'm still using the channel from yesterday. I just placed short this morning at 9742. Thank God it going to the median and may be I should close half position and move the to BE.

I also placed a short last night 9723 it was positive for awhile then turned negative. I need to improve my exit strategy on how and when.

Happy Trading.

p/s : hope I'm not being too much here. Just wanted to share and learn

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Quoting rojotopo

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Thx for posting your entries
How do you draw your channel
For me it looks like the upper part of a LRC from Dec 26 with four quadrants inside
Thx
Paco

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Quoting jest1081

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Panjan, no worries. Good trades deserves an applaud. Bad trades, well we lean to suck it all up and swallow it with a pinch of salt. There are plenty of people in this forum who will be more than happy to help and encourage you in your quest. Happy trading!

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Quoting cbrock5000

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no one has indicated you traded this break off the bottom channel, please tell me some of you did? I am not able to be in teamspeak this week due to travels.

http://www.forexfactory.com/forexfor...postcount=1764

http://www.forexfactory.com/forexfor...postcount=1760

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Quoting cbrock5000

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no one has indicated you traded this break off the bottom channel, please tell me some of you did? I am not able to be in teamspeak this week due to travels.

http://www.forexfactory.com/forexfor...postcount=1764

http://www.forexfactory.com/forexfor...postcount=1760

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Quoting investingjeff

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I see a lot of people joining the thread and TeamSpeak that are new to SRDC and I want to address one aspect of the Psychology of trading SRDC2 for those new to the method. But before that -- trade with demo only until you feel comfortable. Hesitation and poor judgment are the companions of trading live with inexperience and doubt.

This is Support & Resistance trading using channels, trendlines, and fibos (so far). There is no "one best method", scientific approach, or hard and fast rules for drawing channels and trendlines. You are going to draw them, doubt them, then doubt them some more. The veterans of the thread/TeamSpeak have spent countless days/hours drawing and redrawing channels, drawing trendlines that look like sphagetti or a bicycle rim with a hub and spokes --- only to sit waiting to see if any of the trendlines prove significant. Keep in mind OrangeRoshan is the Master with years of experience. Do not expect to look at a chart and pick out the best and most valid trendlines.

The doubt you experience is the same thing we all experience. And while asking one of the veterans for an image of their chart so you can see how they drew their channel and trendlines will tend to remove your doubts, you gain nothing if you do not do the work yourself. Draw your channel, draw a microchannel on the 15 minute, use the last 6 candles of the day on the 15 minute chart along with daily highs/lows or any other significant candles to draw trendlines for the coming day. Then ask the veterans for their input --- YOU WILL LEARN THE METHOD, no matter what your experience level.

Practice, Practice, Practice -- a good way to practice is to go back in MT4 a couple of months and situate your chart so you see the end of a day, but not the beginning of the next. Draw your best guess channels, trendlines, fibos then (make sure autoscroll is off in chart properties) click the F12 button to advance one bar at a time. Write down where you would execute your trade, take profits, etc. And see if your channels, trendlines are valid. YOU WILL NOT GET IT PERFECT! YOU DO NOT NEED TO GET IT PERFECT! YOU JUST NEED TO BE MORE RIGHT THAN WRONG, and experience will takeover with time and effort!

Please do not misinterpret this -- we are all happy to help anyone at anytime! Orange has set the tone of this thread and it is one of optimism, compassion, fellowship, and teamwork. If you want to get the most out of your time spent learning this method, you must trip and fall on your own and let your fellow padawans/jedi's help you back up and set you back on the path.

Just my 2 cents.

Cheers,
Jeff

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