DislikedSounds quite good, will have to test it out first on demo. Which currency pairs does it work on and which doesn't it work on?Ignored
- #22
- May 11, 2008 10:28pm May 11, 2008 10:28pm
GOOD question
In a big trend, there are hundreds of systems that work. But at choppy hell insane markets, how GOOD would it perform?
At your chart, unless I'm a huge scalper (which I'm not...) I would stay aside, sitting upon my $$...
Looking forward to see the answer!
The key is to be nimble enough to catch the market no mater which way it decides to move and NOT being afraid to close out a losing position with a loss.
This could mean, opening a position in both directions, closing out the loser and adding to the winner and riding the wave that ensues. Once the market has made up it's mind, and it begins to RUN, that's when we put on our "MONEY" trades.
For example, on the H4 charts, when we have a break of the channel we can usually expect to get some 400+ points (I've seen as little as 300, as much as 1600) but I found that 400 is a pretty safe number. So if I'm in the wrong direction at say .5 lots... and one in the right direction at .5 lots... and we start moving... I close the loser, and add 1 lot in the right direction. (this should be done on the pull back)
Bottom line.. Once you have an entry point figured out... it really all comes down to trade management. (and NOT being afraid to trade multiple positions)
When I first started out.. I would open a position.. and if it went against' me, I was afraid to open a position in the other direction... for fear I was losing to much, or fear it would reverse soon as I opened the opposite direction and now I'd have another position in the negative.
Another fault I had was when it went against me but not enough to hit my SL, I would sit on my hands and wait for price to move back into my direction.... This was a big waste of TIME.. as now I tend to open another position in the same direction and make money while price is moving back into my direction... CAUTION: This should only be done once we have defined where the S/R levels are, and only if we have a plan in place in case the trade fails.. AGAIN.. we should not be afraid to STOP & REVERSE (IE. Close out all losing positions and open in the other direction)
- #26
- May 11, 2008 11:08pm May 11, 2008 11:08pm
We have a WINNER!!!
Excellent analysis... Using this on the 4H charts will yield HUGE results EVEN when there are false signals (and there are a few... but the positive signals far out-number the false signals) AND the real signals pay-off so much that even with the false signals, we have the makings of a very simple Holy Grail.
Looking at the actual BAR can give real insights into how price will react when it's in the channel. For instance, when you see price penetrate the channel, and pull back... look for tails . as they can tell you if the pull back will KEEP pulling back (thus producing a false signal) or it's a natural pull-back and price will soon follow through...
maybe we can discuss trading strategy or what not
- #30
- May 11, 2008 11:50pm May 11, 2008 11:50pm
care toshare your indis and template..
looks interesting..
pop
Please PM me if you are a knowledgeable MQL programmer and would like to help out this thread
- #31
- May 11, 2008 11:52pm May 11, 2008 11:52pm
Ok...
Here is my NEW M2/M5... Notice how the M2 channel has contained the price.. and the M5 looks like it's bouncing price between the HI/LOW of the channel...
There's still some work to do.. but we are still looking good for a short entry We are still looking for a clean BREAK of the M5
Notice how the LOW M2 channel is in direct relation to the CLOSE M5 channel I love how they all correlate with each other
Here is my NEW M2/M5... Notice how the M2 channel has contained the price.. and the M5 looks like it's bouncing price between the HI/LOW of the channel...
There's still some work to do.. but we are still looking good for a short entry
We are still looking for a clean BREAK of the M5 Notice how the LOW M2 channel is in direct relation to the CLOSE M5 channel
I love how they all correlate with each other 
- #34
- Edited 5:05am May 12, 2008 12:08am | Edited 5:05am
Here we are again...
The price is being contained within the M2 channel (bouncing within) and both channels are flattening out. So now we are looking to see which way the price breaks.. Up or Down... I'm still favoring down only because there is a S/R level at 201.50...
NOTE: Trading from the 2/5 min is VERY RISKY and I don't advise it.. I just watch how price reacts and refer to my upper time frames for actual trading but these time frames will get you in very early if you do decide to use them (SCALPING comes to mind) DEMO is COOL!
The price is being contained within the M2 channel (bouncing within) and both channels are flattening out. So now we are looking to see which way the price breaks.. Up or Down... I'm still favoring down only because there is a S/R level at 201.50...
NOTE: Trading from the 2/5 min is VERY RISKY and I don't advise it.. I just watch how price reacts and refer to my upper time frames for actual trading
but these time frames will get you in very early if you do decide to use them (SCALPING comes to mind) DEMO is COOL!
- #35
- May 12, 2008 12:17am May 12, 2008 12:17am
Ok.. so as predicted.. price was contained by the M2 channel.. and is breaking down on the M5 channel.. if we have a confirmed BREAK of the M5 channel.. then I would look for 1) a pull back to the CLOSE EMA M5, or 2) taking the entry without the pull back (this relates to the LOW H1 channel and I prefer to trade the higher time frames)
Notice how Price first Broke on the M2.. it pulled back and was first contained by the HI of the channel where it bounced to the bottom.. then was contained by the CLOSE (middle) of the channel.. then finally broke down
(this relates to the LOW H1 channel and I prefer to trade the higher time frames)Notice how Price first Broke on the M2.. it pulled back and was first contained by the HI of the channel where it bounced to the bottom.. then was contained by the CLOSE (middle) of the channel.. then finally broke down
- #38
- May 12, 2008 12:24am May 12, 2008 12:24am
Here we are again...
The price is being contained within the M2 channel (bouncing within) and both channels are flattening out. So now we are looking to see which way the price breaks.. Up or Down... I'm still favoring down only because there is a S/R level at 201.50...
NOTE: Trading from the 2/5 min is VERY RISKY and I don't advise it.. I just watch how price reacts and refer to my upper time frames for actual trading
im with you for continuos donwtrend!
mainly because smaller tfs..price still below ema200!
on tf15..price being held by ema90!
pop
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- #39
- May 12, 2008 12:25am May 12, 2008 12:25am
- | Joined Apr 2008 | Status: You never know | 1,306 Posts
why don't you take a look at EUR/USD, 4H
Expected the unexpected
