Channel surfing! | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Surfing the Channel 57 replies

Forex Surfing 11 replies

Fibonacci Surfing 0 replies

Trading/Surfing 15 replies

Attachments: Channel surfing!
Exit Attachments

Channel surfing!

  • #121
  • Edited 1:59pm Oct 4, 2012 1:58pm | Edited 1:59pm
Now I see a problem...


Ineed300pips, are you using a live account or a demo account?

We have 3 different posters and 3 different pictures of the same chart. Mine shows red candle penetrated the line, maximus shows a red candle with a long tail being the part that penetrated the line and your candle barely had a tail at all (plus you have an extra green candle!!!).

WHAT THE HECK?
Everything easy was hard at first
  • #122
  • Oct 4, 2012 2:23pm Oct 4, 2012 2:23pm
Quoting ocd
Now I see a problem...


Ineed300pips, are you using a live account or a demo account?

We have 3 different posters and 3 different pictures of the same chart. Mine shows red candle penetrated the line, maximus shows a red candle with a long tail being the part that penetrated the line and your candle barely had a tail at all (plus you have an extra green candle!!!).

WHAT THE HECK?
Different brokers in different time zones I should think.
Ghost Rider - WWTBMD?
  • #123
  • Oct 4, 2012 3:36pm Oct 4, 2012 3:36pm
Hi ocd,

Yes, testing in demo.

Attached the indicators
Attached File(s)
File Type: mq4 SHI_Channel_true.mq4   7 KB | 1,539 downloads
File Type: mq4 Sonic SHI Channel MTF.mq4   9 KB | 1,590 downloads
  • #124
  • Oct 4, 2012 3:46pm Oct 4, 2012 3:46pm
Thats a little crappy..... I guess thats what you get in the wild west of forex trading. I'm going to continue to post trades. Verify them with your charts and make an educated choice.

If you have a settup feel free to post that also.
  • #125
  • Oct 4, 2012 4:05pm Oct 4, 2012 4:05pm
Quoting albchr
Different brokers in different time zones I should think.

That's it.

Okay simple to see. Make adjustments from there. We will just look at out own charts but give each other a heads up...kind of like cheating!

Uh wait...do live accounts do the same thing? I open up a demo acct on the east coast and trade live with a west coast broker?
Everything easy was hard at first
  • #126
  • Oct 4, 2012 5:06pm Oct 4, 2012 5:06pm
And this setup
Attached Image (click to enlarge)
Click to Enlarge Name: ea.png Size: 17 KB
  • #127
  • Oct 4, 2012 5:11pm Oct 4, 2012 5:11pm
Quoting ocd
That's it.

Okay simple to see. Make adjustments from there. We will just look at out own charts but give each other a heads up...kind of like cheating!

Uh wait...do live accounts do the same thing? I open up a demo acct on the east coast and trade live with a west coast broker?
My demo and live account look the same.
  • #128
  • Oct 4, 2012 6:43pm Oct 4, 2012 6:43pm
tmoney,

I'm in NZDJPY. I got in a little early but I will develop that discipline.

I noticed an outstanding trade for GBPJPY that started on Oct 1. It did exactly as you had said.

I must say, your level of credibility for an internet poster is fantastic. It makes me think of something you said in your very first post about the good guys...thanks for being one.
Everything easy was hard at first
  • #129
  • Oct 4, 2012 8:09pm Oct 4, 2012 8:09pm
Thanks SO MUCH OCD! I have a few passions in life. #1 - God, # 2 - my wife and kids and #3 - the markets. I've been very blessed and its my calling to be a tool to help bless others. I cant get into it on this board but I am extremely involved with a powerhouse in the trading industry, helping, teaching and guiding people to financial freedom.

Hopefully you continue to get a lot out of this. Its been a joy!
  • #130
  • Oct 4, 2012 8:44pm Oct 4, 2012 8:44pm
OCD, can you post your chart of the NZDUSD trade. I want to compare it to mine.

Thanks
  • #131
  • Oct 5, 2012 12:49am Oct 5, 2012 12:49am
Sure...just out of curiosity, how long would you say the average trade takes to hit your target price? And, do you hold positions over the weekend?
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour, 10-4c.gif Size: 52 KB
Everything easy was hard at first
  • #132
  • Oct 5, 2012 3:51am Oct 5, 2012 3:51am
Open last night, now SL in BE, letīs see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au1.png Size: 25 KB
Click to Enlarge Name: ea1.png Size: 18 KB
  • #133
  • Oct 5, 2012 4:28am Oct 5, 2012 4:28am
Well, I tried 2 trades this afternoon/evening.

The first is nzdjpy and both channels are going in the same direction...seems to be a good trade. No monkey business.

The second I tried to get cute by using my method PLUS the channels, even though the channels were going in opposite directions. Stochastics lined up beautifully but that did not matter...that was like having 2 wives and both in the kitchen at the same time...

tmoney,

You can tell people not to hit themselves in the head with a hammer because it's gonna hurt but some people have to hit themselves in the head with that hammer to understand for themselves that it really is gonna hurt. Evidently, some of us learn thru pain.
Everything easy was hard at first
  • #134
  • Oct 5, 2012 6:19am Oct 5, 2012 6:19am
OCD, I understand... Mistakes are good if we learn from the lesson. I'm glad the surfing style is working for you. I'm hoping I can help others stick to a simple system like this and help them make a wild amount of money.

Trades can last a week or longer sometimes, but most of the time 2-4 days. I will hold over the weekend. Need to trust the charts. Also, if I'm not over leveraged and I have my money management in place then gaps over the weekend shouldnt be a huge issue. I also come from the mindset that if we do get a gap, 50% of the time I will get shafted and price will gap against me and the other 50% of the time it will gap for me. Sometimes we tend to only focus on the negative but it can work in your favor also. But dont depend on it. Use proper money management and trust your charts!
  • #135
  • Oct 5, 2012 6:27am Oct 5, 2012 6:27am
Quoting tmoney5474
OCD, I understand... Mistakes are good if we learn from the lesson. I'm glad the surfing style is working for you. I'm hoping I can help others stick to a simple system like this and help them make a wild amount of money.

Trades can last a week or longer sometimes, but most of the time 2-4 days. I will hold over the weekend. Need to trust the charts. Also, if I'm not over leveraged and I have my money management in place then gaps over the weekend shouldnt be a huge issue. I also come from the mindset that if we do get a gap, 50% of the...
tmoney5474, are you in a trade or cash, because for me I did not see any valid set up with the charts I have may be i have missed trades... thx
  • #136
  • Oct 5, 2012 6:35am Oct 5, 2012 6:35am
Quoting maximus2005
tmoney5474, are you in a trade or cash, because for me I did not see any valid set up with the charts I have may be i have missed trades... thx
Cash. There are a little tweaks with the channel from broker to broker. BUT, trade the rules of the strategy based on what you see and your charts. With that said, trading at or very near supply or demand levels is VERY importaint.
  • #137
  • Oct 5, 2012 6:53am Oct 5, 2012 6:53am
Hi Tmoney,

Regarding money management you have mentioned a few times, in your opinion what is a good risk % with this method. What kind of success rate do you get on average. By success i mean do you win 60, 70 or 90% of the time? Are you wins mostly less your risk or mostly more?

I need some basic stats....

Juicyt
"Even if you fall down face first, you still went forward."
  • #138
  • Oct 5, 2012 9:44am Oct 5, 2012 9:44am
EURJPY H4
GBPJPY H4
At this point after NFP report I don't believe in any rally...also S&P VIX @14 Low to go = Downday..just me
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy h4 x.gif Size: 23 KB
Click to Enlarge Name: gbpjpy h4 x.gif Size: 25 KB
  • #139
  • Oct 5, 2012 9:45am Oct 5, 2012 9:45am
Quoting juicyt
Hi Tmoney,

Regarding money management you have mentioned a few times, in your opinion what is a good risk % with this method. What kind of success rate do you get on average. By success i mean do you win 60, 70 or 90% of the time? Are you wins mostly less your risk or mostly more?

I need some basic stats....

Juicyt
Most trades will have a stop between 40-100 pips (depending on the pair). Targets will be 1.5-4 times higher most of the time. Win rate... 60% or so. Less if your not trading around high quality supply or demand zones.

For me, I risk 2.5% for each trade. So for every 10k, risk $250. This means if you have a 75 pip stop I will trade a 33k lot size. $3.30 per pip x 75 pip stop = $247.50. If you follow the rules and get 3 good trades per week at 60% win rate with 2.5% risk per trade and an average win of 1.5 times the stop ($375 average) your stats will look like this.
156 trades - 94 wins x 375 = 35250 profit, 62 losses x 250 = 15500. Overall profit 19750 (35250 - 15500).
This is in a perfect world....
  • #140
  • Edited 12:24pm Oct 5, 2012 12:19pm | Edited 12:24pm
Quoting ocd
Well, I tried 2 trades this afternoon/evening.

1. The first is nzdjpy and both channels are going in the same direction...seems to be a good trade. No monkey business.

2. The second I tried to get cute by using my method PLUS the channels, even though the channels were going in opposite directions. Stochastics lined up beautifully but that did not matter...that was like having 2 wives and both in the kitchen at the same time...

Okay, I can give some concrete feedback on this system and it is very positive based on the results.

1. I traded the NZDJPY pair when: the two different channels lined up, the candle closed below the 4 hr channel then the next candle closed above the line (inside the 4 hr channel once again) per the instructions of the system.

In fairness, I jumped the gun and entered (with a pending Buy Stop because I had to leave the computer) 45 minutes before the candle closed. Whoops! Anyway, I was in the trade.

I had preset my TP exit at 65.150 so it was below the Supply area by 15 pips.

Well, I chickened out and changed my exit to 64.950 and it was triggered after I went to bed. It was steadily climbing the whole trade. I wasn't convinced that the Supply area was something that was gonna be hit, possibly too far off, so I adjusted it to a closer Supply zone.

Results: 45 pip successful trade.

2. I also traded the EURUSD using my own thinking (Stochastics in the right place, etc) and I came up with a 4.1 pip loss.

To say that I am impressed with this method of trading is an understatement.
Everything easy was hard at first
5 traders viewing now