My Iced Latte, Sandwich, Beer, and Midnight Randevous Trading Method

gbpusd long entry

Here again we have the simple entry of price touching a channel line, and then root changing colors. In this situation I will not wait for the trend line. I also recognize the price pattern, as one that should be heading back up today.

nzdchf

This is the same situation...my sl is tight and if I happend to get stopped out, I will re-enter if I get the opportunity.

You should be very cautious trading these end of year days ...

It's okay mate... I am all about practicing and making sure that I know my enteries. Getting them on paper so as to stop making mental mistakes.. Besides, I had my holiday and now the market is open and so I will be making trades. I have also seen some fabulous runs over the years on holidays. Thanks for the concern, but I am doing just fine... I am back to work just like everyone else had to be back to work today, and.. the banks are open.

If my enteries would not have hit, then I would not have traded.

That's it for today.. Time to enjoy me evening with the computer off. I hope everyone as well enjoys there's.

Hello:

Alright, let me give you a few other things to look at.

First, it is a great and current trend line. The next thing that I would do is tighten up your SL. Either draw a trend line above the wicks of the two bullish bars and then use the cross hairs to find your SL, or even go back further than that and draw and trend line. I wouldn't go that far above resistence with the SL.

The other good thing with your entry where it is , is that not only is it below the trend line, but it is also below the next bar that is below the horizontal plane of the crosshairs which to me would be the more conservative entry.

I am in the hospital right now and they won't let me see a chart. But, you must be on differnt GMT, but I don't think that will make any difference with this system.

Nice chart. Thanks for posting

Spending quality family time but I will go through the thread tomorrow and get caught back up. I hope everyone had a wonderful Christmas.

Correction...

I made a few mistakes on my enteries yesterday and wanted to make a correction. I entered a few trades base on the changing of the Root indicator, once price had touched an outer channel line. This kind of entery is only correct if there is no points to connect a trendline. In each case that I entered using this method, the points were availabe to draw the trend line. If there is a trend line, than the trend line trumps the none trend line (root change) entry.

I also think that 60% of the 20 atr for a SL is just a little to tight. I am going to go back to what I was doing before and that is taking the differnce in pips between the red and green channel trend lines and then dividing that by 5 ish. This figured value wll be the stop loss. However, if I can draw legitimate trend lines closer, I will use thoughs values.

Enjoy!

12-12-27

This seems to be some available stop orders that I am looking at for going into tomorrow. Does anyone see something that I don't see with these pairs? There are a few others that I did not post.

In fact, my SL was set about 1/4 of the channel size.

That is perfect, but I think you could even cut it down a bit more to be 1/5 or so, especially on that trade where a upper trend line could have been drawn beneath where you sl was.. anyway, just some thoughts. The more it is traded, the more clear the rules will become, so there is no hurry to make any quick changes.

Got a Super entry on Nzdjpy
Retest of previous major resistance (now support)
closed it for 80pips




Both Eurnzd and Euraud hit major resistance on weekly




A textbook entry using this system With resistance above

A tweezer top


Trendchannel its kind of squeezed together on ,
confused ,

i was expecting this
A touch to the lower blue lines

AUDNZD daily
A proven support turned resistance level
and a touch to the upper trendline
1.2600 level to go short??

Trendchannel when combined with horizontal supp/resistnc
but in the above gbpusd when i want to draw a hori support , all i can see is the clumsiness from october ??
i do get a nice support level from October 3/4.
price might go up though.

I was thinking this on CADCHF

Same on gbpchf
i can buy now or sell at 0.9290 tp at 0.9150

one question damon, when i look at past data , does the trendchannel adjusts itself to the past price Supp/resis ??
Bcoz i see there is lot of money can be made around those red/green lines, whenever i see a doji with confirmation candles
i could basically just ignre the supp/resis levels when that happens

Never look back on your chart. The Channel redraw continuously and is usefull only in real time (current candle).

SL hit ...