we DONT know where price will go the next second so trust your indicator
- #42
- Edited Jul 18, 2013 6:39am Jul 17, 2013 9:56pm | Edited Jul 18, 2013 6:39am
- | Joined Sep 2009 | Status: Trader | 248 Posts
Let me add a new piece to the puzzle: the "Twilight's Channel".
There are times when the market seems is sleeping. Particularly between end of NY session and beginning of Tokyo session, many times candles are small and a channel is formed, with clear support and resistance lines. I call this "the Twilight's Channel", and ocasionally I use this in conjunction with the Double Bollinger System principles. In fact, I will use any tool and concept aplicable in conjuction with my system. Well, you can join 1000 tools and concepts and yet lose the trade, but you tried your best.
Lets see this trade I just entered:
You can see in (1), (2), (3), (4) and (5) the four or five candles (in H1) formed between end of NY session and begining of Tokyo session.
Usually when the height is lower than 30 pips you have a channel. You can trade only the breakout of this channel and be profitable, depending of your money management, trade management and risk management. In fact, using this 3 elements good traders can be profitable with almost any regular system. And, of course, bad traders will continues to lose money with the best of systems.
Back to our chart, we have channels in (1), (2), (3) and (5), and I am using this last in conjunction with the Double Bollinger System (DBS).
Well, we have not one of our regular DBS setups here, but we have:
There are times when the market seems is sleeping. Particularly between end of NY session and beginning of Tokyo session, many times candles are small and a channel is formed, with clear support and resistance lines. I call this "the Twilight's Channel", and ocasionally I use this in conjunction with the Double Bollinger System principles. In fact, I will use any tool and concept aplicable in conjuction with my system. Well, you can join 1000 tools and concepts and yet lose the trade, but you tried your best.
Lets see this trade I just entered:
You can see in (1), (2), (3), (4) and (5) the four or five candles (in H1) formed between end of NY session and begining of Tokyo session.
Usually when the height is lower than 30 pips you have a channel. You can trade only the breakout of this channel and be profitable, depending of your money management, trade management and risk management. In fact, using this 3 elements good traders can be profitable with almost any regular system. And, of course, bad traders will continues to lose money with the best of systems.
Back to our chart, we have channels in (1), (2), (3) and (5), and I am using this last in conjunction with the Double Bollinger System (DBS).
Well, we have not one of our regular DBS setups here, but we have:
- A breakout of a significant lvl of support;
- A breakout of the lvl 50 in RSI;
- A breakout of a support in RSI line.
So I am in this trade. Lets see what happens.
Note: Use a Fibonacci retracement tool, from point "a" to point "b", and see where lvls 50 and 61.8 are. I am waiting for comments.
- #45
- Edited 11:44pm Jul 17, 2013 11:31pm | Edited 11:44pm
- | Joined Sep 2009 | Status: Trader | 248 Posts
Same trade, updated.
GBPUSD M15. Closed half lot at TP1 for a profit of 20 pips. SL yet at BE +1. Note how price reacts with the proximity of the important support. My TP1 was reached and then the price gone up. Target is yet above lvl 61.8 of Fibonacci.
GBPUSD M15. Closed half lot at TP1 for a profit of 20 pips. SL yet at BE +1. Note how price reacts with the proximity of the important support. My TP1 was reached and then the price gone up. Target is yet above lvl 61.8 of Fibonacci.
- #50
- Edited 7:14am Jul 18, 2013 5:01am | Edited 7:14am
- | Joined Sep 2009 | Status: Trader | 248 Posts
GBPUSD H1 live. Moved SL to Break Even (BE). {image} Note how Fibo retracement lvls coincides with support lines. TP1 and TP2 are above those lvls.
After finishing half the lot with +20 pips, I went to bed with the other half on the table, with stoploss at BE +1. I was stopped in the stoploss with a profit of 1 pip. If the price had come down over a 2 pips I would have pocketed my profit at TP2.
If I were awake could have managed the trade and come out with at least a portion of the profit, also in the second half of the lot.
But it's good. It is better 20 pips profit in half the amount invested than risk all and be stopped at BE +1.
Numbers in chart indicates (1) entry, (2) TP1, (3) TP2 (omg by 2 pips) and (4) stopped at BE +1.
Note also the breakout of resistance line drawn in RSI and the crossing of RSI above EMA 8 and upper BB. I could exit near Fibo retracement lvl 50.
alex try this one in place bandsR2 this one is good u will love it {file} {file}
Thanks
Hey, have you programming habilities?
I should like to have an alerter on screen, not using an window alert or sound, just a text in main window, saying There are conditions for a Trade D setup, but use your brain or something like that.
THIS IS NOT A CALL. THIS IS NOT A SIGNAL SERVICE.
I am just analizing the market and I found AUDUSD interesting atm.
After test resistance it is possible that AUDUSD goes down. Lets see.
There are news coming, so I am just watching.
I am just analizing the market and I found AUDUSD interesting atm.
After test resistance it is possible that AUDUSD goes down. Lets see.
There are news coming, so I am just watching.
- #54
- Edited 8:49am Jul 18, 2013 8:00am | Edited 8:49am
- | Joined Sep 2009 | Status: Trader | 248 Posts
THIS IS NOT A CALL. THIS IS NOT A SIGNAL SERVICE. I am just analizing the market and I found AUDUSD interesting atm. {image} After test resistance it is possible that AUDUSD goes down. Lets see. There are news coming, so I am just watching.
I put trendlines TL1 and TL2 in previous chart, and draw "a" and "b" possibilities.
When I talk about my lack of discipline, I am talking about example like this one.
AUDUSD H1. There was a breakout of the trendline, but there wasn't a breakout of the support line.
But I entered this trade prematurely and trade was not evolving (monitoring in M15 I saw those significant wicks).
And then I had to go away from screen to give time to family.
Maybe this trade can be good, but I made a decision and I am out with -6 pips.
AUDUSD H1. There was a breakout of the trendline, but there wasn't a breakout of the support line.
But I entered this trade prematurely and trade was not evolving (monitoring in M15 I saw those significant wicks).
And then I had to go away from screen to give time to family.
Maybe this trade can be good, but I made a decision and I am out with -6 pips.