Multi time frame price action channel (mtf pac)

I think we can unleash the template on the markets (I'm still demoing)

RESULTS

Too much left on the table no excuse at all, just still hesitating.

Waiting for EUR news release in 10 minutes time

Still not trading this system as I should -enter from M1 and let M15 and H1 dictate when to exit.

Let's see the GBP construction PMI figures

PROFIT GAP

21 pips left on the table this morning.

Very nice system! I will try it on demo!

MORE GAP

Sincerely I was buried in work so missed these other opportunities.

It would be really nice to have someone try out my experiments along with me, please post your charts and real time observations, though this system is still evolving.

EVOLVING

I'm checking out another TMA indie (absolutely non repainting) which may replace the Bands indicator.

Settings 120, 100, 1.0

TO COUNTER OR NOT TO COUNTER?

I've been looking at how I can take counter trend trades (although the risk is higher) because most trends start out as counter-trends.
The TMA is showing itself to be so much more responsive than the Bands indicator so it was my natural first choice, then I added the ASC Trend to the mix and what I see, I like so far will be taking it for a spin soon.

Changed my mind about the ASC trend, it's okay but just want less indies on my chart, I've replaced it with the M5 trend -the 6 period LWMA shift 2 applied to "First indicators data"

Incidentally I left that trade with a minute profit because it was ranging.

IS THIS TRUE MULTI TIME FRAMING?

I got shorted GBPJPY after FO and stayed on with encouragement from H1 view, I was so close to exiting with a loss and so close to exiting with a small win, but eventually exited before my TP, (still not got a sound grip on my balls) Wish I'done the same yesterday.

I seem to like this form of multi time framing.

A CASE FOR THE ASC TREND

I have not discarded the ASC trend because I'm having problems with the 6LWMA in window 1 for some of the currency pair charts, like EURAUD for instance.
This is only needed when considering CT trades.

For the ASC trend to work you need the ASC Trend1i mq4 installed. (ASC Trend is courtesy of Xaphod )
The ASC Trend is set to M5 only.

ONE THING NEEDED

Stick to the plan.

I'm liking the ASC Trend indie, will someone tell me to stop these endless tweakings?

Let's take this to be a FOREX LAB

COLOUR SCHEME?

Mr Tools graciously modified the LRS so you could choose different colours for above or below 0.00 and an alert as well so we have colourful charts now.

GBPJPY UNDECIDED?

I have to leave the office so can't take a trade and nurse it wish I had my EURAUD on much earlier, the GJ only gave scalping opportunities.

MULTI TASKING NEEDED

I came back to the office and I saw all that I missed so I hoped on what seemed to be a sweet opportunity (long) on the M1 chart but immediately price went south.
I held on and moved my SL and it got hit, I saw a short and took it and recovered some of the lost pips, I wonder how the short was filled at a lower lot size maybe the other terminal on my laptop was still reading the previous lot size.

I checked my M5 and I saw that I'd not have taken the buy based on M5 candle close.
I might use M5 to enter and use M1 to scout for Divergence for continuation of exit, will see, (I just missed one and the colour stochastic seems to be giving a visual warning)
Anyway live to trade another day.

I AM GRATEFUL

For all the losses encountered always made me reappraise my strategy and fine tune it, so at last I have a fairly good idea of what works.

#1 the trend.
I have come to define my trend as the daily trend because I am a day trader, and since I've chosen to trade off the M1 time frame, the daily average for the M1 is very simple to derive, 1440 minutes in a day which can be divided into 4 divisions of 6 hours each, giving us 1440/4 =360
This is my trend on the M1 then escalated to M5,M15,M30 and H1.

#2 the PAC.
The most suitable choice for me is the BB set to 360 period shift 2 and the Standard deviation would be derived by simply dividing the default value by 6 which is 2/6 =0.3, why 6 I guess 4 divisions of 6 hours each.

#3 the Filter.
The Linear Regression Slope Histogram has shown itself to be most reliable as it does not repaint and is very flexible even though like all other indicators it lags behind price.
This also is set to 360 period, above 0.00 for Long and Below 0.00 for Short
Additionally I've added 2 moving averages to help with the problem of the lag, these are 360/6 = 60 and 60/6 =10 (but I subjectively prefer 12)
I loved the Colour version but some how the MA's don't stick and so until a fix is found for that,I'm stuck with the plain version, in fact the MA's still don't behave properly with some other pairs even with the plain version.

#4 the Signal.
For this I use what I've relied on for so long, the Stochastic and I found the Colour Stochastic by Mladen to be so good for me in M1.
The stochastic in M1 is set to 21,3,3 in M5 to MN it is set at 14,3,5
I prefer to enter on a HIDDEN DIVERGENCE (HD) in M1 that is my higher probability entry, and a high probability entry would be a second swing following a previous HD.
For M5 a stochastic rotation in the direction of the trend is enough same for M15 and the rest, (although each Higher TF has it's peculiarity I've come to notice)

#5 Trade management.
I will enter a trade in M1 or M5 and monitor it on M15, then M30 for signs of exhaustion, or reversal before exiting else I'd just scalp identified HD's on the M1.

Very simple strategy.

There were enough opportunities to profit yesterday I missed the first 2 and fell into a Bear trap latter on and had to attend to my day job.

Will take aim and shoot again.

IF IT AINT BROKE

I think I try too much to tweak and tweak looking fir that superlative performance but i come to realize you have to assess your risk and place your bet then if win or lose just take the next signal.

Back to trading live again and I took 3 bullets so I went back to a steady performer that even with the losses should give a rising equity curve.