Multi time frame price action channel (mtf pac)

LEARNING AND TWEAKING

I had a losing trade on the FO and I should have hopped on board the long train but was funny enough expecting the Euro to slide instead of trading my system's signals.

I ignored the signal at LO but jumped on the Hidden Divergence (HD) that followed, sometimes HDs and RDs signal the direction of High Impact news.

Now I'd be waiting for the US unemployment claims I'd just wait for the calm after the storm and haul in some more pips.

Learnt that for a successful CT RD price hardly goes against your position (95% of the time) so for RDs I'd be employing a 2 pips hard stop and be ready to resume the trend should it manifest as such.

Still tweaking as I go so let's see where this leads.

I learned long ago that better to wait for London open cos too many false signals at Frankie open. Not an exact science but then what is.

Even LO gives fakes Bear traps and Bull traps but I've seen that at FO 85% of the time there is a change in direction and you might catch it with good technical skills but overall it's best to trade with the trend (however you define it) and buy on dips in an up trend and sell on rallies in a down trend so the challenge is to accurately define the trend and spot the rallies and dips to profit from.
I think the market makers (whoever they are) just try to obscure what is really happening, where the big orders that will move price are waiting.

[quote=Intrepidpips;7689008]{quote} Even LO gives fakes Bear traps and Bull traps but I've seen that at FO 85% of the time there is a change in direction and you might catch it with good technical skills but overall it's best to trade with the trend (however you define it) and buy on dips in an up trend and sell on rallies in a down trend so the challenge is to accurately define the trend and spot the rallies and dips to profit from. I think the market makers (whoever they are) just try to obscure what is really happening, where the big orders that will move price are waiting.[/quote

For now I'm staying away from GBPUSD and other currencies until I master my approach but today's play presents a good picture of how I see the M1 momentum trading for now.

Hii m8 - I seem to remember about a year ago you were keen on that 3-plan system. Why did you give that up cos I thought you were doing well with it.

good info

Sorry Handy, I'm just seeing your post now.

The thread starter EURUSDD abandoned the thread so we could not forge ahead, I liked the concept of divergence he was working with.

END OF THE TWEAK TRIP

I have finally settled on my approach and it's simple, just wait for the M15 trend to cross over the M30 trend (signalling a new direction) and catch the continuation with a hidden divergence.

I might try out a different oscillator for efficient divergence readings but for now I just have to stick with this and EURUSD (maybe till volume dries out on it then I'd go back to my old love -GBPUSD).

Today I missed the earlier chances and after the German Info News release I was too discouraged the=at I left my desk and voila another chance came -squandered!

Let's see what NYO has to offer.

It looks like this template is sticking with me now lol.
I've been able to devise several set-ups from this template now that I'm seeking which to discard and which to keep, like the divergence at the tag of the lower or upper BB.
For instance for a Bullish continuation where price closes below the M30 trend, I'm supposed to buy when a Hidden Divergence forms at the tag of the lower BB, the set-up did manifest early in the Asian session and it was successful then it did again after NYO but ended in a loss.
I guess I have to just accept the risk of failure from such set-up and embrace it or discard the set-up completely.