Disliked{quote} Hi dweb, Could you please explain more about IB Channel? How to detect it and use it for averaging purpose?Ignored
Chart TF: H1
How to detect it:
IB Channel: When using the QSC and a IB is identified, the channel is drawn on the screen in default color: Magenta. You have a choice or preference to which type of order suites your trading the best, ito planning etc. looking the pic below once can see how price behaved around the the IB channel.
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++ false break to the bottom
++ break out to the top and continuing...as I am typing this (lol)
use it for averaging purpose?:
++ BUY/SELL orders (order type is up to you) placed where IB Channel are formed. Not that these can take some time to form breakout. in the pic the previous IB channels at bottom (not marked in pic) is about 80 pips away.
I feel fx trading business will not grow:
++ this is dependent on your style, and understanding of the asset(s) you are trading, etc. However, options/binaries are attractive. Commodities/Stocks, as is now my primary focus as it suites me best (spycho, etc). Fx market is used partly to understand potential moves.
indicators mostly for trades entry:
++ I have been doing R&D on entry for over 12 months now with considerable improvements. Indicators form only part of the idea, like Masterrmind said - confluence (this is where all the tools, ideas, whatever makes you decide to enter or exit comes together.) "Exits" has been an idea I have been working on for some time, and my philosophy is the "Exit" (locks profits) is more important than "Entry".
All in one simple chart. How would you analyse the market using just this FREE tool finviz forex performance online?:
++ I may be able to but won't as it is not what I am used to, or fits my way of thinking about assets. I have been through the mill, and like the dust in the air, settled on what fits me the best....now I am close to only trading "the best fit for me" style, instead of every signal.
PS: The best learning is I have gained over this time is that when a "RULE BREAKS, GET ANOTHER OR WAIT UNTIL IT WORKS AGAIN", and will also limit losses. Leave the faith at home, and watch the price action.
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Few hours later: see a new IB Channel formed.... (this pic take after post #322 below)
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We err, and err, and err again, but less.