Channel Trading

Hope someone can take the time to look at this. I am a event trader trying to learn how to channel trade.

Looking at the EUR/CAD Daily

Saw what I believed to be a very nice pattern as the pair gets down to the Bolinger the RSI was down to 37 and working it's way up the PKS was down to 16.2 and coming up. I have two days pushing up with some retractments. It's now Aug 29th And I go long about 1.4220. It is now down to 1.4152 I was stooped out about 1.4149. Which I figured was safe.

The question "finnaly" What happened. I can't find any fundamentals and no simalar pattern that I see for the last 9 months.

Sure would like to know where I went wrong or was it just my turn in the barrel.

Thanks

Well I not a real expert, but, first off; "Hind sight is better than foresight" What I did was a Hind Sight Channel for you. These easy to make look good on a past chart. Harder for a future look! On the Chart I have High/Low Down Trend Lines. The Horizontal lines about where you were, the blue cross is your trade day. From this Channel you Opened a Long Position in the middle of the Channel. There seems to be a "side winder" here waiting to strike. The previous week was a big drop for some reason. You may have been positioned for a "Retracement" but; I think your trade was on Wenesday, Tuesday not a good candle, Wedesday was a possable Doji so Thursday may have been a good day for a short, it was close to the High for the Week. But, according to this "Channel" it would be a "No Trade" signal.
This just an example and not to be taken as Fact, I did this to help you see a "Channel".
Some things you may try; is changing your "Time Periods" on your Indicators etc. and play with Drawing Trend Lines to try and see a Channel. I usually try Drawing on a Monthly Chart as I can see a UP/Down Trend better and I feel the "Channel" would hold more true (Highs/Lows) than what I show you here. Hope this is of some help. I not the best at explaining things. I did go a look at this on a Year to Date chart. Just to see where the Tend is. It does look in an up trend. I thinking your Stop Loss my not be aggressive enough for the trade or you may have needed to wait for it to drop closer to the Low Trend line. This actually may not been a bad trade Monday or Tuesday will tell.
I add this information that may show Oil to be a determining factor in this trade. Canada is about the 8th-9th largest oil producer in the World.

Light, sweet crude for October delivery fell $1.07 to settle at $69.19 a barrel on the New York Mercantile Exchange -- its lowest settlement price since finishing at $68.94 on June 20.


Brent crude on London's ICE futures exchange fell $1.10 to settle at $69.15 a barrel. Crude futures have fallen 4.6 percent this week, and are down more than 11 percent from their record high of $78.40 a barrel reached on July 14.

Took a while for me to digest all the info, thanks. I really apprieciate your time and effort.

I am kind of embarest but I have always lived buy the rule that " there are not any dumb questions" sometimes I wonder about me. But that only reflects one of my biggest problems as a trader. I am not a patient person.

I got a chance to do a lot more study on the RSI indicators and have found at least two errors I made in there application. Probably will find more as the day goes on. Which just proves that " A little knowledge is a dangerous thing"

I'm really impressed that a dog can even type, let alone trade the FX market. :surprised
Don't be too hard on yourself
Peter

Ignorant:

Definition;
Not being willing to say "I don't Understand"

Should have used a Scotty for the avatar.

Thanks people.

hi check this indicator
https://www.mql5.com/en/market/product/48619#