Hi
58 pips today in a fairly quiet session overall. 3 moves we captured before calling it a night.
Enjoy
Thanks again for your videos. I’ve been away and unable to trade for a few days. Last night I made a few mistakes and ended up with a negative night, but it’s good to watch the videos to help me focus again.
Hi
Sorry I haven’t been updating lately but I have been away. I have 3 videos from the last 3 sessions for you to have a look at.
Enjoy
Hi
Just to let you know we don’t trade US holidays so I don’t have any analysis for yesterday.
Cheers
One directional in Europe on Friday and managed a couple of runs for 79 pips.
Enjoy
Where did you find your channel doubling tool?
Hi Nubs
It is a program I purchased called wolftrading. It is basically an ea that you add on to MT4. You can see there stuff at wolftrading.co
Hi
Please see attached videos for the 30th of November and 1st of December. Not a lot of strength in the moves for the last couple of days and took profit too early with no momentum guiding us.
Enjoy
Looks like I’m joining your club. I kept second-guessing myself last night.
I like this technique so far. Its interesting enough to keep feeling involved. Would you mind if i posted some of the trades im taking and commenting on my entries and set up please. Im still a couple of steps behind.
I used the high of the previous channel to place my buy limit order. Would you wait for a bounce and then place the order for it to get picked up on a retest, or is this a strong enough area to place the limit order blind? I used a 4.5 pip stop, i think you have send you use a range from 4.5 to 5.5 on a couple different occasions.
Also, sometimes its hard to see how you can get in certain trades after the fact since my limit orders wouldn’t have been touched for entry, or i would have been on the wrong side of trade. Do you use market orders based on price action to catch the bottom of the channels as well?
Hi
74 pips profit last night with some nice bounces and a parabolic move on the EU data.
Enjoy
So in your style of trading, do you have both buy and sell orders open at the same time at tops and bottoms of channels? In the first couple of videos you seem to have entered trades in the opposite direction before being stopped out from the previous entries. Am i misunderstanding this or does the risk reward make this profitable, is it just a function of being able to trade the opposite direction once the trade is moved to break even?
Hi Nubs
In relation to your first chart, please see below. I looked at the previous channel being 1 and 2 and a double channel projection being 3. I took profit at 3 and also went long there.
When I trade I generally don’t have long and short positions at the same time as I am usually taking profit at the same place I believe it will bounce on a double channel. In the example above I took profit on a short at 3 and went long. I then took profit and went short at the same place as number 1 as it was exactly the same double channel formation.
As it is a bid only chart, depending on the broker you use I always make an allowance for spread when I am placing a buy order. When I take profit I usually place my order around the middle of the yellow zone as opposed to the extreme. Sometimes the double channel as in this example is exactly the same take profit level as entry level but that is not always the case. I am generally more conservative in my projections when taking profit and look for the most likely outer projection for order placement as I run such tight stop losses.
As far as my stop losses are concerned I do change from about 3.5 to 5.5 pips depending on volatility usually.
I usually move my stop loss when I have executed a trade to match the current circumstances but I never have a stop loss greater than 5.5 pips. I am usually placing my stop loss closer to the top or bottom of the channel. I usually wait to go to breakeven when the current micro channel is broken so in this example, that occurred 27 minutes after I went short. There is some flexibility in this though depending on price action but that is my rule of thumb.
Hope that helps.
Thanks for the response. I wasn’t able to enter the first short as the price missed my limit order on the retest by a pip. I will try using the channel projection as my entry point next time for the long trade instead of just a support line. I ended up getting stopped out by half a pip before it turned but it left me open to catch that big move once price retested the high of the top channel. I am getting great results using your strategy so far but have obviously had to dumb it down and just take the most obvious opportunities. Trying to implement the 50 percent pullback for entries with some success but pretty lost once you start talking about the micro channel entries and projections from those tiny bounces. Great thread though.
Hi
40 pips yesterday but took profit early in a one directional move.
Enjoy
Hi
48 pips last night with a fairly choppy session initially.
Enjoy