Hi Timo
Thanks for your reply. To be honest I have traded many pairs using this method but I don’t usually hang around until the US/Canada open which is when I imagine USDCAD is most liquid and the spreads are the tightest. I generally only look to trade currencies during their peak period which is why I trade EURUSD in early Europe.
The fundamental patterns are the same but with less liquid ccy pairs you might need to look at having slightly larger stop losses to allow for the fact. I did a quick analysis for you from Friday night in USDCAD at the US open and as you can see, the basis for the trades is the same as is the objectives of each channel break.
Cheers
Hi Timo
Just wondering what you use to do your trailing stop loss?
Hi
A good session yesterday wiht a few good runs and even a few missed opportunities. 95 pips in profit with a few left behind with greed.
Enjoy.
Very quiet start to the session yesterday with a Japan holiday and little movement in early Europe btu we managed to catch 2 runs for a profit of 51 pips.
Enjoy
Hi
41 pips profit in a market that didn’t really suit our system. Had 2 runs in early Europe and then we were range bound.
Enjoy
Hi 2dogstrading
If I understand you question right, I have a stop loss EA, that starts to move as soon as the price moves to my direction. I have found that been helpful. However I don’t use that always, but testing your strategy I tested the stop loss EA too.
Good videos.
Hi 2dogstrading
Thank you for videos.
I have one question concerning Nov 2nd video(posteed on Nov 3rd). You explained the practical reality of trading on about 1:40 point of the video. The point what I don’t quite understand is how you handle the entry point and the missed entry points.
According to your accent I live on the other side of planet, so that is most likely the reason to the reception problem I have:8:
Ps. I am too newbie to this forum, so I couldn’t include the link of the video from your post.
A good session yesterday with some early volatility in Europe. 113 pips in a couple of hours trading.
Could be interesting again today with NFP tonight.
Good Luck
Hi Timo
I have done a video for you from the 2nd of November to help answer your question.
Cheers
Just to let everyone know, I don’t generally trade the night of the NFP numbers so there won’t be any analysis of Fridays session. Will be back tomorrow.
That’s amazing. I missed most of that during the night but can see how the way you trade makes sense. How have you learned to trade? Also, it seems you make quick decisions when taking trades. Does it take special software to be able to place buys and sells so quickly?
Hi 2dogstrading
Thank you for your answer to my question. It was just what I meant.
I am thrilled to get personal teaching from a trader like you. It feels great.
Thanks
Timo
Ps. I am from Finland so I am located ideally in terms of trading. At 9:00 am (my time) is Frankfurt open and at 10:00 am is London open. At 3:00 pm is New York open and if I want I could check the Sydney open as well at 11:00 PM. So could be full day of trading, but that could drive you crazy.
Hi Linda
I am pretty much self taught trading just looking at chart patters and the formations and coming to the conclusion that in the short term the market consistently trades double channels so I started trading it. I use a program called Wolf Trading which gives me all the tools I need and it makes trading and management much quicker. You don’t have to use it to do what we do but sometimes speed is the crucial factor so it is great i that respect.
Hi Timo
Glad it helped. I think realistically the only 2 opens of the day I would look at trading are Europe and the US and because you very often have fundamentals at the US open it can be a bit scary, plus it is a bit late in the evening for me anyway.I try and make 50 pips on average a night and am happy if I can do that in a couple of hours. Running up the to the FOMC meeting in December though I do think the US open is going to give more opportunity as US rates are the focus.
Hi
Sorry, was having some issues yesterday doing the video but here is the video for the 9th of November. Very quiet session after Fridays big move but still managed 44 pips.
Hi
65 pips in a fairly quiet market in Europe last night. A couple of drifts with no real volatility until the US session.
Enjoy
Hi 2dogstrading
Thank you for the analyse.
I am just interested to know when you took two times double channels with your channel tool. Does the tool calculate the width of the initial channel from some indicator or where does the value for the initial channel and further for the double channel come from?
Best regards
Timo
Hi
65 pips last night but could have been more if I had stayed around a little longer. Still drifting a little in early Europe as opposed to any strong moves which we seeing later in the session closer to NY.
Enjoy
Hi Timo
I use an EA called WolfTrading which has channels as part of its program. I think the standard channel that is produced is 12.5 pips and when you click where you want to place the first channel it automatically places a double channel of the same width.
I found it too slow using MT4 channels and you had to manually calculate the double channel etc plus the execution and order placement is much easier with Wolftrading. I never thought of using the fibonacci lines like you do though.
Cheers
No pips last night but have done an analysis for the session. I don’t trade when there are important speeches as I have too tight a stop loss and they can be too risky.
Enjoy