enjoy and trade well
mp
“I live in my own little world but its ok, they know me there”
well i definatly see the afternoon and the noontime reversals now i will have to look for the every 90 minute thing. Also Ill check out the lrc.
Ill have to reread what you said about lrc compared to chichannel also about the fib levels and how they pertain to the 90 minute reversals.
good stuff, john
Good (Saturday) evening.
Commented on as only a master could do!!!
After reading this thread again I think that I should (maybe) apologise to be honest. Without actually realising it: we’ve gone from your masterful instruction on the merits and use of Linear Regression Channels to my obession with Wilder!!! It was not my intention so consider this a formal apology!!! (I THINK the reason it happened is because I was attempting to answer the quesion being asked of both of us by ‘johnnykanoo’).
Let me say this: I always have Linear Regression Channels on my chart ANYWAY (I may not have mentioned this before) but I’ve never traded SOLELY with them. I can, however, attest to their merit because (here we go again: sorry) I have used them very succsessfully with another of Wilder’s trading systems i.e. as a filter to not enter a trade too soon but that’s for another thread (mine)!!!
Regarding the (your) signature: I (obviously) had no idea what the reference to ‘Elfinore’ meant but I assure you that the signature won’t be used anywhere. To be honest: it sounds like a fable of sorts and I believe I understand the true meaning of the fable.
(Lines deleted because I realise I was ‘waffling’ and no need to complicate things for others)!!!
Regards,
Dale.
MP Ive been looking around the internet and came up with some lrc indicators but they all seem to be different. If you don’t mind could you post yours and also the proper settings and maybe an explanation how they work for me the non lrc user.
Ive looked at your chart and to be honest I am not seeing it I guess Im a naked trader and price seems clearer without the clutter but you and dale and a whole host of other people seem to really like this indicator.
Im just trying to tap into your wisdom and learn a thing or two.
FIRST INFORMATION ON THE LRC IS THE FIRST POST ON THE FIRST PAGE OF THIS THREAD !
GEEEE – THAT MAKES SENSE !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]
holy sh… that is some chart!!! You and jebatfx would get along great if you ever saw his charts. Its all good you seem very successful in your style. I will definatly look again at shichannel and see how clear it makes things for me compared to my own s % r lines.
I noticed you use barry support and resistance. You should check out the never lose again thread they have some other great indicators. that is more the short term stratagy.
have a good weekend everybody, john
btw give the migivers my best 
enjoy and trade well
mp
There are tests and there are tests, but being a graphic, right brained person, this is my favorite (for obvious reasons)
which hemisphere of the brain you depend on VERY much controls what indicators or lack of indicators you depend on, and while its not of any real importance to making money, its a fun experiment.
Im right brained, come from the world of movie making and see everything as a graphic formulation which produced my love of the LRC because of its outstandingly VISUAL method of SEEING what trend and s+r are !
It dont matter one wit, but its good insight into how you see things !
enjoy and trade well
mp
HelloQuizzy.com: The Picture-only Left Brained or Right Brained Test
why does shi channel show bias as up when clearly it is down???
im just not sure how to use this. Is it saying that price is moving sideways??
the daily is showing strong downbias
take a look at the timeframe on chart and notice it is 5 minute ---- obviously, at that time, the 5 min was showing a conservative uptrend.
the SHI will show you the trend FOR THE TIMEFRAME SELECTED.
but to be as sharp as Valentina Metrace’s personal rapier/daggers, those working the longer timeframes should use the LRC channel as described — this will SHOW YOU EVERYTHING THAT IS HAPPENING, and allow one to become a master of the universe, just like me ~
Men NEVER follow directions, thats why i love women traders so much !!!
Too bad !!
enjoy and trade well
mp
Thanks for the (what I took to be) compliments!!!
As I said: feel free to ‘drop by’ anytime!!!
On the other hand: it’s nice for me to have somewhere to go to get away from the glare of the mirrors and the radiation of the monitors!!!
Regards,
Dale. (forexbrokersonline.net).
if you look at my chart it is obviously down not up i guess shi channel lags like all the rest and hence why i dnt use indicators coz price is price
ill tell you what in all fairness maybe the channel is better in longer timeframes it showes the daily as short and i agree especialy after ecb ratecuts coming up. also dow dropped alot holy sh… that makes the dollar stronger yea? Ill definatly stay short eur through this week
as i said johnny, you dont read the directions
the 5 minute channel did exactly what its supposed to do, which was to show you support and resistance — obviously, the 5 min broke support and you can see it as plain as can be !
during the time the 5 minute was in force, it showed you every scalping ability it had, but it also showed you that you could simply have taken a short and waited till the bottom line, going with the breakdown if it was easy to catch !
it is obvious that the daily shows a downtrend, but you showed me a 5 minute, that if you had shown more of would have shown that it was trending up UNTIL it wasnt any more, which was shown by the breakdown thru the bottom line. If you were long the 5 minute, when the price hit the TOP line of the 5 min LRC, you should have exited long and gone short ----- THAT is how one uses it — seeing what happens when it reaches a top or bottom line and THEN taking the trade — obviously, if you had gone short at the top LRC line, you would have been in trader heaven with your short, even if you got out when it hit the bottom line and waited to see what happens.
my chart shows (what i presume is the same area as yours), where the SHI moved down because of the NEW support level (where it broke down thru the SHI on YOUR chart), and i would bet that we now go back up and higher than the last high, therefore the trend is UP ! (LOL)
since the daily will show you the same actions as the 5 minute long side, and then it reached ITS top also, where it went down, you could have played the long and the short repeatedly as the price moved down.
all the channel is showing you is where support and resistance has lived — it cant tell you (without other things like support and resistance overlays and the accum/dist) if the channel will HOLD or GIVE WAY.
YOUR DAILY IS OF COURSE CORRECT, but the next time you hit the bottom line, take a decent look and begine to think long, then use whatever timeframe you want, which with the 5 minute chart was just a scalp — if you had used the H1 or H4 to guide you, a long range trade could have been set, and you could then just scalp the daylights out of it, up or down as case might be.
its really so simple, because youre simply looking at a picture of what is happening — after all, even in an uptrend, there are always retraces, and if you had gone to the 15 min chart, it would have shown you the bottom.
AND please dont call the LRC an INDICATOR as it is a CHART OVERLAY, and as such is right on target !
enjoy and trade well
mp
I thought I’d take a break from ‘paradise’ (you know: away from the ‘glamour and the glitz’ and the photographers) and ‘pop in’ over here for a while. Hope you don’t mind!!!
You have to be SOOO careful I’ll tell ya!!! It’s no wonder I’m ‘paranoid’ about checking equations that come with the platforms (although one would think that something as ‘simple’ as LRC’s would be correct)!!!
It only just ocurred to me that the equation for MY LRC’s was using the CURRENT price(s) to draw the lines rendering the LRC’s all but useless i.e. MY LRC’s would adjust themselves ‘on the fly’ i.e. as the current price changed the channels would widen to accomdate the price change (kinda like trying to push a piece of string through a garden hose)!!!
Simple fix: use THE CLOSE (like ALL my other ‘systems’)!!!
NOW they have STOPPING POWER!!!
Nice.
Regards,
Dale. (forexbrokersonline.net).
mp i appreciate your patience and willingness to share your expertise.
Lets see if I get this straight…
first the channel is a graphic depiction of trend for that period
second we wait for price to move to the end of the channel, once it is at the end it will do one of the following
break through and continue which is a signal
or bounce the line and head back towards the center of the channel (similar to bands)
If I look at the H4 for example and on the outside line i see a dogi or a long wick for that matter and it is pushing against the channel wall than that is a good indication that price is reversing (just like a trend line bounce)
I know this seems painfully obvious to you but please keep in mind I am a naked trader and I am open minded to try new things but i never took the time to study indicators only price. Ive been trading for like 4 years and I consider myself to be profitable but I could use a little more confidence when Im putting on any type of longer term trade. I feel good taking 10-100 pips but by the time im getting close to 100 im thinking take the profit and I know I leave a ton on the table so im trying to find a way to confidently pick profit targets.
thanks again mp and dale, always a pleasure 
Im targeting 123.00ish does that seem right???
coz its hard to read 123.00 is the middle dotted line
[B]Oh not to fret about it Dale. As a “master of the universe” and the “space/time continuam”, I have long since become used to mere mortals and their associated foibles !
Where a lesser god from the pantheon of trading might become upset (Zues has one HELL of a temper – I believe he drinks far too much !), I am a simple, zenlike god, and i bend with the peculiarities of the humans I wish to teach.
Whenever I get saddened by human behavior, I simply think of Prometheus, and understand that life goes on and becomes increasingly more fun each day.
I’m SO glad you discovered YOUR foible before I had to rip your head from your torso and throw it to Hades — it saved a bit of work on my part !
enjoy and trade well
mp[/B]
“I live in my own little world but its ok, they know me there”
[B]YOU GOT IT !
theres a tad more, but if your IQ happens to be over that of your average amoeba, you should observe things quickly.
please note that by using “barrys support and resistance” chart overlay, you will have most definite places to aim for in your search of the final tp, but as stated, you should do decently enough.
as i repeat constantly, “price movement” is a fine way to trade BUT you are depending upon the close of a candle to show you what to do and let us assume the present candle goes WAY up and during that time receeds into the doji you wish to see — well, what about all that “receeding” profit you lost waiting to see how the candle would end ?
using support and resistance, you IMMEDIATELY see if your tp point is hit and then let the other poor suckers suffer the “receeding” candle syndrome !
Also works with the HA candle situation, as HA’s always show the tp point one candle after its gone, BUT with s+r, you can follow the TREND and know where to EXIT !
its a valiant chap who trades naked, especially with the shades up, and while you may get a LOT of attention, its not the best way, but if you buy this knife RIGHT NOW, ill throw in some indicator data that should make you invincible ![/B]
[B]If youre using fibs, depend MORE on the s+r figures unless both line up together, because TODAYS forex trader is from the world of equities (HOW on earth can you trade equities these days, so theyve all come over to forex !) and equity traders depend on s+r and NOT fibs very much !
all that ive said to Dale shall apply to you also, so your present head is presently safe from being presently sent to Hades — congratulations for a few days anyway !
price movement people — youre always one candle behind !
LOL
mp[/B]