First let's clear the thing with "good luck" PLEASE don't "good luck" me in Forex, it's like saying "good luck" at fishing Better wish tight spreads
So, about your questions.
1. RegChan: Sometimes I move the channel when I see that price didn't get out of it till 12.00 noon. There are no conditions, I am only looking for a better channel, a channel with closer bands.
2. Thend Lines I am drawing must match the RegChan bands or at least stay together.
I attached the carts for today's trade. GBP/USD. Great move.
I moved the RegChan today for GBP/USD and as you can see the TL was there, near the RegChan. Pretty nice, ha ?
2 EMAs crossed
Price broke the RegChan and TL at 16.00 GMT (with the same candle - pretty strong signal)
MACD turned down at 16.30 GMT
W%R retraced at 17.00 GMT
17.00GMT: SELL @ 1.9744 with 2 lots
Time of trade: 3-5 minutes
SL: "nevermind" price hit the TL and closed bellow so that was clear for the next move - direction DOWN
Profit: 10 pips x 2 lots x $10/pip = $200
Happy PIPpin' !
uptick - good for you, i don't trade USD clone currencies (AUD, NZD etc).