BE Hit on EUR/USD. Short again at 1.3559, TP 1.3320 to 1.3260. Added to GBP/USD Shorts at 1.6177, TP 1.5850, 1.5680, 1.5610.
Hey guy’s, GM. I just came across this thread yesterday and have been having a good read through. The trading method looks very impressive, seems to give high probability, high risk/reward ratio and usally low risk. So thanks for taking the time to post and share this info.
I am a complete newbie, I have done lots of research and playin around with the different tools (on demo), getting to know which ones I like and which I dont. I really like trading channels, either a bounce from support/resistance or a breakout, I also like the fib tool and previous price levels. SAR also seems simple but effective for me. I try to find a confluence of signals which is what I like about your system as it seem to incorporate the signals I like using.
The school of pipsology helped me out a lot, and I am now at the stage of trying to develop a system that has a low risk, high reward and high probability strategy like yours 
It may sound stupid but can I just ask Bank, why would you be concerned of breaking the rising channel south when your in a short trade?
Any info appreciated and again thanks for taking the time to post and share this, it is invaluable to people like me
Added to Shorts here:
http://img594.imageshack.us/img594/1039/imagecd.png
Intermediate Targets
http://img441.imageshack.us/img441/9879/imagerx.png
GM pips your daddy, Welcome and glad to hear that you are spending time educating. Keep it up! Yes S&R trading is very simple, powerful and effective. And has you have said, the objective with this method is to reduce the risk and increase the rewards. Ok, with respect to the rising channel, my concern was with raging bulls’ Long trade plan. Not my short trade as a break of that channel suggests further downward movement.
Thanks for the info Bank, I am spending lots of time researching and I believe it will pay dividends in the end if I can recognise good high probability setups and combine with wise money management rules. I am hopeful I can make it work.
The rising channel makes so much more sense now, it’s encouraging that I have the right idea as I think the foundation and even most simple basics are the most important.
Can I ask another quicky, would I be correct in saying you currently prefer the downside bias for EUR/USD? is this because the weekly charts show a long term downtrend for this pair? even tho the shorter term is trending up?
No prob pips your daddy. Yes my bias is bearish on both EUR/USD and GBP/USD as per H4, Daily and Weekly Charts. Ooops, yes I believe the buying has ended particularly for the GU. EU needs to break 1.3490 to meet lower targets.
Lower High Setup on GBP/USD @ 1.6050 pending. Interim Targets for this trade below.
1.3516 entry triggered.
Well you seem to be absolutely spot on with your analysis Bank, very impressive trading. The updates and jpg’s you post are really useful.
Do you mind if I ask how long you have been trading forex for and did you start on forex or did you trade stocks before? or do you trade stocks aswell?
Thanks pips your daddy! I’ve been trading for about 5 years + now. Never traded stocks at all. Not very sure I am interested in trading anything but FOREX though.
Cool, I’ve not really traded stocks either. I intended to but when doing my research I stumbled across forex and after delving a bit deeper forex seems to present more oppertunities and larger rewards. Be it a bit more risky but with good money management and well managed trades I much prefer it rather than stocks. Stocks can also be manipulated very easily and often are but forex is a much stronger market.
How long did it take you to figure out the market and feel comfortable and confident with your trades?
I share the very same sentiments where stocks are concerned. Well, figuring out the market, not sure I would put it that way, as every day the market has something to teach us. But throughout the period I have been trading I spent a lot of time studying price behavior and realized that the most fundamental knowledge to the trader is support and resistance, and good Money Management, which is where I see your focus is. Other than that just keep it simple. Nothing to complicated to make it hard to make a decision. But still a student.
I think everyone who participates in this market is going to be an eternal student (however some will learn and some simply wont . No matter how much experience you have and just when you think you have seen it all, the market can still eat you up and spit you out. However like you said money management will always be on your side to protect from being hurt too badly as long as it is used correctly.
How long have you traded this method for? have you always been a swing trader?
Hope you dont mind so many questions 
For sure…I have been at this tweaking here and there for about 2 years. Just started swing trading for just a few months now 3-4. Much preferred to day trading. Less stressful better rewards.
I have noticed your Fib levels are much different from all the one’s I have seen other traders using (the standard 38.2,50,61.8 etc) yet they seem to hold pretty good do you mind if I ask how you came across these levels?
Sure thing…got them from a trader who calls him/herself Vegas on ForexFactory.
wow forex traders are pretty friendly folk, hopefully i’ll be experienced enough one day to hand down this almighty wisdom and advice.
I wont be around tomorrow as I have a mega long day in the boring office job but i’ll catch up with this thread over the weekend and will definately be following it next week. Sorry that leads me to another question lol … I picked up from an earlier post you trade the london and new york sessions but which days do you trade?, I know some traders stay away from certain days.
Thanks for all your help, it’s really useful for me so thank you