trav
obviously GBPCHF, but what timeframe please and are you using the SHI channels or drawing in your own LRC with the tool in MT4 ?
MP
ive just been trying it with the MT4 LRC, but other than that not really using it as i am not sure what else to do with it. i have been putting them on the 1hour chartā¦and that is the gbp/chf, but really i only trade gbp/jpy.
Sometimes/normally i draw my own trendlines, but my trades seldom work just going off these lines, rather it gives me just an indication of where price is at. I seem to be getting more success just with pivots and and having an idea where support and resistance lies and then pounce when there is trending momentumā¦ with trendlinesā¦i find it too easy to move the line to suit the price.where as a horizontal line is more specific for a breakout or reversal.
i appreciate your knowledge and trying to grab bits here and there, but i think i am trying to keep it simple until successful. you sound successful and sound like you know it allā¦i just hoping to master one setupā¦luckily here the london open is about 6pm my timeā¦so i just trade through to ten or elevenā¦problem is staying out earlier during the day when price is floating around - but aim is just to grab that one trade between the daily pivots each day - 100 pip opportunities between pivots or ceilings and floors with trending momentumā¦thats all it should take
thats what i thought when i saw the channels
google for āSHI_Channel_trueā and install ā it will give you MUCH more exact channels and once you see them, you can then start using the LRC tool in MT4 to show the INNER trends within the channels.
normally one waits for a bounce off one of the channels and exits at mid channel, because you can get a lot of waffling about at that point, with the price āusuallyā breaking breaking towards the channel line it was heading towards originally.
using the s+r overlays gives you an EXACT tp point, that you can simply set and forget and that works in any timeframe or style of trading.
give it a shot ā wont bite and should show you whats going on a bit more clearly.
once youre used to those, ill go into using the LRC tool, although my instructions are back a page or two or three in this thread !
enjoy and trade well
mp
CHEERS MP
been playng with those channels now using the shi_channel_true and they look to line up well
i have uploaded that same hourly chart but with the shi channels (i overlayed the daily shi channel and the hourly shi channel- which now seems to be indicating we should be looking to buy as price is lower than both lower lines of these respective channels. Would you take this trade since the overall trend is down?
thinking of taking it targetting 1.5750 (96pips there)ā¦provided it doesnt GAP up which it probably will!..or are you already long thereā¦
anyway thanks for the ideas.
By travpip at 2008-12-28
ah Trav, at this point i have to decide between the honesty that was inculcated into me by my parents and teachers, or to protect my testosterone laden manhood by simply lying to you !
I AM LONG !
BUT, only because of an error while scalping, and NOT because i believe its time to go long (although damed close, as we see). I set a tp and walked away and during that period wonderous things happened on the battlefront ā the resistance level kept DROPPING, and inexperienced trader that i am, i was busy having a delicious cup of Tazo, black Indian tea, which originated in the high peaks of the Himalayas but soon became a popular offering to travelers throughout the Indian subcontinent. Consisting of strong dark tea, spiced with pepper, cardomom, cloves and anise, it instantly raises ones body temperature by 10 degrees and brings a rush to the body !
so while enjoying my organic ārushā, completely unbeknownst to me, the resistance area kept dropping and dropping and dropping while i kept drinking and drinking and drinking.
anyway, THATS the reason im long and im judging that being that way is not as horrid a thing as it could be, and that we should be due for a jump to the upside, if only short lived, pretty danged soon !
after all, correct or not, wont be the FIRST time a scalp became an investment !
ANYWAY, price is presently at the midpoint of the H1 LRC and while this currency does not have a repeated history of stopping there, consolidating for a while, and then continuing, i believe that to be what it does this coming week ā and so will hold the long to 5695, higher if i think possible !
present points i shall be watching are 5748. 5777, 5822, 5922, 6017, 6282 although i place most faith on 5694 at the moment ā IF that breaks, then we start talking capitalism !
mp
MP,
Thanks for answering my question about S & R. Iāll give Barryās another look. Iām trying to backtest the timeslots you mentioned. Itās of limited benefit on MT4, since the SHI channel doesnāt move back to previous monthsā charts. The market will finally open soon so I can watch in real time. Finally!
About the HA candles: Do you use those in all timeframes, or just in 1 & 4 hour to get the direction of the larger trend? Aside from the doji, do you look for other regular candlestick patterns? What did you mean by a signal on the HA candle chart? Is it just a change in candle color after a series of candles of the other color?
Thanks for your insight throughout this thread.
gday
mp
So let me get this straight:
You āmosey on overā to āThe House Of The Rising Sunā (or āHotel Californiaā), āSH*Tā ALL OVER us, and then we donāt hear from you again!!!
Regards,
Dale. (forexbrokersonline.net).
Edit:
You should ācome on over and visit again sometimeā (and āgo backā a few pages. You know: āLIVE A LITTLEā) i.e. somebody ACTUALLY had something NICE to say about you today (or yesterday). Sorry: I forget EXACTLY when!!! LOL!!!
luckily i was just thinking about this and never got round to doing, seeing as price has fallen down to 1.5280ā¦now price is the top of the SHI channelā¦it is screaming shortā¦should we go long now:rolleyes:
trend has so many friendsā¦but many times i go looking for friends in other far away places i shouldnt beā¦it always ends in pain:eek:
britian is shiet it is just fundamentally shiet ā¦ no matter what channel or indicator you got britian is shiet,ā¦what has it got?
Hey man, I got a question. Must await reply.
whats up ?
Looking for a position for the next sessionā¦ only potential pairs I can see with any volume are the eu or the cableā¦ any thoughts?
By the wayā¦ if you get this before falling asleep, please try and catch me in the chat room and maybe show me the i.m. tool on this site as I canāt seem to find it.
Thanks,
Chubs
rite now volume is doubtful, but any news will create it ā while i dont go looking for the news for my ovrnites, you might like it.
i just play anything i like at the moment, which is eurusd and usdchf today as a nice hedge trade, rotating pairs as i feel fit because its not HOW FAST they move, but IF they move, how MANY you got that move and whether you pick the rite tp.
im just a turtle ā make haste slowly !
enjoy and trade well
mp
ooooooops !
considering its a bank holiday for most of the world, wed should be interesting at best
mp
I also was born on a holidayā¦ Thanksgiving, 1968ā¦ Iām pretty sure it was a Thursdayā¦lol
sorry, Iām sleepy. oh, and my name is also Mike, well Michael.
please refer to my last 2 posts on the āChristian Network Channelāā¦sorry for my disgression. and I really donāt know how to spell that well.
posted this on another thread but realized i liked it - - - - -
WHILE i am loath to state that there are no rules but to make profit on a ānewbieā forumn, its how i trade and what i do every single day while playing this grand ole interactive monopoly game we call forex !
it hurts me beyond reason to watch people LOOSE money to stop losses and the other silly things people are SO attached to.
i ask that you simply demo an idea of mine ā take an H4 or DAILY chart with nothing but a 14EMA on it, ENTER in the direction of the ema direction, make sure youre following proper money management rules (ok, thats one i will accept if one does not have the luxury of a VERY large account) and DONT set a stop loss !
EXIT when the currency crosses the ema in the WRONG direction (guess that could be called a sell signal) and see if youve made a profit or not.
this method is a REALLY RUDIMENTARY one, and you lose a lot of pips at the exit because it comes LATE, but I only wish to point out how forex works and how simple it is to make profit ---- granted, there are better methods that will give you greater profits, BUT I ONLY WISH TO SHOW YOU HOW SIMPLE IT IS TO MAKE MONEY !
now throw an LRC on the sucker so you REALLY understand whats happening, and do one trade a day or so, gather your double breasted suit and wingtip shoes, and youre now an international banker !
the enclosed chart is nothing more than a simple chart that comes up when you first open MT4, and is usually done with a 14 ema, but it clearly shows just how simple your life can be !
understand that i am NOT endorsing either this method or not using stop losses, but demo the idea, and while there are WAY better methods around, this super simple one shows you how the market moves and why MOST rules are meant to be broken !
enjoy and trade well
mp
If you get to this in the next half hour or so, please come find me in the chat room.
Chubs
Does anyone know where I can find cheap FX historical data that can be imported to Excel? I donāt care about the quality of their backtesting or other services, I can do my own programming. I just need the data.