I have added a video guide to the system, to illustrate how I trade it:
Michael's Forex Trading: 15M Channel Trading: How-To video
Michael's Forex Trading: 15M Channel Trading: How-To video
Captain Currency
Experienced member
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Hi Miki,
I took a punt on your system today when my ducks where having a nap
Your system has its uses for observing price action on the lower time frames which is always good if you are a short term trader or scalper.
I think like my 3 Ducks System it will make more than it loses over the longer period if RvR is positive and you have the correct soilder driving the tank
My enter was prob not the best and my stop-loss was a bit of a chunky kit-kat at +65 pips, but she is up and running now and making pips, will I get a good RvR on this trade? who knows.
Best of luck with your studies and keep helping the lads on here - most of them need it!
Speak Soon,
Andy.
I took a punt on your system today when my ducks where having a nap
Your system has its uses for observing price action on the lower time frames which is always good if you are a short term trader or scalper.
I think like my 3 Ducks System it will make more than it loses over the longer period if RvR is positive and you have the correct soilder driving the tank
My enter was prob not the best and my stop-loss was a bit of a chunky kit-kat at +65 pips, but she is up and running now and making pips, will I get a good RvR on this trade? who knows.
Best of luck with your studies and keep helping the lads on here - most of them need it!
Speak Soon,
Andy.
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HEY GUYS!
After a lot of time of no updates, I am back with many analysis, trading plans and signals. For those who remember, I started the thread about the 5Min Channel Scalping...
Anyway, my trading plan for the next week:
Some nice patterns I have noticed:
In the GBP\JPY, there's a nice wedge which also confirmed with an 61.8 retracement. I expect the GBP\JPY to go up, breaking the wedge and continue, passing the 100% of the trend. There's a possibility of a gap at the opening.
Also, a wedge in the EUR\USD, which is expected to break down. Do not enter at the pullback, this usually not a profitable entry.
The Wedge seems to be a big player these days. Another one at the AUD\USD. Note that this one also looks like channel, so in case of breakout I will trade short on the pullback to the support line. Expect a gap -> pullback very shortly after.
All trading plans and analysis is also posted at my blog. I do this for no profit, so this is not any kind of advertising or something of that kind...
GOOD TRADING!!!
After a lot of time of no updates, I am back with many analysis, trading plans and signals. For those who remember, I started the thread about the 5Min Channel Scalping...
Anyway, my trading plan for the next week:
Some nice patterns I have noticed:
In the GBP\JPY, there's a nice wedge which also confirmed with an 61.8 retracement. I expect the GBP\JPY to go up, breaking the wedge and continue, passing the 100% of the trend. There's a possibility of a gap at the opening.
Also, a wedge in the EUR\USD, which is expected to break down. Do not enter at the pullback, this usually not a profitable entry.
The Wedge seems to be a big player these days. Another one at the AUD\USD. Note that this one also looks like channel, so in case of breakout I will trade short on the pullback to the support line. Expect a gap -> pullback very shortly after.
All trading plans and analysis is also posted at my blog. I do this for no profit, so this is not any kind of advertising or something of that kind...
GOOD TRADING!!!
Hmm.. it looks like a nice channel.
However I always advise against taking any trades in the GBP\USD, it is an highly unpredictable pair with little respect to technical analysis.
This particular case may also be interpreted as a Double Top, with the second top slightly below the first one. A pullback to the neckline already happened.
However I always advise against taking any trades in the GBP\USD, it is an highly unpredictable pair with little respect to technical analysis.
This particular case may also be interpreted as a Double Top, with the second top slightly below the first one. A pullback to the neckline already happened.
Konviction
Junior member
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- 2
A strategy I have been trading for a month now... Works great.
Its stupidly simple, but it works.. So I don't mind =]
Basically - I trade only high-probability setups, usually with channels.
I focus on tight stop loss, reasonable Risk:Reward ratio and pre-calculation of take profit. I don't use indicators nor trailing stop loss of any kind. I like 'Fire and forget' type of strategies - Enter and go back to sleep hahaha.
I will write a thorough guide later, with instructions of the exact place to enter, how to determine Stop Loss and Take Profit.
Meanwhile.. Enjoy these examples:
Hi Miki - it looks like a nice strategy.
It's been a while since you posted.
Have you been successful with this strategy, or you've stopped using it?
NoGain
Newbie
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Riding the M5 channel or the M15 ?
I've use this kind of system before .. But still lacking a few more detail.
The system actually runs pretty well on my daily trading, but somehow
i feel that using it as the primary arsenal for scalping was just a little bit hmm ..
I've use this kind of system before .. But still lacking a few more detail.
The system actually runs pretty well on my daily trading, but somehow
i feel that using it as the primary arsenal for scalping was just a little bit hmm ..
Hi Miki256 and fellow BB participants, thanks for your input in this nice thread.
I have to say i like the simplicity of this method, and it just reminds me of the importance of the way you analyse a chart at the beginning of your trading session.
Channel or trendlines, a very successful trader once said: DRAW YOUR LINES!
No magic, no silver bullet but you must be able to draw trendlines to spot short and midterm supply and demand zones or call it support and resistance who cares. To confirm an entry just check daily Pivot Points, previous daily high/low and so on, to ensure and watch for confluence if needed. But if channel is strong enough and then broken you don't really need confirmation in this case here.
The question if this method is "still" working is absolutely only asked by people who still have a lot to learn in the markets. (i am one of them, however i am so full of myself it hurts). Of course this method works, it is just like most methods it works better in trending markets.
I think i am right when i say that trends on the 15 Min. are at many times "intermediate" trends, and all we try is to get on short term and maybe land into the "dominant" trend on the 1Hour+, after taken some profit and let some of it ride.
I like to call it not "the trend is your friend" but rather "the intermediate trend is your friend".
Thanks again to all for this thread that has inspired me more than 90% of what i read in forums. It is so important the we constantly remind us to keep it simple.
Many pips to all
xSam12x
I have to say i like the simplicity of this method, and it just reminds me of the importance of the way you analyse a chart at the beginning of your trading session.
Channel or trendlines, a very successful trader once said: DRAW YOUR LINES!
No magic, no silver bullet but you must be able to draw trendlines to spot short and midterm supply and demand zones or call it support and resistance who cares. To confirm an entry just check daily Pivot Points, previous daily high/low and so on, to ensure and watch for confluence if needed. But if channel is strong enough and then broken you don't really need confirmation in this case here.
The question if this method is "still" working is absolutely only asked by people who still have a lot to learn in the markets. (i am one of them, however i am so full of myself it hurts). Of course this method works, it is just like most methods it works better in trending markets.
I think i am right when i say that trends on the 15 Min. are at many times "intermediate" trends, and all we try is to get on short term and maybe land into the "dominant" trend on the 1Hour+, after taken some profit and let some of it ride.
I like to call it not "the trend is your friend" but rather "the intermediate trend is your friend".
Thanks again to all for this thread that has inspired me more than 90% of what i read in forums. It is so important the we constantly remind us to keep it simple.
Many pips to all
xSam12x
