looks like i've had an excellent exit on the gbpusd pair.

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i'm keeping an eye on this pair as there should be an entry in the next couple of days. as seen from the image, the price might go up or down, once it decides on a direction, i'll wait for a channel to form and enter with the channel's direction.

is anyone trading like this? i would love to hear some suggestions or your experiences.

jenks posted:
    What's the best way to post a chart on here? I wanted to check my understanding of your system.

Thanks


Jenks, when uploading an image, press on the 'Insert' button in order to insert it into the post, or else it will just show up as an attachment.

jenks posted:
    Sorry, i must be doing something wrong here. So i've got the chart on my screen, do i just hit 'print screen' and then log in here and press the 'insert' button?

Thanks


1. After hitting print screen, save it to a file (You can do that with Paint).
2. Click on the attachment icon and upload the file using the 'Browse' button.
3. After the file is uploaded, click on the 'Insert' button to insert it into the post.

jenks, i prefer to not trade on lower time-frames than 4 hours, but i will try to explain it with your example.

i look for channels of price, so you have to have 2 parallel trend lines, one support and one resistance. in your case you're forming a kind of triangle. so in the 1 hour time frame it would looke like this:

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the stop is usually behind the previous price when it touched the trendline (support in case of a long, resistance in case of a short). the stop is actually only a safe-guard. once you recognize a new channel, you should close the trades in the wrong direction.

currently, i don't think there's a reliable channel as the price stick to the resistance. it should spread equally throughout the whole channel.

jenks posted:
    Many thanks for that Biz, i'll keep working on it.


great.

moving to my next trade - looks like an excellent setup in the 4h, eurusd :

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as you can see, the entry point now lies on a double support - the support of the primary channel, and the support of the broken secondary channel (resistance becomes support and vice versa) - which increases the probability of this trade.

take profit is the resistance of the the channel on the daily, and sl is about the the same distance as the take profit, so i would say this is a 1:1 risk:reward, although the levels can change as the price develops.