5M Channel Scalping - 100pips \ week

[KillPhil08]

GJ and EJ are next lads

 

[Miki256]

GJ and EJ are next lads

I beg your pardon?

 

[bbmac]

Gbpjpy

GJ shown below 15min ascending channel

 

[KillPhil08]

You guys better be short cable at 25-30; ****ing loving today.

 

[Miki256]

You guys better be short cable at 25-30; ****ing loving today.

The signal looks great, but yet I advise against taking any trades on the GBPUSD.

GBPJPY channels looks nice too. I'd be trading if my spread was lower...

 

[Miki256]

The signal looks great, but yet I advise against taking any trades on the GBPUSD.

GBPJPY channels looks nice too. I'd be trading if my spread was lower...

Nice catch on the GBPUSD :clap:

Anyway, some updates
Well, it has been a good week. 3 Trades, 3 wins.
I hope you enjoyed and profited from the signals.
I will post my trading plan for next week at Sunday, until than - Have a great weekend.

In case any questions are raised, I am here, do not hesitate to ask.

 

[bbmac]

Current 15min channels to consider??

I wonder what you your comments are re the 15min channels below Miki256 ? (I know you don't trade gbpusd) Thanks.

Eurjpy

Eurusd

Gbpusd

Gbpjpy

Usdjpy

Usdchf

 

[Miki256]

EUR\JPY:
The upper trendline is virtually invisible. Looks much like a Wedge to me.
EUR\USD:
Nice channel, I am trading it. As well as the USD\JPY.

The USD\CHF channel is very messy; The GBP\USD seems nice (and correlates with EUR\USD which empowers it). The GBP\JPY channels looks very good. Nice one

Trading plan
My charts are attached, and I have written the full trading plan here:
http://tradewithsuccess.blogspot.com/2009/05/trading-plan-for-next-week.html

Good luck everyone, lets harvest some pips!!!

 

[KillPhil08]

I think if GBPJPY has a valid break, there will be so many sellers and profit takers there won't be a pullback to the channel. It is a monster, however, if it does i'm adding to a short.

Nice spotting mik.

 

[Miki256]

Updates
I looked again at the EURJPY, and added it to my trading list for today - and it made +2% until now - so Thanks BBMAC for pointing that out

The setup in the USD\JPY also was traded, yielding about 1%... and take profit is still far.

I hope you took the trades.

BTW KillPhil08 - Eventually there was a pullback to the GBP\JPY too

 

[KillPhil08]

Ah, you see i meant the main trendline not that channel hehe. Good trading pal.

 

[2be]

The signal looks great, but yet I advise against taking any trades on the GBPUSD.

GBPJPY channels looks nice too. I'd be trading if my spread was lower...

Hi Miki,
Good thread, and a relatively simple method using M5 to M15 TF gearing. Just have speed read the whole thread. Makes sence if only on the principle of SBR and RBS.
Do yo trade inside of the channel too? While trading breakouts is great, trading the well spotted trend/s is also very profitable. The M15 channel looks often like providing good entries on a bounce of the channel lines, thus enabling trading with the trend, or agaist it if trading a breakout, or with the freshly establish new trend on the very important retest. If a breakout occurs, how long do you stay with the newly establish trend? Do you take a certain amount of pips and wait for another breakout, would you consider trading with the trend? Sorry for the questions, I have asked them myself as thinking "loudly", and they are not a critisism of your posting at all, just trying to consider this strat with the oveall market action.

In your trading do you use any other TF to provide you with assistance regarding a bigger picture. I trade (my scalping approach) M5 to M15TF but I always look at much highier TFs in order to know whether or not the proposed trade in in the direction of a trend on a highier TF, but thats me and every trader has a slightly different approach to the market even if trading in a similar way.
Thanks for posting your approach and I do wish you many good trades,
2be

 

[bbmac]

Gbpusd 15min

Gbpusd 15min channel has developed:

 

[Geofract]

I'm watching a 15min channel for AUS/USD - starting to break down a bit now.

 

[Geofract]

Hourly chart shows channel stretching back a bit further. Bearish pin on the hourly, and looks bearish on current H4 bar.

High probability setup for a scalp perhaps, but then the pair has made new highs today - lets see anyway.

 

[Miki256]

I'm watching a 15min channel for AUS/USD - starting to break down a bit now.

This is a weak channel, as it already broke once and got back inside.
I wouldn't trade these formations - I like channels which are strong, and their breakout is strong.

 

[Trader333]

Gbpusd 15min channel has developed:

SIG


Paul

 

[Miki256]

Updates
4 Potential Setups:
NZDUSD, 15M
NZDJPY, 15M
EURNZD, 15M
EURCAD, 1H

Good luck.

 

[glennw]

Nice work Miki. I'm looking at your system. I like the simplicity.

 

[Miki256]

Nice work Miki. I'm looking at your system. I like the simplicity.

Simpler is usually better. Not just in trading.

Weekly Results
The system produced +1.4% gain on equity the past week - with two trades in the Japanese pairs. Total gain since beginning the posting: +9%, risking 1% of starting equity in each trade. You can easily gain bigger profits by risking 2-3% per trade.

Total winning percentage: 80%!

I haven't seen potential setups yet, I will update in the course of the following week

Good week everyone