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lapalabra said:
GEO - this is the kind of 5M channel breakout, entry on pullback that you were mentioning in that PM?
Click to expand...

Not really LL.

The channel would probably be formed over a couple of days - as per cable example attached - this was prior to retrace. The retrace should go right back to the baseline of the channel, then you look for entry on rejection. This example worked out perfectly - just wish I had traded it :) The guy who wrote the thread actually uses 15min, he should change the name of the thread, but anyway, it's worth a read.

HTH
 

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Geofract said:
Not really LL.

The channel would probably be formed over a couple of days - as per cable example attached - this was prior to retrace. The retrace should go rignt back to the baseline of the channel, then you look for entry on rejection. This example worked out perfectly - just wish I had traded it :) The guy who wrote the thread actually uses 15min, he should change the name of the thread, but anyway, it's worth a read.

HTH
Click to expand...


Ah ok Geo, thanks for pointing it out - added this to the research pile! Won't refer to this anymore until I actually read the thread properly then :eek:

If only life and sleep didn't get in the way, we would catch all these forex set ups :)
 
I was looking through the posts from yesterday to see how people traded.
As some of you mentioned already it looks like some serious overtrading?

I am just new on the board (not to trading - doing this 5 years now) so dont want to lecture you guys but if you look back you can learn a lot from it.

Yesterdays trades:

lapalabra
short 4349: BE
short 4342: -13
short 4349: +10
short 4356: BE
long 4366: BE

Looking for a short all day and things are not working. Can happen. My rule is that after 3 attempts I stop trading if things dont work.

DrBlix
short 4331 -20
short 4344 +10
long 4348 +10
long 4356 +10
short 4362 +12
long 4370 -10

A lot of direction changes throughout the day. Scalping for a few points.
Not sure what your goal is? If you want to scalp you need to be a lot more agressive (if it works take 10-20 pnts and exit, if it doesnt work get out at -10 max or BE the moment it turns around)

If you want to take a position for the day then you need to give the trade more room.
London Lad did this well, although his emotions were running high at some point ;) he kept his nerve all day until he was back in profit.

Its damn hard to pick the exact high or low of a day. So chances are you will go in red for a while.

Please dont take this as a critisism, it is meant as constructive feedback. I am not trying to pick on anybody.
I was trading like this for a long time until one day I had enough and got serious (and started trading bigger sums).
Ask youself this: if you were playing with big money, would you place all these trades? My guess is probabaly not. If that is the case then why take all these trades? Just be patient and wait for the right setup. Otherwise you are just gambling riding on adrenaline.
These days I place a lot less trades. I am definitely not a scalper. The big change for me was to be a lot more patient.

Hope this is of any help. If I offended anybody then please accept my apologies.
 
Geofract said:
Not really LL.

The channel would probably be formed over a couple of days - as per cable example attached - this was prior to retrace. The retrace should go right back to the baseline of the channel, then you look for entry on rejection. This example worked out perfectly - just wish I had traded it :) The guy who wrote the thread actually uses 15min, he should change the name of the thread, but anyway, it's worth a read.

HTH
Click to expand...

Hi Geo, Sorry I must have missed that post, which thread was that again pls?

Also I note you have your tool bar attached to the top of your chart window how do you get the tool bar to show up on there pls?
 
lapalabra said:
Ah ok Geo, thanks for pointing it out - added this to the research pile! Won't refer to this anymore until I actually read the thread properly then :eek:

If only life and sleep didn't get in the way, we would catch all these forex set ups :)
Click to expand...

Yeah, I know what you mean LL, never enough time!

IMHO, it's probably best to read the Asian Session Breakout thread first, because the channel setups don't occur that often apparently.

I've started demoing the Asian Session Breakout strategy as per Neutron Bombs rules - no setups this am, but hopefully lots next week. It would be great if you (and anyone else who's interested?) get into it, as we can share potential setups?

Re: starting an AM breakout thread as mentioned before. I want to see if I can master Mr. Neutrons strategy first.

Have a good day everyone.
 
papak said:
I was looking through the posts from yesterday to see how people traded.
As some of you mentioned already it looks like some serious overtrading?

I am just new on the board (not to trading - doing this 5 years now) so dont want to lecture you guys but if you look back you can learn a lot from it.

Yesterdays trades:

lapalabra
short 4349: BE
short 4342: -13
short 4349: +10
short 4356: BE
long 4366: BE

Looking for a short all day and things are not working. Can happen. My rule is that after 3 attempts I stop trading if things dont work.

DrBlix
short 4331 -20
short 4344 +10
long 4348 +10
long 4356 +10
short 4362 +12
long 4370 -10

A lot of direction changes throughout the day. Scalping for a few points.
Not sure what your goal is? If you want to scalp you need to be a lot more agressive (if it works take 10-20 pnts and exit, if it doesnt work get out at -10 max or BE the moment it turns around)

If you want to take a position for the day then you need to give the trade more room.
London Lad did this well, although his emotions were running high at some point ;) he kept his nerve all day until he was back in profit.

Its damn hard to pick the exact high or low of a day. So chances are you will go in red for a while.

Please dont take this as a critisism, it is meant as constructive feedback. I am not trying to pick on anybody.
I was trading like this for a long time until one day I had enough and got serious (and started trading bigger sums).
Ask youself this: if you were playing with big money, would you place all these trades? My guess is probabaly not. If that is the case then why take all these trades? Just be patient and wait for the right setup. Otherwise you are just gambling riding on adrenaline.
These days I place a lot less trades. I am definitely not a scalper. The big change for me was to be a lot more patient.

Hope this is of any help. If I offended anybody then please accept my apologies.
Click to expand...

very good advice my friend

we should all take heed
 
lapalabra said:
No point getting involved in this range before seeing some real direction.

Out for +4
Click to expand...

I've taken two trades this morning and got out at just above breakeven on both. Not very easy, is it?

I made a potential profit of over 12 points on my last one but let it drop back because I was trying for a trend.

What is your plan on this? I see that you took 4 points, which was 3 more than me. :)
 
papak said:
I was looking through the posts from yesterday to see how people traded.
As some of you mentioned already it looks like some serious overtrading?

I am just new on the board (not to trading - doing this 5 years now) so dont want to lecture you guys but if you look back you can learn a lot from it.

Yesterdays trades:

lapalabra
short 4349: BE
short 4342: -13
short 4349: +10
short 4356: BE
long 4366: BE

Looking for a short all day and things are not working. Can happen. My rule is that after 3 attempts I stop trading if things dont work.

DrBlix
short 4331 -20
short 4344 +10
long 4348 +10
long 4356 +10
short 4362 +12
long 4370 -10

A lot of direction changes throughout the day. Scalping for a few points.
Not sure what your goal is? If you want to scalp you need to be a lot more agressive (if it works take 10-20 pnts and exit, if it doesnt work get out at -10 max or BE the moment it turns around)

If you want to take a position for the day then you need to give the trade more room.
London Lad did this well, although his emotions were running high at some point ;) he kept his nerve all day until he was back in profit.

Its damn hard to pick the exact high or low of a day. So chances are you will go in red for a while.

Please dont take this as a critisism, it is meant as constructive feedback. I am not trying to pick on anybody.
I was trading like this for a long time until one day I had enough and got serious (and started trading bigger sums).
Ask youself this: if you were playing with big money, would you place all these trades? My guess is probabaly not. If that is the case then why take all these trades? Just be patient and wait for the right setup. Otherwise you are just gambling riding on adrenaline.
These days I place a lot less trades. I am definitely not a scalper. The big change for me was to be a lot more patient.

Hope this is of any help. If I offended anybody then please accept my apologies.
Click to expand...

This is really good feedback papak. Thanks for sharing your thoughts, some very good points. If you get the time can you post some of your trades so we can see how you view the market? Currently Im still neutral and waiting for this monster up trend to change direction.
 
bw81 said:
Hi Geo, Sorry I must have missed that post, which thread was that again pls?

Also I note you have your tool bar attached to the top of your chart window how do you get the tool bar to show up on there pls?
Click to expand...

Here you go BW

http://www.trade2win.com/boards/forex-strategies-systems/59448-5m-channel-scalping-100pips-week.html

I think you just expand the window to maximum, and the toolbar appears - but I am using pro-realtime. Not sure it's quite the same with IG charts - can't remember.

As mentioned, probably better to read this one first - as the setups will occur more often. http://www.trade2win.com/boards/for...55-phil-newtons-range-break-out-strategy.html
 
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