Daily channel trading with high R:R
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Thread: Daily channel trading with high R:R

  1. #1
    Hi I just begun to live trade with penny account using daily stations, so far so good.

    I've more charts but I gotta consume today.





  2. #2
    This is an update on Aud/cad.

    I think I made a mistake moving brief on this one.

    It didn't hit sl.

    But here is my excuse as to why I think I made a mistake moving short.

    I'm beginning to use andrews pitchfork to help me decide from today on.

    Initial use channel than use that to plot pitchfork.

    As you can see from the new Aud/cad chart. The price has closed over the mid field of pitchfork. It follows that price has 80 percent of visiting top of channel.

    lets see what happens.

  3. #3
    When I have time I will plot the pitchfork on all of my transactions that I took and the new ones.

    This can help me determine if to proceed long or short and help me my sl and choose new positions.

  4. #4
    What about this one?

    The price touched bottom twice , and it looks like its moving down .

    When you examine the two preceding rolls on the channel the price only touched two times and kept going up.

    You think the price will only go up from here?

  5. #5
    Also let me tell you I just learned.

    After plotting the pitchfork tilt the screen to the right and then deliver the pitchfork slanted upwards to flat position.

    At first you may see the market doing greater highs but when you tilt it to flat position you may see it is just bouncing off past highs.

    When the price goes above these highs in the flat position it will indie the price will go much higher.

  6. #6
    At the moment total of 422 pips since last night.

    I have moved some of those trades sl into breakeven plus.

    Using the pitchfork we could manage trades, ie. Getout goto breakeven add to it and so on.

    But I dont understand exactly what to do as of yet.

    I think when price reaches on midlevel of pitchfork we could extract some profit - draw sl into breakeven, and if prices breaks mid level and closes we could add to trade.

    However we have to figure out a way to increase the trade where we could bring both the original trades sl along with the new added trades sl exactly the same level so if both sl is hit we are at breakeven. Remember we'd taken out half of our original trade out.

    If anybody know a good way to keep tabs on the let me know.

  7. #7
    Update,

    I took out half of my transactions except some of these.

    And brought sl to breakeven plus.

  8. #8
    Just took this trade now

    hoping the mid line holds

  9. #9
    Great monitoring on patterns. . Can you draw equidistant station or Andrew pitchfork?

  10. #10
    Quote Originally Posted by ;
    Great observation on patterns. . Can you draw equidistant channel or Andrew pitchfork?
    I am only learning the pitchfork.

    It's possible to use pitchfork for carrying profits and reentry imo.

    But equidistant channel is better for my plan.

    I am simply developing this accordingly.

    My idea would be to examine multiple pairs and look at the large picture(daily) and at an instant choose which way the price is about.
    I've experienced this in life as well. For example lets say I am watching who wants to be a millionaire and I read the query and the probable answers. 90 percent of the time that the initial answer that I visualize is the correct answer.

    Same thing in gambling. The first thought on your mind while you start the daily chart and zoom out should give you the answer.

    Now includes managing the trade. I will attempt to enter the trade in the top/bottom of the channel and when there's 1:4 rr at least I will proceed with the trade. My Sl would be close to channel top/bottom so that it would be tight and my tp will be far away. Now If I am correct 1 out for occasions I am making progress.

    What do you believe?

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