could you take a look at the chart - what was wrong here?
Thank you for your ideas and sharings!
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- Joined Jul 2018 | Status: Member | 768 Posts
{quote} Dear friend, could you take a look at the chart - what was wrong here? Thank you for your ideas and sharings! {image}
{quote} Dear friend, could you take a look at the chart - what was wrong here? Thank you for your ideas and sharings! {image}
You should be looking for evidence of a return as soon as the touch/overlap of the channels occurs. The channels didn't quite touch but there was still a move back to the near touch point as soon as it occurred. I've annotated your chart to show the entry and exit.
Hope this helps.
- Joined Sep 2008 | Status: Member | 1,002 Posts
{quote} First thing to say is that no one method is 100% but this example did actually work despite it not being a touch/overlap. You should be looking for evidence of a return as soon as the touch/overlap of the channels occurs. The channels didn't quite touch but there was still a move back to the near touch point as soon as it occurred. I've annotated your chart to show the entry and exit. Hope this helps. {image}
Guys, thanks for your visions.
Forgive the fairly long post but this will be my last on the channel cross over strategy because I know SF has some interesting ideas to share and we are all looking forward to that.
My trading hero is Captain Jack who can read charts like the rest of us read a book (look him up here on FF and on Steve Hopwood's site if you are not familiar with his teachings). I cannot come near his chart reading ability but I have learned a lot of price action patterns from him and one thing that he says repeatedly is that "once you see it, you can't stop seeing it". And I can't stop seeing these channel cross over patterns. But some of you won't get it - don't worry about it, there will be plenty of things that you see that I won't be able to get.
I have described the strategy entries and exits already but I will post one last one for good luck. I don't really agree with the comment that the opportunity has already gone by the time the pattern is obvious and, in any event, you can see the size of the potential profit before you enter so, if it doesn't have sufficient room, move on and find the next one.
Having spent quite a lot of hours studying these at the weekend it became clear that they occur during periods of consolidation/ranging. Consequently, if they fail, it means we have almost certainly entered a trend. So that is important information in itself.
The entire basis of the pattern is that a spike towards the price has occurred on one channel followed quite soon afterwards by a spike on the other channel that overlaps with the first one i.e. a channel cross over. A spike for these purposes means that it is a peak or trough (LL on upper channel or HH on lower channel) and that it is not subsequently taken out by a new LL or HH. If the spike that you are trading towards is taken out, the trade is no longer valid and there is a high probability that a trend has been entered.
Here is an example of a trade I made earlier today that resulted in a loss because the HH on the lower channel that I was trading towards was taken out by a HH before I reached my TP. It was actually not a very good trade to have made because the spike up on the lower channel was very feeble but it is good enough to show as an example of a failure. You can see my entry and where I exited at a loss.
Ok, you should now have sufficient info to look for these yourselves. If the strategy interests you, spend hours going through past charts looking for the patterns (I spend about 60-70 hours/week studying charts), identifying where you would have entered, where your TP would have been and where some of them would have failed. They have served me extremely well so far and I am optimistic on the basis of the research I have done but we are all responsible for doing our own due diligence.
Hope this helps some person/people. I will now stop hogging SF's thread.
My trading hero is Captain Jack who can read charts like the rest of us read a book (look him up here on FF and on Steve Hopwood's site if you are not familiar with his teachings). I cannot come near his chart reading ability but I have learned a lot of price action patterns from him and one thing that he says repeatedly is that "once you see it, you can't stop seeing it". And I can't stop seeing these channel cross over patterns. But some of you won't get it - don't worry about it, there will be plenty of things that you see that I won't be able to get.
I have described the strategy entries and exits already but I will post one last one for good luck. I don't really agree with the comment that the opportunity has already gone by the time the pattern is obvious and, in any event, you can see the size of the potential profit before you enter so, if it doesn't have sufficient room, move on and find the next one.
Having spent quite a lot of hours studying these at the weekend it became clear that they occur during periods of consolidation/ranging. Consequently, if they fail, it means we have almost certainly entered a trend. So that is important information in itself.
The entire basis of the pattern is that a spike towards the price has occurred on one channel followed quite soon afterwards by a spike on the other channel that overlaps with the first one i.e. a channel cross over. A spike for these purposes means that it is a peak or trough (LL on upper channel or HH on lower channel) and that it is not subsequently taken out by a new LL or HH. If the spike that you are trading towards is taken out, the trade is no longer valid and there is a high probability that a trend has been entered.
Here is an example of a trade I made earlier today that resulted in a loss because the HH on the lower channel that I was trading towards was taken out by a HH before I reached my TP. It was actually not a very good trade to have made because the spike up on the lower channel was very feeble but it is good enough to show as an example of a failure. You can see my entry and where I exited at a loss.
Ok, you should now have sufficient info to look for these yourselves. If the strategy interests you, spend hours going through past charts looking for the patterns (I spend about 60-70 hours/week studying charts), identifying where you would have entered, where your TP would have been and where some of them would have failed. They have served me extremely well so far and I am optimistic on the basis of the research I have done but we are all responsible for doing our own due diligence.
Hope this helps some person/people. I will now stop hogging SF's thread.
At last!
I guess I have gotten to my final bus stop in FF looking for a system that will work.
And I'm quite optimistic about this
Thanks to SilentFathers, Hepsibah and other contributors.
One request though, can all the strategy (about 3) be put together for MT4 on a single thread. I guess this request should be for Hepsibah.
Thanking you in advance.
I guess I have gotten to my final bus stop in FF looking for a system that will work.
And I'm quite optimistic about this
Thanks to SilentFathers, Hepsibah and other contributors.
One request though, can all the strategy (about 3) be put together for MT4 on a single thread. I guess this request should be for Hepsibah.
Thanking you in advance.
Just spotted this on the EU D1 chart. The peak/trough don't quite meet so strictly speaking it doesn't qualify but they are very close. It's about 150 pips so I've put on a small trade with a 1:1 RR. Let's see - though it will take a few days
I'm not sure whether this thread is dying out but here's a trade I'm in if it's of any interest.
There is a distinct 'cat's ears pattern on the channel on the 5min chart and a Captain Jack BARF lead in. Plus a channel cross over on the 15min chart.
My TP is a few pips above the HH of the lower channel at the cross over and my SL is a couple of pips above the price high.
There is a distinct 'cat's ears pattern on the channel on the 5min chart and a Captain Jack BARF lead in. Plus a channel cross over on the 15min chart.
My TP is a few pips above the HH of the lower channel at the cross over and my SL is a couple of pips above the price high.