A simple price action approach
- Thread starter metal
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A channel gives a heads up for a potential entry or reversal so you will be looking for a Wyckoff signal and the technique is the same as in the Dow thread where I posted the reversal on the 5 min chart using a horizontal support.
In horizontal S&R you look left to weigh up who is in the market, only now you are using the channel to read the strength of the hand. It's the same as what you now do except at a slant.
So, has anyone had success trading channels as were discussed in this thread?
Just curious, because I haven't. I had been simming on 6E 5-min charts and my hit rate kept getting worse and worse until I became too discouraged to continue. I thought using the channels might help me but it didn't work out that way. I'm left feeling that expecting the wild untamed beast that is the market to conform to nice price channels is unrealistic.
Sure, they work to perfection once in a while and that's what got me interested. But my problem wasn't just the channels that failed. It's also the ones I never see on the chart in hindsight. You only need 3 points to draw a prospective channel, and a lot of these trades involve anticipating a channel and trading that 4th touch.... and I'd lose on most all of those. So I don't know what else to say, I guess channels don't work for me.
I hate to give up on something after only a few months but my results have improved significantly since I stopped looking for channels so it was probably the right thing to do.
Just curious, because I haven't. I had been simming on 6E 5-min charts and my hit rate kept getting worse and worse until I became too discouraged to continue. I thought using the channels might help me but it didn't work out that way. I'm left feeling that expecting the wild untamed beast that is the market to conform to nice price channels is unrealistic.
Sure, they work to perfection once in a while and that's what got me interested. But my problem wasn't just the channels that failed. It's also the ones I never see on the chart in hindsight. You only need 3 points to draw a prospective channel, and a lot of these trades involve anticipating a channel and trading that 4th touch.... and I'd lose on most all of those. So I don't know what else to say, I guess channels don't work for me.
I hate to give up on something after only a few months but my results have improved significantly since I stopped looking for channels so it was probably the right thing to do.
aren't you glad that you found out before it becomes too late that....
Sure, they work to perfection once in a while....
however, there are many others on board here who would love to vouch for channels that you experienced negatively...., that they were doing great with channels....
if channels work well for you to trade profitably, more power to you....
but.... dv4632.... you are not just giving up as yet.... are you, sir?
stick around, there are several successful setups that would enable persistent traders to trade profitably....
best of luck.... and pls do not give up yet, K?....
TRADING IS SUCH AN INDIVIDUAL THING THAT IT IS TOUGH TO DEFINE TO EVERYONE'S SATISFACTION....
it is also possible to make a few thousand usd per hour too.... but the setup is not for sale for several more years.... or perhaps not ever....
Quote from nakachalet:
aren't you glad that you found out before it becomes too late that....
Sure, they work to perfection once in a while....
however, there are many others on board here who would love to vouch for channels that you experienced negatively...., that they were doing great with channels....
if channels work well for you to trade profitably, more power to you....
but.... dv4632.... you are not just giving up as yet.... are you, sir?
stick around, there are several successful setups that would enable persistent traders to trade profitably....
best of luck.... and pls do not give up yet, K?....
TRADING IS SUCH AN INDIVIDUAL THING THAT IT IS TOUGH TO DEFINE TO EVERYONE'S SATISFACTION....
it is also possible to make a few thousand usd per hour too.... but the setup is not for sale for several more years.... or perhaps not ever....
I have been trading full time for 3 years. Became profitable 6 months ago. After trying many trading styles, Mark Fisher ACD system turned out to be life saver for me due to it's simplicity and effectiveness. I have not found a better system to determine bias for he day , especially for trending days. Following is a link which talks briefly about ACD system
http://www.clever-trading-strategies.com/primer_on_acd_method.html
mfbreakout
won't it be fun....
if you would...., only if you like too, K?;
kind of setup the ACD that already makes you money.... to show many of us live traders, how you did it, your ways....
so we would be able to see it with our own eyes, how ACD works real time in real market, your way and your setup....
if you like to we would be glad to see you operate on sim even....
shall we say GC and/or CL or both markets at the same time....?
say next monday, sept 5, 2011 at the markets open.... just for an hour to two would suffice.... unless you wish to extend it....
personally, i and some others would love to see ACD in action....
would you like to make that introduction and presentation, pls?
for you it would be like free ad.... for us lucky traders--get to see ACD in action....
is it a deal.... mfbreakout? or you can ask the proprietor(s) of ACD to show case his/her/their profitable systems to many experienced traders here....?
can hardly wait....!