Friday | December 22, 2023 | 6:40 AM PST
At this point, I am basically using two primary chart configurations to trade in a manner with which I am quite satisfied. These charts are more-or-less simplified versions of charts I was using in the past, with one loaded in my ThinkMarkets demo account and the other plotted in my OANDA live account.
The former (on one-minute charts) consists of the 2.3 minute price range envelope at 0.02% and 0.07% deviation along with the 1.7 minute baseline to track instantaneous price flow like white on rice; with the gist of the fastest
actionable intraday trend suggested by the 8.5-minute baseline as confirmed by the 27-minute price range envelope at 0.20% deviation (along with its associated moving average).
However, I have kept the above setup for comparison purposes only. When it comes to making my
actual trade decisions, I use the OANDA template (on five-minute charts) consisting of the five-hour and 80-minute baselines to suggest where rates are probably headed over the longer haul, with the 27-minute price range envelope at 0.10% deviation and the 16-minute baseline conveying the gist of the fastest actionable intraday trend (which is an important distinction in that the 27-minute measure is, to a certain degree, guilty of lag).
Less significant price fluctuations are tracked by the 7-minute price range envelope at 0.06% deviation; with the positional relationship between its associated baseline and the 16-minute baseline helping to clarify the direction of the immediate actionable trend.
(Again, this is important because the 27-minute measure lags somewhat, and as a matter of fact, in reality, I use a proprietary channel [which does
not lag] and NOT a standard 27-minute simple moving average envelope in this role.)
So then, in the final analysis, the 27-minute envelope at 0.10% deviation is used merely to help set reasonable/logical/justifiable stop loss and take profit levels RATHER than to track any of the shorter-term trends.
