Great stuff...but very hard like you say to follow the 5 minute.
I wonder how you can trade channel in 5 minutes ?
This afternoon, i followed it in 5 min on GY, and the channel low, constantly reevaluates, and is lower and lower.
I do not think that someone will trade M5 channel system during NFP on Friday.
Look at the images:
And it is the image from asctrend M1 system.
We are trading on the close bar. Always as I remember (there is special technique to trade on open bar but I am not using it).
So, I do not think that someone will open the order after the signal on this long bar (let's say 'nfp bar') for trend following system.
applied it to GJ 1 hour this morning using shi_channel and got an instant 20 pips in 60 seconds.
AUDJPY: +13 pips;
GBPJPY: +110 pips;
EURJPY: +17 pips;
EURGBP: +16 pips;
EURUSD: -38 pips.
Totally: +118 pips.
Decent results ND!
I am interested in using the 5m version of this system to get me in near the bottom of a move...I use the Kenison counting method on the 1hr chart to predict a time window for a reversal and I use camarilla lines for a possible price support area.
I have been pretty accurate in this method so far but I would like to get my entries closer to the bottom(or top) to improve risk/reward ratio.
I currently enter when price advances above the time reversal bar when it is near he price sup/res area.
Since I am intraday trading I like to target 30 to 40 pips per trade.
I usually place the stop under the low of reversal bar but most of the time the risk is more than the profit target.
Are there any specific rules for the 5m version on channel system that get me in nearer the bottom/top?
Thanks in advance for your help.
I am using PT indicator and 3 or 4 stochastic inicators (different settings) + maksigen breakout lines (support/resistance). And pivot. Just pivot line. In difficult cases we can look at H4 or D1 timeframes to see the situation.
Any indicator may be good which helps us to understand oversolded/overbought levels (just to know what to expect in the near future).
Sliding channels of Barishpolts Victor
Is anybody here, who is knowing about Sliding Channels of Barishpolts Victor. If you are here-what do you think about it? Thanks.
P.S. Sorry for my English, I am from russian forum.
Just found it on Alpari rus forum here with all the indicators attached.
And as I know it was discussed on Metaquotes forum as well 1 or more years ago.