can put some light on support i mean how do you know there is a daily support there and at 0.7200
i attached a chart pls take a look at it you will see what i am talking about according to daily we have arrived now at pivot support of aud-usd and this is all from technical levels i am not considering fundimentals here just techs second thing i am considering is weekly chart so take a look there too. Now an elliotician would look for some pattern but since i am personally not because i am still learning about ew's for now i will stick up with channels and look for higher time frame support and resistance rsi,awsome,stoch etc,etc conformation.
ok man thanks, i enjoy seeing different different view and my system is breakout levels i take breakouts from congestion i also take a look at channel trading looks interesting.
this is not exactly what newdigtal in the beginning posted but my idea is same i just also consider some higher time frame resistance and support, breakouts looks also very interesting my next interest is in fibonacci grid trading but that is after i apply and learn little ew first so i will go for channels,ew and grids will keep in mind breakouts too.
in your experience NEW DIGITAL how effective/profitable are using 15 min. charts to find your entry using shi-channels?
If you are talking about live trading so 15 min chart is very risky for me.
I prefer H4.
I traded this system using H4.
As to m15 so it may be good together with Ichimoku indicator and some other indicators. Because to use m15 we need too many indicators to confirm and it makes you busy all the day.
Very interesting system, but how to set the channel? we don't have 3hr chart on mt4... may be we can have it on other time frame.
Most effective, most difficult from represented, but fully accessible to even beginners, and main - the disciplined trader strategy. Author in the book known to the Russian trader - " Small Encyclopaedia of Trader", said that traders are professionals trade on the scopes of channel with very hard feet. It allows them to win such award, that a few are fully possible loss in a contract. Novices trade into a channel, and a money is lost. So, trading currencies - EUR/USD, graph - 3 h (H3). To avoid any subjectivity we use a percent channel with 30% and 70% percent levels Fibonacci. The basic rules of accomplishing of transactions are clear from a picture (the area of the graph is chosen quite arbitrarily): Rules following: Opening of positions is produced at crossing 30% or 70% of the Fybonacci (marked by red points) line, obligatory after arrival of price in a channel, that after crossing by lines of channel (continuous red lines). Direction (Buy, Sell) - toward the opposite border of channel. Closing of positions is produced on the scopes of channel. (strictly! No "drawings" out of profit !) At once I anticipate questions - the graphic arts of firm are used ArtSoft , we will not bring a period over of middle and order of percent channel, think and analyse, pick up. 2 plumb lines are opened simultaneously, here auction tactic assumes 4 lossing in a contract for 100 points (what at the analysis of the graphs from 1971 year (then yet the German brand) to us did not meet), maximum - 3 lossing in a contract by a general size 215 points.
We may get H3 off line only. But it is ok. No problem. Just use some script once a hour. And this indicator (SilverChannel) looks like channel indicator from AlexSilver. But difficult to understand the first post. Seems it is online translation from Russian. I corrected some words but still did not understand everything very clear.
But I want to say that this system is very interesting.
Is this based on a channel indicator that's available somewhere?
to newdigital I send you this strategy in rusian in private. Translate corect pease.
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