MiniMe // Blazer - page 12
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To my exp there is no problem with both indies on one chart, cause SHI channel triggers trades with TL1 and TL2 borders, while weekly channel borders are named 1ang_autoch_h2.
I use both setups, shi only and shi with weekly channel - trades progress normally everywhere.
Forget about the channels I use them as a tool, this is more of a manual system, so you need to have your own calls.
Looking at the different time frames, I would buy at 2.400
Have a look at this post, I did it yesterday. It may give an idea why sometimes I go against the market or with the market.
It all depends on some points where i think are good entry points.
https://www.mql5.com/en/forum/177020
and 2.400 has a nice ring (its a round number)
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another chart would be the EU/US if you do the setup of both indicators you will see the price has already touched the lower channel and bounced back, but if you look on the general picture this pair I think is going down so he will come back to touch this channel, make it wider then break it ..
My point here :
I was trying to automate this method of trading, but so far I am not there yet, I am giving as much info as I can to make it easy to understand, but at the end of the day we should make the calls not the EA nor the indicators
Wanting to learn...
MiniMe,
As always I appreciate your time. After reading through Blazer I am wanting to learn more about how the weekly trend line range is managed (S&R) by the big guys. I have been trying to learn this but seems to be to much data and speculation out there. Where do you look for your price action forecasting?
Also I am more curious about your approach to trading, than the specifics to this pair.
For example: I watched your "Magic video" great stuff by the way. And looked at the USDCHF Monthly/Weekly charts and see it is consolidating near the support levels see first chart which tells me that it is due to go up especially since the USD industrial production came out way above expectation.
The news shot the price up and moved the weekly trend line up by about 20 points see chart 2. So How do know which pull back from the weekly trend line is strong enough to go short on Since my concerns is that as soon as I go short according to the Blazer rules the market could push the weekly trend line up more since we are at the weekly and monthly support levels.
Same situation with the GBP/USD where the Monthly/Weekly price action says it will go down yet Blazer says to go long on the weekly Range...
I realize this will come with time but I respect your prospective on trading and wanted to get your view on how to trade this type of situation. Thanks!
Chart 1:
Chart 2:
It all depends how much you're targeting. if you wanna play with big boys you should target like them, or at least think like them, and try to scalp between their targets.
I made the video to show that sometimes we think the trend is up but in fact it will reach a certain level then head down.
Now why is that, we all share the same charts, except we look at them in a different ways, now let’s say you we have a couple of millions to invest in the forex, will you go and trade in the 5 min chart without looking at the history without planning the trades ?
I don’t think so, guys with the big money play it safe, they plan their trades, even when they want to scalp they plan it in a way if things went wrong they can still bail themselves later with a market correction move.
There are some market turning points on each time frame, the strongest and the most difficult to break are the monthly and weekly points, those points could be fib levels , support and resistance , round numbers.
Now what happens is that when we approach those levels, people with the money put their orders at those points, which add weight to the market, even the price may seems far away from those points but on the ECN network they will see that someone is placing an order at x point, then another one …..etc this will add weight to the price and will move the price to reach those points, and that’s where those guys want to enter or collect their profit.
Economic data, the news may push the price up or down couple 100s of pips but the chart history will correct those moves.
There is much of speculation involved, but its all based on personal experiance, I can give you some links which posted eariler on forex-tsd.com for price speculation, but I never used any.
as for trading that another issues, it depens on your targets, but I will try later to give some basic ideas to trading... for me I use the very very basic tools to plan my trades, I may give some examples later
as for USCHF your right its due to an up move, politics plays a big rule here, and uncle SAM has learned his lesson from the Japanese, how is that?
Imagine you live somewhere and decided to buy a car, now you have 3 options
- European Car
- American Car
- Japanese Car
Now for that you need to pay money in your currency and send that money to one of the above regions in their currencies.
Now if the US currency is weaker than your currency that mean you can get more value for your money and you can buy the car cheaper, the weakest currency will give you more value to your money so if US currency is weaker you will go for the US car as it will be cheaper to you.
So now it has nothing to do with the country economy, the Jap and US economy might be good but their currency is going down, that is politics and the Bush administrations is known for pushing down the dollar value to enhance the US economy. However it’s not an easy game because there is lots of money flooding to US because their exporting ( at the same time this wil screw other exporting nations) … so what need to be done with all that money,one solutions is spend the money somewhere else like Iraq war. As for Japan they solve this porblem in a different way, they charge you interest if you put your money in the bank and that way they keep in the money on the market and away from banks
I wish you have asked an easy question, but I hope you got the general idea, and I hope this will answer your questions.
Please go for the easy questions
proverbs
Since you saw the video, now you know why the aug_AutoCh on EU/US is getting wider !!!!
I see that. EURUSD with an average weekly range of 157 currently sits in a channel 275 pips across is that typical of a top/bottom reversal to see the channel grow wider than the average until it breaks down/up? Looking back on the weekly chart 3500ish seems to be a very important reversal level. Waiting for the one bad EUR news outlook to see that plummet in light of all the recent good US data.
Glad I am finally learning patience as USDJPY continued up 50 pips with this mornings US news. Guess its better to be on the sidelines learning than in the soup crying for a reversal. Baby steps....
Thanks for your explanation yesterday. I find that the more I learn the more there is to learn. And I have now done this long enough to know how much I don't know with regards to this market....
I appreciate your insights...
Respectfully,
James
It double posted instead of saving. Please delete this entry.
minime,
I've been reading this thread along with it's related threads with great interest. Thank you for posting this method, I'm giving it a try.
I occurs to me that this approach might also lend itself well to the use of Oanda's box options ("Miss" boxes).... place a miss box just outside of the channel bounce. If the timing is good the payoff odds may be worthwhile.
minime,
I've been reading this thread along with it's related threads with great interest. Thank you for posting this method, I'm giving it a try.
I occurs to me that this approach might also lend itself well to the use of Oanda's box options ("Miss" boxes).... place a miss box just outside of the channel bounce. If the timing is good the payoff odds may be worthwhile.Thanks WNW,
when I write this thread, I was trying to mimic my manula trades, and I was very close, but there are some points in the market where this strategy will fail, the reason not because its a bad stratgy but because at these points we think the price is going at one direction where infact its going in the other way, and the only reason its going in current direction is to clear lots of stacking orders.
Thats why I start to write about these points in the market and each week I am trying to write all I can about these points.
See the video on this thread
https://www.mql5.com/en/forum/177020
If you want to try this method, then take a note of the monthly and weekly S&R and the FIB levels keep them on a chart and open another one for trading, then even with strong news you will be ok if you traded this method, and I will explain these levels in details and where we expect the price to go from there
I was going to explain that on the other thread first then come to this one, because at certain levels in the market we can be 90% sure of the price direction. for example what is happing with the EU/US now, this method would have cost you money if you use it, however in the video I have already said this pair, run out of fuel.
Regards,
Alan