When market is in channel, where should we look to enter?? At the break of channel?? For eg: initially I thought it was a BOF of PDC, and was looking to go long, but I was waiting for a close above channel, that never happened and stopped me from taking a sureshot loser.
We will never perfect the exit. Usually momentum moves will run two or three legs.Hence I waited for a pivot and another push down to BRN the next DP You need not keep such a wide Initial SL.You have three layers of defense PDL,PDC and BO bar high.Keep the SL just above PDC/BO bar High. Why risk extra 10 points
Channels are actually soft trends. If you are already in the trade just trail with stop above pivots.
If you get stopped out on a DP trade suspect a Channel or Barbed wire.Channels and this trading method will never go hand in hand. You may get stopped out repeatedly. I usually wait for the price to extend beyond the channel boundary and trade the crack of this point after a pull back provided other factors are also favourable.
Get well soon sir. Please check my chart. What can i do to improve my exit. Would it be better to wait for a piviot for exit ?
ReplyDeletehttp://img547.imageshack.us/img547/2732/8k33.png
Thanks
Please check my exit. i exited on bar, should i wait for piviots ?
ReplyDeletehttp://img547.imageshack.us/img547/2732/8k33.png
Thanks
Get well soon sir.
When market is in channel, where should we look to enter?? At the break of channel??
ReplyDeleteFor eg: initially I thought it was a BOF of PDC, and was looking to go long, but I was waiting for a close above channel, that never happened and stopped me from taking a sureshot loser.
Anurag
ReplyDeleteWe will never perfect the exit.
Usually momentum moves will run two or three legs.Hence I waited for a pivot and another push down to BRN the next DP
You need not keep such a wide Initial SL.You have three layers of defense PDL,PDC and BO bar high.Keep the SL just above PDC/BO bar High. Why risk extra 10 points
ST
Anon
ReplyDeleteChannels are actually soft trends.
If you are already in the trade just trail with stop above pivots.
If you get stopped out on a DP trade suspect a Channel or Barbed wire.Channels and this trading method will never go hand in hand. You may get stopped out repeatedly.
I usually wait for the price to extend beyond the channel boundary and trade the crack of this point after a pull back provided other factors are also favourable.