Zr1trader, Don't get lost in timeframes, find those channels, they have starting points, use them properly, some will require you to go back a certain number of bars, some less or more. FoN
ok I guess im just trying to define trend and counter trend. I think the only way to define them is to first define the timeframe used and period.
Okay, I need some input from some of the career professionals participating on this thread. I have made the commitment to master the 5min. timeframe and am currently doing an extensive manual backtest of a couple futures markets. I'm gathering a set of specific rules and conditions that I can use to enter and exit my trades. Have a look at this chart, and tell me what you see, where you would have bought, sold, reversed, placed stops, took profit,etc. Make a call at the hard right edge, be specific. The green line is the previous close RTH, the 2ma's are 20ema and 20sma. I suspect I will be manually backtesting for quite a while, I am also watching the PA realtime, Sim trading or trading only 1 lot until I am finished with my manual backtest. Mods, please move this to the appropriate place if you feel I am in the wrong thread. Thanks guys (and girls)
Sorry Kill, for me this is too far off the topic of channels and trend lines. ND has an excellent PA thread but to develop one time frame into a working back test without combining multiple time frames is not something I would attempt to do. I did mention earlier that PA is too big a job to attempt here and has already been done. Just trying to keep it as simple as possible and people are already complaining.
Thought I would add to this useful thread with a chart of my own.. EURUSD presenting a nice long opportunity, for the patient. Sniper
You guys have got me hooked. I was experimenting with channels over weekend and like what I see. ES ran up to my current upper channel line this morning, and has pulled back off it by 10 points as of this writing.
Zr1trader, Don't get lost in timeframes, find those channels, they have starting points, use them properly, some will require you to go back a certain number of bars, some less or more. FoN Agreed! At this point that is the KISS answer. A better answer will get poorer results until you have more experience.
Tough one here... metals' nuance short entry made its target, but you would have been stopped out on that big wick a few bars after entry. Though I should add.... if you were managing the entries/exits on a smaller timeframe you may have been able to re-enter short. I wonder what happens now? Price is once again testing the lower limit from below.