Use the new "no slow" channel indicator you coded this afternoon to help you set your stop loss levels, calculate optimal entry and exit points, and recognize when a given asset has reversed the direction of the "actionable" trend... Of course, you will be looking to exit positions on the opposite side of the channel, across from whichever side you bought or sold the asset.
Friday | December 22, 2023 | 6:40 AM PST At this point, I am basically using two primary chart configurations to trade in a manner with which I am quite satisfied. These charts are more-or-less simplified versions of charts I was using in the past, with one loaded in my ThinkMarkets demo account and the other plotted in my OANDA live account. The former (on one-minute charts) consists of the 2.3 minute price range envelope at 0.02% and 0.07% deviation along with the 1.7 minute baseline to track instantaneous price flow like white on rice; with the gist of the fastest actionable intraday trend suggested by the 8.5-minute baseline as confirmed by the 27-minute price range envelope at 0.20% deviation (along with its associated moving average). However, I have kept the above setup for comparison purposes only. When it comes to making my actual trade decisions, I use the OANDA template (on five-minute charts) consisting of the five-hour and 80-minute baselines to suggest where rates are probably headed over the longer haul, with the 27-minute price range envelope at 0.10% deviation and the 16-minute baseline conveying the gist of the fastest actionable intraday trend (which is an important distinction in that the 27-minute measure is, to a certain degree, guilty of lag). Less significant price fluctuations are tracked by the 7-minute price range envelope at 0.06% deviation; with the positional relationship between its associated baseline and the 16-minute baseline helping to clarify the direction of the immediate actionable trend. (Again, this is important because the 27-minute measure lags somewhat, and as a matter of fact, in reality, I use a proprietary channel [which does not lag] and NOT a standard 27-minute simple moving average envelope in this role.) So then, in the final analysis, the 27-minute envelope at 0.10% deviation is used merely to help set reasonable/logical/justifiable stop loss and take profit levels RATHER than to track any of the shorter-term trends.
(In comparing the above two configurations and past observations, it would seem that the seven- to nine-minute measures are good, but a little too fast [i.e., unstable], and the 20- to 27-minute measures are good, but a little too slow, with the 16-minute baseline emerging as the happy medium.)
Combine the conclusions stemming from the new "no slow" channel indicator referenced in the above quote with the conclusions recorded in the previous post to "recast" a forecast model that identifies entry/exit levels for longer-term journeys based on the 80-minute baseline and the 16-minute price range envelope at 0.08% and 0.10% deviation.
I suspect the most promising idea (which just occurred to me today) is to work on the sculpting (and drawing) of potential animated characters while simultaneously monitoring my positions in the background.
In the past I wrote that there any number of factors, or "data points," impacting on currency exchange rates, and it is the consensus opinion of all these various factors that determines what I should do in the final analysis. My decisions have to be made based on what each of these determinants means in light of all the others, and on how they all will affect and impact one another. In other words...on the interpretation of each moving part individually, and of all these assorted components as a whole. Accordingly, I have coded the following indicator designed to evaluate the relationships between certain key measures to highlight potential (NOT guaranteed) reversal levels, areas where I should be aware of the possibility that the intraday trend might soon turn around and head in the opposite direction. IF the lower panel oscillator "plays around" just above the center dotted-goldenrod line, the asset is likely on a bullish run, and vice versa if it does so just below it...