Strategy Based On Chart Pattern
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Ali Son wrote:Thank you. Yes, seems like an interesting variation on the Tunnel, especially since there is no volume in Forex. TRO coded a good RS indicator for the Tunnel. Might be good to compare the performance of the two. Is there a preferred currency or least preferred currency this works on, as this was the specificied case with the Tunnels, per documentation.
-OS
No preferred currency that I know of.
I jotted down the notes last year when I was at a seminar.
I don't use it.
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Ali Son wrote:Why did you choose not to use it or get around to it? Trades to infrequently for your trading style?
-OS
I trade near support and resistance.
The river and the tunnel trade in the middle of my trading range.
I apologize when I gave you the range for the EURO in my last post.
I gave you the range for the futures.
I went long at 1.2840 when it pulled back.
I'll sell some near 1.2872 and trail my stop on the rest.
Last edited by fatdog1 on Mon Jul 03, 2006 11:23 pm, edited 1 time in total.
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Hope it works out for you! How many contracts do you trade regularly with each trade? Since you are always playing S/R, you can easily keep it consistent OR perhaps depending on the number of tests to S/R, you size your positions differently?
-OS
-OS
Last edited by Ali Son on Mon Jul 03, 2006 3:05 pm, edited 1 time in total.
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Also, what interval chart did you use to make this entry? The sixty minute you provided earlier? I notice that TRO's 200 day bar high is also just above your 1.2804 line. Did you see a bullflag just prior to entry? On a 100 tick bar chart with Darvas box I noticed, the top of which was 1.281, there was what looks like a bullish flag pole followed bya bearish candle (flag)?
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Ali Son wrote:Hope it works out for you! How many contracts do you trade regularly with each trade? Since you are always playing S/R, you can easily keep it consistent or perhaps depending on the number of tests to S/R, you position size?
-OS
Ali,
These are my rules.
I trade between 2-3 futures contracts depending on how big the area of support or resistance is and how close it is to fresh support or resistance.
This trade was 2 contracts since the top of the range was only 32 pips away.
I only trade the first test of support or resistance.
That is the highest odds, lowest risk trade.
In order to trade with the trend, I pass on shorts if what I am trading is in an uptrend which limits the number of trades I take many times.
The disadvantages are.
I have to be in front of the computer in order to trade because I can't find anyone who can code an automated strategy based on my method.
I need to watch the markets around the clock because of reason number 1.
My stop is at 1.2858 on my other contract so I can do some work around the house.
Bye
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Talk to you later then---enjoy the 4th tomorrow!
Afterwards, when you are back online, perhaps you can tell me how do you find the futures currency contracts? What are the risk/rewards, outside of your unfortunate experience with bankruptcy of your forex company/account, compared with Forex?
Until next time, then, stay away from too many burgers and dogs!
-OPTIONSWINGS
Afterwards, when you are back online, perhaps you can tell me how do you find the futures currency contracts? What are the risk/rewards, outside of your unfortunate experience with bankruptcy of your forex company/account, compared with Forex?
Until next time, then, stay away from too many burgers and dogs!
-OPTIONSWINGS
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Ali Son wrote:Also, what interval chart did you use to make this entry? The sixty minute you provided earlier? I notice that TRO's 200 day bar high is also just above your 1.2804 line. Did you see a bullflag just prior to entry? On a 100 tick bar chart with Darvas box I noticed, the top of which was 1.281, there was what looks like a bullish flag pole followed bya bearish candle (flag)?
The bull flag breakout is on the 5 minute chart at 1.2839 on the Euro future. I use the 5 minute for entry.
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