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Greece
Posts: 68 since Feb 2011
Thanks Given: 8
Thanks Received: 26
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8 March
Another strategy I want to test is the channel breakout. I am using the method with enhancements from Courtney Smiths book. I need a more daily strategy since I can't follow the markets all day.
The rules are:
Enter 3 pips (or more) above the bar that caused the breakout or 3 pips below for shorts.
Filtered with a rising ADX(14)
If the channel is flat for at least 5 days then if a bar closes below that line then the trade closes.
If the ADX(14) turns down over 40 then the trade closes
First stop is the low of the bar with the low under the broken channel line.
As the 20 days channel rises above that line then the stop trails that channel.
EurUsd
Long @1.40606
Stop @1.39400
120 pips at risk
UsdSgd
Sell @1.26310
Stop @1.27020
71 pips at risk
Unfortunately they are both chased trades and I am shorting the USD in 2 trades. The EurUsd trade is a bit more risky due to the resistance in the 1.42 area.
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