May 16, 2011
- in Uncategorized by schooloftrade
Broken Price Channels are great trading opportunities, here’s why
– Why keep a broken channel on the chart?
o Do we care the # of touches for a channel?
o Why not add a new trend line?
– Entries for the Fast Track Method
o We use LIMIT orders for the Fast Track
o Prepare for the trade ahead of time, so you don’t need to react that urgently just before the trade takes off.
– Which timeframes for the Dollar?
o I use the same timeframes for the dollar as I do any other market
o 89/34/21/13/etc
o Swing traders will use the 34r DX
o Day Traders use the 13r DX
o Scalpers will use the 8r DX
– Big Money Trigger Lines (profit targets)
o IS NOT OUR ENTRY, it’s our profit target
o We expect price to be drawn to the BMT
– Different prices on the time and sales window? Does it happen?
o We don’t expect to ALWAYS have the same price data as another trader
o Wireless connection, firewall, slow processor cpu, anything that slows down my ability to process data as it comes in off the web
– Momentum that is overbought on 21r, and oversold on the 13r, what do you do?
o What If the 13r is overbought and the 21r is oversold
o Conflicting signals, its best to trade I the direction of the SLOWER TIMEFRAME
– Why not look at other markets when the day is slow like this?
