Simple's Green Room

[sdcaalan]

hey estimator. My set ups are based of Dean Maloans, videos. I'm using mainly the price action channel. I've been working with this for several months, and have back tested it a lot. I'm watching about 20 pairs and only picking the very best set ups. Out of those 20 on the 4hr I may only get 2-3 trades a week.

I look for a strong candle close above or below the price action channel. Not a wick but a strong body close. Then I place my order about 5-10 pips above or below, got to kind of feel it out. My initial stop goes 10 pips below the opposite channel. If my trade gets triggered and moves in my direction I use the leading edge of the opposite channel as a trailing stop, adjusting it every new candle, till I see a good reason to exit.

On my limit entries I put in two orders. One with a TP of 30 pips, that one almost always gets hit. Then I let the other position run with the trailing stop on the opposite channel. If I get stopped out that 30 pips really softens the loss.

The other important part I have added for entries is the white line. Simple 21 MA. This is Important!! I like to see my entry candle close on or above or below the 21. Also I like to see the upper channel cross for longs or the lower channel cross the 21 for shorts. When both channels are above or below the 21, you have a very high probability for your trade, you can relax and let it run. Adjusting the trailing stop. Also when the 21 is in the middle of the channel it is a no trade Zone. Anyway this is working for me and just beginning to add the Fib boxes. They should be huge for more confirmation. I only have one on this chart and it was set up on the weekly. I only have a few hours a day to spend at trading right now, so this really works for me. I look at my charts every 4 hrs, and then for get about them.