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Please explain LRS, in detail.
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I PREACH LRCtill my head becomes a ringing ball, turns blue and starts spinning around like in the "Exorcist" !
THERE AINT NOTHING THAT COMES NEAR TO SHOW TREND, PROBABLE REVERSALS AND TREND, once again ! --- its so far ahead of anything else besides the DeMarker that everything else should run and hide in shame !Hey MP, do me a favour please.
Lets start with your LRC.
Step by Step for not only myself who has never used it, but for others here also.
Please explain, in detail, exactly how you use this and apply it to determine trend based on your definition thereof.
Cheers
Wayne
Hey MP, do me a favour please.
Lets start with your LRC.
Step by Step for not only myself who has never used it, but for others here also.
Please explain, in detail, exactly how you use this and apply it to determine trend based on your definition thereof.
Cheers
Wayne====================================================
There is a better way to teach this, but Ill give you a quickie so you can play tonite, and teach it better as i can.
On this chart, the ziggies are the aqua lines and the LRC's are the 3 yellow lines and the three aqua lines (sorry, i goofed on color for the ziggies, as should have been something else, but youll get the idea !
one draws the LRC (using the tool in MT4) from THE LOWEST AND FURTHEST AWAY POINT on the chart --- it starts at the Ziggy bottom with the one white arrow to the lower left on the chart. One drags the LRC right to the present price -- THE 2 WHITE ARROWS ON THE LOWER RIGHT.
THEN ONE DRAWS ANOTHER LRC, from the HIGHEST POINT that is the CLOSEST to the present price --- that is the aqua lines and they started at the top ziggy where the 3 ARROWS ARE !
now we trade in the direction of the LATEST LRC (the aqua one) using the top and bottom of the LRC as support and resistance points if you are scalping the channel, OR WHERE THE TWO LRC'S MEET (the TWO ARROWS AGAIN), ONE TAKES PROFIT and waits to see if the downtrend will continue.
In this case, the ziggy has produced a stop and reverse exactly at the meeting line of the two LRC's, so one would be very safe taking profit there --- barely visible are the blue dots of the s+r overlay, confirming this.
Im presently using two ziggies, and the chart shows "swing zig zag" which shows the shorter trends within the larger -- one can decide how they like to trade, EITHER going with the longer trend and ignoring the little moves up or down, or have the ziggy that shows those moves, and take advantage of them --- i do both !
If i had shown the longer ziggy, you would see that the line went directly from the top to the present bottom arrow and dot, leaving out the up and down move that the shorter one shows --- as said, one can trade the ups and downs (which keep the margin more in line) or the complete down move from the top (which gives greater drawdowns on those short term reversals) but end up in the same place for taking profit !
as i say so often, theres more than one way to skin a cat (or forex) and while the dots and the arrows and the ziggys and the support and resitance all will show the same thing at the correct points, for overall forex trading support and resistance are the KEY ingredients and a combination of a few of these together will give you some great confirmations.
of course, through all of this, one does the same on the daily and weekly charts and that way you get to know what the REAL trend is and is how i go thru life with no stop losses ! Its an art and a science, but it aint brain surgery and it can be learned.
with just the overlays on the chart, one could prob trade with NO indicators at all, cause the road map is right in front of you !
the really impt part is how you draw your lines, as stated above --- if you draw your lines, and BOTH LRC's are heading in the same direction, youve got one heck of a good trend going !
bed time
mp
SHI Channel
The SHI Channel looks very, very similar to an LRC and is "ready made" - do you not rate it, MP?
Hey MP, do me a favour please.
Lets start with your LRC.
Step by Step for not only myself who has never used it, but for others here also.
Please explain, in detail, exactly how you use this and apply it to determine trend based on your definition thereof.
Cheers
WayneWayne,
The best trend based indicator is 'news',
notice there's not much activity before that?
unless you want to scalp.
Mukesh
The SHI Channel looks very, very similar to an LRC and is "ready made" - do you not rate it, MP?
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the SHI does indeed LOOK like the lrc, BUT Im "conditional" about it - - - - - - - - - - -
unless im incorrect, it is NOT MTF which is a bad thing indeed as the one i have is coded for the higher timeframes and only show one set of support and resistance ---- looking at the attached chart of the H1, what shows is a large scale trend indicator that lacks the intraday and inter week moves AWAY from trend that work for me (as i discussed below)
IE: even with the ziggies, one notes that a LONG signal WILL complete, BUT it is also capable of contiaining a number of couter moves WITHIN the longer move --- I want to be able to take advantage of both up and down moves AND the major trend, and the SHI, unless youve got a better one, doesnt do that ! This indicator shows me the top and bottom on the H1, H4 and DAILY, but does not show me ALL the hundreds of decent trades contained within support and resistance ---- does work fine for a set it and forget it kind of trading though @
NOW -- what the heck does SHI stand for ??
mp
Wayne,
The best trend based indicator is 'news',
notice there's not much activity before that?
unless you want to scalp.
Mukesh==================================================
AH WEEDHOPPER --- I MUST ARGUE WITH INTENSITY AT THAT STATEMENT.
NEWS alters the trend for a short time, BUT please to notice how what goes up, comes back down.
in movie terms, ITS JUST A BLIP IN THE FORCE, not the force itself !
and the moves, prior to news (because the banks will run the currency either up or down for days before news) is wonderful for putting gas into the Maserati --- it also keeps my ferret well contained with treats and where would I ever be without the McQuire sisters, who squeal with delight each time the floppy drive prints out yet more money
LOL!
mp
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the SHI does indeed LOOK like the lrc, BUT Im "conditional" about it - - - - - - - - - - -
I have combined the SHI and LRC and it "appears" that, one the higher timeframes anyway, it "might" work nicely --- will have to watch of course
mp
Mp -- $250 Demo This Am
enjoy and trade well
mp
Are you trading mini lots on that 250.00 Demo?
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0.05 lot --- is that a mini ?
enjoy and trade well
mpAre you trading mini lots on that 250.00 Demo?
EDIT: Never mind. I see you revised one of your posts here on the thread stating you are using 5 mini lots instead of 1 full lot. Thanks