Channel Clamping
Updated
Watching an overall channel in the price action, and still waiting for the bottom entry in the linked idea, just also placing a sell limit with the same price outline.
Assuming pattern will continue and keeping orders on the line, the sell however will continue a bit further as the channel is a downtrend.
Using double orders, with one set for slightly more than 1:1, second target on the channel trend line as price moves along. Once the first is hit, stop is moved to breakeven.
On paper this math makes sense to protect against a losing streak trying for larger targets, and at least giving 1r from being right initially as price moves then retraces before the target, which is commonplace over 4r, but I like those 😂 don't need very many
Assuming pattern will continue and keeping orders on the line, the sell however will continue a bit further as the channel is a downtrend.
Using double orders, with one set for slightly more than 1:1, second target on the channel trend line as price moves along. Once the first is hit, stop is moved to breakeven.
On paper this math makes sense to protect against a losing streak trying for larger targets, and at least giving 1r from being right initially as price moves then retraces before the target, which is commonplace over 4r, but I like those 😂 don't need very many
Note
Removing the orders for the weekend, no need to be possibly tagged by spread ending the day, will replace on MondayOrder cancelled
Orders not put back in as price has dropped away, and showing signs of reversal so idea is invalid
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