is thier any channel indicator to help this

I use the LRC channel available in MT4

Hi cbrock5000,

Thanks for your contribution. I am continuing to look at Goldenequity's waterfalls/fans and RC's without other indicators and have been experiencing difficulty with exits and entries - getting caught in price reversals.

I'm hoping you'll expand some on your use of channels...some of what you have said I don't quite follow. If you have the time/interest in contributing further, a few more chart examples and some detail on the drawing the channel would be much appreciated.

For example, I'm unsure how you draw the channel on the current day chart when the price has changed direction and, of course, the day hasn't begun.

cheers

To draw channels - use the LRC function built into MT4 on a M15 chart. The channels will not be accurate on any other time frame due to the number of data points utilized for the best fit calculations. On the parameters select "ray" which will project the LRC lines forward to the new day and beyond. Keep trading RC and drawing these channels and see how predictive they become for your targets. Many ranging days end up with 1-3 touches. Often the PA wil end up on the median at the end of the day. Today's NFP left the price on the bottom of the channel and price continued to track the channel down for the last few hours. Old channel is in orange - potential new channel that only worked in a few spots in blue. currently the orange channel is the best.

Attached Images

rc & channel 2.gif (43.6 KB, 598 views)

Thanks for that, CBrock 5000. Looks interesting and worth studying.

Cheers

Kincai can you post the indicator snakeinborders

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Forker Trader

Ok, try this indicator, and you will find how powerful it combine with Rc Waterfall pattern.

Attached Files

SnakeForce.mq4 (6.0 KB, 113 views)

Vegas, that stoch is built from the M5 timeframe, so it's construction is several M1 bars behind the red/blue stoch lines. When an M5 bar closes, it updates and catches up with M1's stoch and the cycle continues.

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\o/ In Christ Alone!
Pipskateer

Hi Pipskateer,

Thanks for the info....I figured that is what it was....How is your RC trading going...

Vegas

I've pretty much discarded the SnakeForce indy for that very reason - repainting. I think Rad's MACD/Osc combination is good though and I haven't seen it repaint that I can recall.

__________________
\o/ In Christ Alone!
Pipskateer