There are many method to trade in the forex. We will introduce one profitable method here, called SHI Channel Method. SHI Channel indicator has created by Shurka & Kevin. The SHI Channel indicator and as the all of the channel indicator uses the highest high and lowest low of the price to determine the upper and lower bands of the channel. In the SHI Channel The channel is calculated according to the given period of calculation and the time frame of the used chart, and the channel is self-adjusted (Like the Bollinger Bands). As seen in the figure, there are two thick lines that indicates the upper and lower channel and a dashed center line.
How to use SHI Channel?
Actually we couldn't trade with SHI Channel alone, if we want to trade with this method we have to add another indicators. The most suitable indicators worked with SHI Channel to generate an entry signal is : Stochastic Oscillator and RSI.
Now we will explain how to trade with this method step by step.
Step 1. Open GBP/USD chart and use 30M Timeframe with candlestick pattern.
Step 2. Attach SHI Channel indicator, the Stoch (5,3,3) and RSI(7).
Please see the figure below to make sure that you have a right chart :
Now we will explain how to trade with this method step by step.
Step 1. Open GBP/USD chart and use 30M Timeframe with candlestick pattern.
Step 2. Attach SHI Channel indicator, the Stoch (5,3,3) and RSI(7).
Please see the figure below to make sure that you have a right chart :
Step 3.
Wait for the price touch the lower/bottom line of SHI Channel, check the other indicators mentioned above, if it has an oversold condition at the same time we could enter buy order with TP 20-50 Pips. Check the example below :
As seen above, GBP/USD have an oversold condition at May 23 2007 and our indicators offering buy signal. We could put buy order at closing of bear candle or at price 1.9723 with TP 50 pips (1.9773) and SL 40 Pips (1.9683).
We will see how this method working :
As figured above our buy order hit the TP 50 pips at price 1.9773. Now we will learn to catch the sell signal.
Sell Signal :
Wait for the price touch the upper line of SHI Channel, check the other indicators mentioned above, if it has an overbought condition at the same time we could enter sell order with TP 20-50 Pips, as figured below :
In the chart above GBP/USD have an extreme overbought condition at May 23 2007 and our indicators offering sell signal. We could put sell order at closing of bull candle or at price 1.9888 with TP 30 pips (1.9858) and SL 40 Pips (1.9928).Once again we will see how this method working :
Yup, our 30 pips target price executed at 1.9858. So totally we have 80 pips form both buy and sell order in one day.
So simply method?
Yes, this method is simple and profitable, especially we have sideaways market. But please note that the strong signals is only generated when price touch Top/Bottom line of SHI Channel and the other indicators have an overbought/oversold condition at the same time also an extreme overbought/oversold are highly recommended to enter the market.*
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