Eurusd falls nicely on its downward trend. Gbpusd has just started....
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DislikedHi emacro,
For the entry, do we have to wait until it retraces?
According to your experience, what do you think of taking position when the trendline is broken? (will it be too risky?)
Regards,
bun888Ignored
DislikedIn my opinion, the entry depends on your individual trade plan, which reflects your personality. If you decide to enter on break of the TL without a 'close' of the 60 min candle, just bear in mind it can reverse before following through.
I like to let the candle close then enter on retracement. In the 60m timeframe, we are expecting a larger 'trend' to develop, so it is ok to enter late i guess.Ignored
DislikedI understand.
Yes, I figured that a decision should be made after the candle close.
In your experience, is it possible for a trendline to be broken and the next candle came back to the previously broken trendline?Ignored
DislikedYes, that happens. There are situations where the candle pokes through the TL and the very same candle closes below. That is also a signal to go the other way...
Remember that markets don't go straight up or down. Inevitably after the breakout and close above/below a TL there is some sort of retracement.Ignored
DislikedHow do you know that trend started after a consolidation
and that it is not a busted breakout?Ignored