Well, I see what you are saying, but at the same time my questions till remain unanswered..
First off, placing a stop loss should be more strategically placed then saying hey ill throw it 20-30 pips below the line.. Looking back in history, on previous charts would we find that placing a 10 pips stop is sufficient and enough to limit losses and keeps you out of false breaks or do you actually need that 20-30 pip stop..
What time frame is best?
What trends are safer to trade with? Ones with a steeper angle? ones with a flatter angle? ect..
When a trendline breaks, what percent of the time does it go in the opposite direction? is it safe to enter a position in the opposite direction once a line breaks?
I notice some people ignore the wicks of the candles and just use the open/close to draw trendlines.. which is better?..
are certain candlestick formations more common then others when it bounces off a trend line?
is it better to trade when it comes back and touches the trend line? or wait until the open of the next candle?
... there are thousands of different questions that we could figure out the answers to.. And finding out what gives us the statistical advantage is what will make us the MOST money in the long run!!!
so if you want to be apart of this group.. and find those answers.. please send me a private message..
thank you
Dave
First off, placing a stop loss should be more strategically placed then saying hey ill throw it 20-30 pips below the line.. Looking back in history, on previous charts would we find that placing a 10 pips stop is sufficient and enough to limit losses and keeps you out of false breaks or do you actually need that 20-30 pip stop..
What time frame is best?
What trends are safer to trade with? Ones with a steeper angle? ones with a flatter angle? ect..
When a trendline breaks, what percent of the time does it go in the opposite direction? is it safe to enter a position in the opposite direction once a line breaks?
I notice some people ignore the wicks of the candles and just use the open/close to draw trendlines.. which is better?..
are certain candlestick formations more common then others when it bounces off a trend line?
is it better to trade when it comes back and touches the trend line? or wait until the open of the next candle?
... there are thousands of different questions that we could figure out the answers to.. And finding out what gives us the statistical advantage is what will make us the MOST money in the long run!!!
so if you want to be apart of this group.. and find those answers.. please send me a private message..
thank you
Dave
DislikedHi.
Just wanted to give a very quick reply before I go to sleep, already running way too late.
You answered your own question, no?
If it touches the trendline, that's your dip. That's your buy. If you're timid, wait for a PA setup or for price to move back up. If you're bold, use a set stop and buy on touch.
You let profits run by trailing below the daily close or under a recent low made or by closing after price has moved >=2 times your stop size.
You cut losses short by simply HAVING a set stop if entering on TL touch (20-40 e.g.) and with a PA setup by placing it 1 pip below the bar that constitutes the setup.
What need is there to complicate?
Including an example for Kiwi which I posted to the PF this morning. Been long from 0.7145 from a 4h PB on this.
Please note that the "inner" TL is more discretionary than the "outside" one and that the "first" = third touch once you can draw a trendline (you need two lows, obviously) is usually the best place to get in on.
Take care,
SeekingLightIgnored