Been following guppy, and we have a breakout on the 15m. Nice short-term entry at the start of new 15m candle formed above resistance-line.
Edit: Fast +60 pip. See how simple you can keep trading when applying right tools ?
Measure twice, cut once
Drawing Correct Trendlines 58 replies
Drawing Gann Grid in mt4, the correct way 3 replies
Drawing correct S/R and pivot 8 replies
Drawing Objects vs Drawing lines 1 reply
Drawing support and resistance lines 4 replies
Disliked
Been following guppy, and we have a breakout on the 15m. Nice short-term entry at the start of new 15m candle formed above resistance-line.
Edit: Fast +40 pip. See how simple you can keep trading when applying right tools ?Ignored
DislikedRule of the thumb about trendlines: the more obvious and more touches the trendline has, the stronger the market reaction will be upon the breakout. Basically everyone has the same trendline drawn on their charts and they all react on cascade upon the breakout (either to trigger into position, or stoplosses being run or to manually exit an existing position), thus propelling the breakout thrust even further.
Beware of unclear trendlines. Ask yourself when drawing a trendline: would this trendline be obvious to every trader? if not, the market reaction upon the breakout will be minimum.Ignored
Disliked4H on cable. Possible bullish wedge which can be tested sometime this week. Let's see how it plays out.Ignored
DislikedGreat thread I have a question though. That wedge has been already broken. What is your opinion now? Because the wedge is broken to the upside, but for example candlestick patterns suggest a retracement. Doji, shooting star, etc. On a H4 timeframe I do trust those.Ignored
DislikedI thought I'd contribute to aediaz1's excellent thread with this example.Ignored
DislikedI find that Support and resistant line is so important but basic. Not just Connection 2 lines.
If you want to trade counter trend, support line is very important.
A break against support will usually yield a long bar. It is a good confirmation THis is very important. ever wonder why sometimes your triangle break out did not turn out as you desired. Is there a string break out ?
A support lines must be drawn with heavy whipsawing.. then it will show it is trying to break it.
It also enable you to draw your target. I learnt this on Naked trading.com donkeys years ago. kudos to them.Ignored