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Attachments: SAFE - KISS
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SAFE - KISS

This is the first time I've every gotten in a trade at the "top" or "bottom" of a trend. I'm a little concerned that this might be just weekly pullbacks, and then the trend will resume it the former direction.

I'll breathe easier when this pullback is confirmed, and it continues in the new direction, and I can move my SL into safe territory.
"Be the change that you wish to see in the world." --Gandhi
The expected pull.backs are in motion & as I said they are best played on the 4H. If played they will be hedges to the original trades.
I usually look for a 50% retrace on these trades. So long as they don't break the Daily lines they can only be regarded as pull-backs.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH4.png Size: 29 KB
Conventional trading is for losers
The AU is showing signs of a 5 wave pull-back to around 0.7940 on the 4H before completing the down trend on the Daily to around 0.7660.
One can assume the others will also perform similarly.
Conventional trading is for losers
Quoting Ralffe
The expected pull.backs are in motion & as I said they are best played on the 4H. If played they will be hedges to the original trades. I usually look for a 50% retrace on these trades. So long as they don't break the Daily lines they can only be regarded as pull-backs. {image}
For those trading these pull-backs on the 4H I assume you are moving the line as each wave eventuates.
EG: Gold.
Attached Image (click to enlarge)
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Conventional trading is for losers
Quoting Ralffe
The AU is showing signs of a 5 wave pull-back to around 0.7940 on the 4H before completing the down trend on the Daily to around 0.7660. One can assume the others will also perform similarly.
What are those signs Ralffe?
There are no weapons that will form against my financial prosperity.
Quoting Ralffe
The expected pull.backs are in motion & as I said they are best played on the 4H. If played they will be hedges to the original trades. I usually look for a 50% retrace on these trades. So long as they don't break the Daily lines they can only be regarded as pull-backs. {image}
Hi Ralffe,

Thank you for your time and effort in trying to put me through, i have a question concerning the bold statement. Here is my gold chart, red lines are from daily and yellow from H4 time frame, if i understand your statement correctly, i should remain bearish as long as the red line is not broken else once it breaks , the next bar becomes my TP for the previous short/entry for long

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 31 KB
Quoting yomex_y2
{quote} Hi Ralffe, Thank you for your time and effort in trying to put me through, i have a question concerning the bold statement. Here is my gold chart, red lines are from daily and yellow from H4 time frame, if i understand your statement correctly, i should remain bearish as long as the red line is not broken else once it breaks , the next bar becomes my TP for the previous short/entry for long {image}
Correct
Conventional trading is for losers
Quoting birpinar
{quote} What are those signs Ralffe?
Aqua lines show where the lines were previously to where they are now.(Red)
Conventional trading is for losers
Quoting Ralffe
The AU is showing signs of a 5 wave pull-back to around 0.7940 on the 4H before completing the down trend on the Daily to around 0.7660. One can assume the others will also perform similarly.
Anyone trading these pull-backs should not be aiming for more than 50% of the trend wave.
Conventional trading is for losers
Hi Ralffe and crew. Awesome thread. I am getting my head around the system and think I am getting the hang of moving trend lines on the Daily. Not worrying about H4 until I have this down pat. One thing I am trying to standardise is the anchor point. I have marked up AUDUSD. My process was to find the entry candle. Then anchor the new trend line 40 candles back from its original stop loss point. This gives a somewhat consistent angle to start with. Does look OK?

For me the challenge is clearly identifying the waves. Also trying to enter an existing trend looks to be tricky. Any feedback would be awesome.
Attached Image (click to enlarge)
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NU has raced ahead of the others to hit my TPs.
Here's how the lines look now for NU.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDDaily.png Size: 33 KB
Conventional trading is for losers
Still going back over old charts. Here is one that when I back test bar by bar I get caught out on. On this long I am moving my stop loss up too early (see pull back in the circled area). This not only kills my current trade but triggers a trade in the opposite direction which gets stopped out. Am I correct in thinking that for a long trade I only move my SL and trend line up once price moves above the previous HH?
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 48 KB
Quoting KeithMarsh
Hi Ralffe and crew. Awesome thread. I am getting my head around the system and think I am getting the hang of moving trend lines on the Daily. Not worrying about H4 until I have this down pat. One thing I am trying to standardise is the anchor point. I have marked up AUDUSD. My process was to find the entry candle. Then anchor the new trend line 40 candles back from its original stop loss point. This gives a somewhat consistent angle to start with. Does look OK? For me the challenge is clearly identifying the waves. Also trying to enter an existing...
Entering an existing trend is always tricky & requires patience. You often have to wait several days for the line to be crossed & another day for the confirmation.
Conventional trading is for losers
Quoting KeithMarsh
Still going back over old charts. Here is one that when I back test bar by bar I get caught out on. On this long I am moving my stop loss up too early (see pull back in the circled area). This not only kills my current trade but triggers a trade in the opposite direction which gets stopped out. Am I correct in thinking that for a long trade I only move my SL and trend line up once price moves above the previous HH? {image}
Correct. Nothing more frustrating then having your SL hit prematurely.
Conventional trading is for losers
Quoting Ralffe
NU has raced ahead of the others to hit my TPs. Here's how the lines look now for NU. {image}

Hi Ralffe

Could you clarify for me please Re the NU did you take a short about 6 or so bars back from current?
If so how will you manage the trade now its against.
Thank you.
Quoting Ralffe
NU has raced ahead of the others to hit my TPs. Here's how the lines look now for NU. {image}
Hello Ralffe
Now that your long pull back trade on 4h NU has hit its target, if the downtrend resumes do you get back in a short trade again and how, on 4h or daily? Or do you just leave your initial short to play out without a 2nd short trade?
Regards
Quoting courtneywild
{quote} Hi Ralffe Could you clarify for me please Re the NU did you take a short about 6 or so bars back from current? If so how will you manage the trade now its against. Thank you.
No. I took profit on 2 long hedge trades.
Conventional trading is for losers
Quoting howard
{quote} Hello Ralffe Now that your long pull back trade on 4h NU has hit its target, if the downtrend resumes do you get back in a short trade again and how, on 4h or daily? Or do you just leave your initial short to play out without a 2nd short trade?
I will be looking to add to my original short trade. Will have to wait, maybe a few days to add on short on the Daily.
I have drawn a new (green) line. The left end (hinge) will remain where it is. The right end will probably be moved as the wave develops it's downwards movement.
Attached Image (click to enlarge)
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Conventional trading is for losers
Quoting Ralffe
{quote} No. I took profit on 2 long hedge trades.
Thanks... it had me overthinking.
Quoting courtneywild
{quote} Thanks... it had me overthinking.
Overthinking is not good for your health or your account. K.I.S.S.
Conventional trading is for losers
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