Yes its been a bad day or so for this method....simple though I think...its trendline breaks in a market that is not trending on the 4hr charts right now as Forex can have many bars in any timeframe going sideways thus making invalid the trendlines.
I dont think the slope angle would play much part as even in a sideways moving market you could get enough movement to get you that 70deg angle but would still mean nothing..
Btw.....I am long now Cable ...based on the 4hr and the 8hr breaking the trendline.
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Joined Aug 2006
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Status: AKA DareDevil
|527 Posts
I was still short and got SL @ 1.8571.. See the Graph, it retrace exactly at fibo level, 61.8%... Will I ever learn... When it retrace, put SL at at least 60% of last big price move or be ready to TP at 86% retracement... So WHY? did my SL at 72% retracement.??? Not to be gready but i should try remember all that i learned reading all these ebook on forex and here at FF.. Mouteki Rulues is good, taking 10 pip is not bad, but alway remember Fibo retracement, that's why i use Vegas Indicator, As you can see price is crusing down on 4TH fibo level down... At these level it might not coming back up for a while.. Check Daily and Weekly and Monthly charts... You'll see by your self. So when next brake down i'm in.
Attached Image
Harmonics and Pitchfork using korHarmonics from TradingArsenal
I dont think the slope angle would play much part as even in a sideways moving market you could get enough movement to get you that 70deg angle but would still mean nothing..
Btw.....I am long now Cable ...based on the 4hr and the 8hr breaking the trendline.
Ignored
I'm long on the GBPUSD too, but my reasoning is a spining top on the daily chart and the hammer and long lower shadows at the 4hr bottom trend line.
Could you show me the break outs that you're talking about?
