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1H Swing Trading on EURUSD

  • #481
  • Apr 8, 2020 10:13am Apr 8, 2020 10:13am
Quoting behzadbabaei
Hi.I'm having mt4, Can I get the indicator or it's not free?

go to page 1
Rise or fall....a better me!
  • #482
  • Apr 9, 2020 1:12am Apr 9, 2020 1:12am
The down trend line was broken last night! Broketrader are we seeing the first failed move for the year?

If it gives a sell signal today, what to do?

I am a firm believer of this system though, as this current situation is new to me
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Rise or fall....a better me!
  • #483
  • Apr 9, 2020 2:11am Apr 9, 2020 2:11am
Quoting Bororo
The down trend line was broken last night! Broketrader are we seeing the first failed move for the year? If it gives a sell signal today, what to do? I am a firm believer of this system though, as this current situation is new to me {image}
Your trend for me is nonexistent, as long as we haven't made a new high above 1.0930 we don't know where the low is, so we can't draw any trend.

There is nothing new Bororo, as long as the signal is there, we stay with it, eventually reduce your position if you're not confident but you shouldn't close completely until new signal appears.

If I have reduced my position, it's not because of lack of confidence but because I was too heavy and ad already some losses but i will stay in until a bearish signal appears and if it's a failure, then let it be...
Simplicity is the Ultimate Sophistication.
  • #484
  • Apr 9, 2020 2:30am Apr 9, 2020 2:30am
Quoting broketrader
{quote} as long as we haven't made a new high above 1.0930 we don't know where the low is, so we can't draw any trend. .

Agreed, I like your way of thinking.
When preparation meets oppertunity
  • #485
  • Apr 9, 2020 2:30am Apr 9, 2020 2:30am
Quoting broketrader
{quote} Your trend for me is nonexistent, as long as we haven't made a new high above 1.0930 we don't know where the low is, so we can't draw any trend. There is nothing new Bororo, as long as the signal is there, we stay with it, eventually reduce your position if you're not confident but you shouldn't close completely until new signal appears. If I have reduced my position, it's not because of lack of confidence but because I was too heavy and ad already some losses but i will stay in until a bearish signal appears and if it's a failure, then...

Thanks...didn't know I had to wait for a new high to place the trend line! We move!
Rise or fall....a better me!
  • #486
  • Apr 9, 2020 2:43am Apr 9, 2020 2:43am
Quoting GingerBoloks
{quote} Agreed, I like your way of thinking.
Well, not just a way of thinking, follow the link...

Quoting Bororo
{quote} Thanks...didn't know I had to wait for a new high to place the trend line! We move!
"What is a Trend?
A trend is the general direction of a market or an asset's price. In technical analysis, trends are identified by trendlines or price action that highlight when the price is making higher swing highs and higher swing lows for an uptrend, or lower swing lows and lower swing highs for a downtrend."

https://www.investopedia.com/terms/t/trend.asp

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Simplicity is the Ultimate Sophistication.
  • #487
  • Apr 9, 2020 3:16am Apr 9, 2020 3:16am
Hi Broketrader,
Have we already seen the second wave or not?
Is it okay as I marked it or should the wave be lower?

I would just like to understand these waves in detail because it seems to me the only thing that still eludes me.
Thanks

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  • #488
  • Apr 9, 2020 3:40am Apr 9, 2020 3:40am
Quoting FrancescoDTM
Hi Broketrader, Have we already seen the second wave or not? Is it okay as I marked it or should the wave be lower? I would just like to understand these waves in detail because it seems to me the only thing that still eludes me. Thanks {image}
Hi Francesco,
It's a tricky question and was trying to figure it out also myself...

Looking at past trends, this is the only thing we can do to learn, the following waves come after a new swing high/low or at least a touch of the level of previous swing high/low, like a double top/bottom if you prefer, I think that this is what define them (the waves) the best.

Currently, between your 2 lows, the maximum price we got was 1.0888 while the previous high, the first impulse at wave 0 was at 1.0925 which is 37 pips away so personally I consider that this is still wave 1, sort of rebound. I would like to see 1.0925 or above and after that, have a low in SRSI168 to say that it's wave 2.

And the wave should also be lower like the first one in your picture, the second one is a bit too high for me.
Simplicity is the Ultimate Sophistication.
  • #489
  • Apr 9, 2020 3:45am Apr 9, 2020 3:45am
OK now your reasoning is clear to me.
I have already entered with the third size even if it is perhaps too early.
However, I took a low point so I feel satisfied.
Now all that remains is to wait for the price explosion.
Good luck
  • #490
  • Apr 9, 2020 4:59am Apr 9, 2020 4:59am
I enter when price break the triangle.
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  • #491
  • Apr 9, 2020 6:45am Apr 9, 2020 6:45am
just for others ways look....
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i'm ever lose $2000, now time to go grow up
  • #492
  • Apr 9, 2020 8:18am Apr 9, 2020 8:18am
Break that high damit!
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Rise or fall....a better me!
  • #493
  • Apr 9, 2020 12:07pm Apr 9, 2020 12:07pm
BrokeTrader - thanks for publishing this! I've just read the whole thread, and followed along from the beginning of the year. Makes sense to me and I will follow along with some test trades.

I really appreciate the commentary and you telling us your thought processes as you develop this indicator and take what you learn (about the indicator and yourself) and apply them to the next trade. More green pips to you!

Dan

P.S. Too bad you cannot change your user name at this point!!!
  • #494
  • Apr 9, 2020 12:44pm Apr 9, 2020 12:44pm
Quoting LiarTrader
just for others ways look.... {image}
I im correct, it seems like the price already broke the downward trendline on your post.
  • #495
  • Apr 9, 2020 12:55pm Apr 9, 2020 12:55pm
Grats on another successful push. Pays off to trust the system. I am curious what you guys think of the prevailing trend line here... Something to watch
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  • #496
  • Apr 9, 2020 9:54pm Apr 9, 2020 9:54pm
I think short term right now a bounce off your line down, but long term the larger trend looks bullish. I just went short, last trade of the week, hopefully it pays off then hope to go long next week
Emotional Control. Process, not outcome.
  • #497
  • Apr 9, 2020 10:12pm Apr 9, 2020 10:12pm
Hi BT, when you will close your position. Do you just wait for sell signal to close your long.
  • #498
  • Apr 10, 2020 12:58am Apr 10, 2020 12:58am
Quoting ddeluca21
BrokeTrader - thanks for publishing this! I've just read the whole thread, and followed along from the beginning of the year. Makes sense to me and I will follow along with some test trades. I really appreciate the commentary and you telling us your thought processes as you develop this indicator and take what you learn (about the indicator and yourself) and apply them to the next trade. More green pips to you! Dan P.S. Too bad you cannot change your user name at this point!!!
Hi Dan,

You're welcome and good luck with you incoming trades.
I appreciate people that take the time to read and understand rather than, well, you know...

PS. And no worries with my username, I have no ego issues
Simplicity is the Ultimate Sophistication.
  • #499
  • Apr 10, 2020 1:18am Apr 10, 2020 1:18am
Quoting dorkstorm
Grats on another successful push. Pays off to trust the system. I am curious what you guys think of the prevailing trend line here... Something to watch {image}
If you have read the thread, you know that in the past I have been looking at daily, weekly and monthly charts to spot that kind of longer term trends.

Recently I have come to the conclusion that it doesn't make any sense to take care of them, not to just deny them or argue they are wrong/right views, but just because they are simply not in my trading time horizon.

I'm trying to become good in trading this system, it's the only thing I have to care about. Now if an up trend reaches the point of a major down trend, as your picture suggest, what should I do, close the trade ? No, because if you do so, you're not trading the system anymore but something else and I don't want to get lost in something else, just want to stay in something that each passing day I know more and more.

Quoting Konichiwhaat
I think short term right now a bounce off your line down, but long term the larger trend looks bullish. I just went short, last trade of the week, hopefully it pays off then hope to go long next week
As explained in previous paragraph, here we don't trade higher time frames trends, supports, pivots, you name them. You went short because of that down trend touch before going long next week, good luck to you but we don't trade that way here, you haven't read the thread or not understood what we do here or maybe you're simply in the wrong thread.
Simplicity is the Ultimate Sophistication.
  • #500
  • Apr 10, 2020 1:23am Apr 10, 2020 1:23am
Quoting broketrader
{quote} If you have read the thread, you know that in the past I have been looking at daily, weekly and monthly charts to spot that kind of longer term trends. Recently I have come to the conclusion that it doesn't make any sense to take care of them, not to just deny them or argue they are wrong/right views, but just because they are simply not in my trading time horizon. I'm trying to become good in trading this system, it's the only thing I have to care about. Now if an up trend reaches the point of a major down trend, as your picture suggest,...
Hey broke trader, thank you. I am a newbie. Looooots to learn. Thank you!
Emotional Control. Process, not outcome.
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