Here is the chart
Attached Image (click to enlarge)
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #55,068
- Dec 13, 2007 11:25pm Dec 13, 2007 11:25pm
I think you can be very successful only by using trendlines. If you add fibs to trendlines, even better.
Usually the beginning of a new trend (ST trend in this case) is important (the yellow ellipse), it sets the direction for the trend.
When the trendline is crossed, the trend is over. Open a position on the next stoch top / bottom on a shorter tf, in this case use 15M. Determine the target using fibs, or keep your position until the trendline is broken.
It is very very simple and effective.
R
Usually the beginning of a new trend (ST trend in this case) is important (the yellow ellipse), it sets the direction for the trend.
When the trendline is crossed, the trend is over. Open a position on the next stoch top / bottom on a shorter tf, in this case use 15M. Determine the target using fibs, or keep your position until the trendline is broken.
It is very very simple and effective.
R
cool trend line stuff on I found on another thread here forex factory for those learning like myself this is something i got from another thread that explains trend and how it is really determined( in the authors aopinion) i think its awesome for us newbies to read and learn so i post it....it may also explain why andrews pitchfork works (if you draw it correctly) the problem i find with the pitchforks so far is it is too subjective....am hoping this will help better draw trend and median lines so we can better apply them.... forex factory rules! enjoy
- #55,072
- Dec 13, 2007 11:59pm Dec 13, 2007 11:59pm
hmmm--dont think so
doesnt his strategy say that price has to be below 1hr 100sma. (im not sure myself. who knows ! lol ) for 15min short signals?
i expect price to close at 229.50 or slightly above by end of this hr candle.
( if not then i will favour shorts of price breakout in london/frankfurt)
if it closes above 229.50 then longs or range mode still in play.
just what i see !
fer
so far close with prediction
- #55,073
- Dec 14, 2007 12:31am Dec 14, 2007 12:31am
- Joined Nov 2007 | Status: Trader | 3,060 Posts
so far close with prediction
- #55,074
- Dec 14, 2007 12:41am Dec 14, 2007 12:41am
good call but already took a small short on the pinbar.... should have waited for signal thanks for teaching u.... live and learn....but i hope my trade wroks out and i get lucky cause that was one nice looking pinbar on 4 hour
well. no setups for me yet. ill just wait either for a close below 228.95 for short or a close above 229.70 for long. hopefully with other signals pointing in those directions.
fer ( friday the 13th..oops 14th actually)
- #55,077
- Dec 14, 2007 1:01am Dec 14, 2007 1:01am
- Joined Nov 2007 | Status: Trader | 3,060 Posts
well. no setups for me yet. ill just wait either for a close below 228.95 for short or a close above 229.70 for long. hopefully with other signals pointing in those directions.
fer ( friday the 13th..oops 14th actually)