Just look at the price action.. When it find the second point, it make big movement and find the third point.
Attached Image (click to enlarge)
- #9
- May 18, 2008 5:31am May 18, 2008 5:31am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
I am now at the realization of how important trendlines are. Hopefully we can share some ideas on how to draw them properly. I like the concept of waiting for 2 points to form and then trading on the 3rd.
I will have to see if this works as well on D1 as for the lower TF's.
Incidentally I am looking for a book by someone who really knows how to use TL's to trade which I can order and read. If anyone knows of such a book I would like to hear about it.
I will have to see if this works as well on D1 as for the lower TF's.
Incidentally I am looking for a book by someone who really knows how to use TL's to trade which I can order and read. If anyone knows of such a book I would like to hear about it.
"Keep your eyes on the helpers" - Mr. Rogers
I am now at the realization of how important trendlines are. Hopefully we can share some ideas on how to draw them properly. I like the concept of waiting for 2 points to form and then trading on the 3rd.
I will have to see if this works as well on D1 as for the lower TF's.
Incidentally I am looking for a book by someone who really knows how to use TL's to trade which I can order and read. If anyone knows of such a book I would like to hear about it.
Did you work on D1?
- #11
- May 18, 2008 5:55am May 18, 2008 5:55am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
Here is a D1 chart for GJ. Here is what I am seeing for the future.
Does anyone have any thoughts about it?
Does anyone have any thoughts about it?
"Keep your eyes on the helpers" - Mr. Rogers
- #12
- May 18, 2008 6:11am May 18, 2008 6:11am
Hi PipHacker, i just draw the future movement of the price. Will make it more detail next time. Just want to share what i see on chart..
PipHacker
- #13
- May 18, 2008 6:12am May 18, 2008 6:12am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
Because I can only trade D1, I am unsure about S/L settings. As all my orders for TL trading would be pending Limit Orders, there must be some rule of thumb for determining risk. I just don't know what that would be.
Any thoughts?
- #16
- May 18, 2008 6:52am May 18, 2008 6:52am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
GJ D1
I like another down move first possibly with Buy Limit order around 200.97 and a S/L just below the lower trendline say around 199.50 or so. If it goes up instead of down then a Sell Limit order at about 208.00 with a 100 pip S.L or so.
Just some thoughts....
I like another down move first possibly with Buy Limit order around 200.97 and a S/L just below the lower trendline say around 199.50 or so. If it goes up instead of down then a Sell Limit order at about 208.00 with a 100 pip S.L or so.
Just some thoughts....
"Keep your eyes on the helpers" - Mr. Rogers
- #17
- May 18, 2008 6:54am May 18, 2008 6:54am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
Never trade on D1.. but with this system u can enter your post when the 2 and 3 point is fully form and you can set your SL 75 above or below.. just my opinion.
"Keep your eyes on the helpers" - Mr. Rogers
- #18
- May 18, 2008 6:58am May 18, 2008 6:58am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
GJ D1
Gotta run...I will check in later......
Gotta run...I will check in later......
"Keep your eyes on the helpers" - Mr. Rogers
