how to check daily trend ?

Hello all

1/ what is "trade retracements" ?

2/ what is what is the best way to check if daily trend is going up / down/ sideways ? using past 20 days candlesticks ?

many thanks

Hey mate

trade retracements>?

Not sure what you mean...

For daily trend try using 8 ema of the open and 5 ema of the close with RSI 13 50 level

When 5 EMA is under 8 and RSI is under 50 line trend is down

When 5 EMA is above 8 EMA and RSI is above 50 trend is up.

If 5 EMA is above 8 EMA but RSI is under 50 may be sideways and vice versa

Otherwise use price action - draw a trend line conecting the latest swing points - a down line - trend down - if the trendline goes sideways - guess what? trend is side ways and if trend line is sloping up... well I guess you can work it out

Swing point: A candle with a higher high than it's neighbouring candle on the left and it's neighbouring candle on the right (swing high) ...

Or vice versa: A swing low is a candle with a lower low than the candle to the right of it and the candle to the left of it...

Learn to read and draw the trendlines from right to left like the Japanese!!!!

Read it from right to left...

what I mean is use the latest two swing points to draw you trendline. This I've been told is the correct way to draw trendlines and it seems to hold true.

Whatever method you chose under stand that its not the indicators or the lines making the trend but the price action making the indicators and the lines!

If all else fails and you're in doubt just zoom out a bit on your chart and take a few steps back from your monitor and use the best tool you have... YOUR EYES.

It should be pretty obvious from there

hope this helps

Good trading

You should go to www.babypips.com and go through the school. It is free and great for beginners!

hello cindyxxx

many thanks for advice but newbie forex trader like me it is hard to understand.

any other easy method ?

cannot find EMA in my metatrader4.

>>8 ema of the open and 5 ema of the close - you mean the price of the previous day ?

BabyPips. Definitely Babypips.

MT4 --> INSERT --> INDICATORS --> TREND --> MOVING AVERAGE --> MA METHOD = EXPONENTIAL.

CindyXXX: Your thoughts are disorganized.


topforex: http://www.investopedia.com/universi...Dowtheory2.asp

For daily trend try using 8 ema of the open and 5 ema of the close with RSI 13 50 level

When 5 EMA is under 8 and RSI is under 50 line trend is down

When 5 EMA is above 8 EMA and RSI is above 50 trend is up.

If 5 EMA is above 8 EMA but RSI is under 50 may be sideways and vice versa

=========================

hello

did not see any "RSI" in ema set up.

I saw parameters/level/visualisation option.

I put 50 under "level "option.

what is RSI 13 ?

topforex

your on your own here, cindy i don't see any superhero flying in to help ya.....lol

Google is your friend. Look up technical indicators and then forget everything you read.