Measure twice, cut once
Trading trendlines and chart patterns only 8 replies
Modified, useful MQ4 utilities, indicators, and related tips 21 replies
Are indicators useful? 28 replies
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedLet the price decide which way it wants to go. Stay in the channell or break it...Ignored
DislikedIt's always hard to a fight strong trend like we have on usd/cad. What goes up must go down to some degree, the challenge is to find out when and be prepared
We have divergence on both macd and mom but it all depends on if price could go through previous high or not. Let's see if price could find resistance there. If not bulls might continue to dominate. Pure speculations, of course.Ignored
Dislikedhi bro Ive read everything on this thread, great read bro
Im confused thou about the 1% rule on dailly concerning breakout of trendline. what actually is the one % off
for example is it the dailly range? was a bit lost here
thanks againIgnored
DislikedHi, glad you find it useful. As described in the first attached chart on drawing TL \"chapter\", its 1% of the currently price If the price is i.e 100.00 on usd/jpy when you're looking for a potential break, you need the price to close 100 pips above/below your TL.Ignored
DislikedHello aediaz1
i come back with another ask if you have time
you learnt to me for draw correct trendline now i tryed to draw channel but i'm not sure it's correct look my chart how i can find channel on chart and how i can draw it correctly ?
Thanks
RegardsIgnored
Dislikedhi aediaz,
Thanks to your thread i now got a better vision of where a TL should be.
This is my idea that i was refering in the igors thread, take a look at it.
It could be very simple cause it's based on price and rsi .
I wait for candle to close, always! look at the rsi level for that candle.
If it is oversold i put a long order on the high, often happens that the order doesn't get triggered because of selling pressure so we don't get on our trade, we wait.... next candle i do the same thing... long on high.
After a couple of bars, it happens that we have a few long entries resting waiting to be triggered.
You can then adjust the position size of every order letting it run with one stoploss so that it could be one trade with different entries averaging up, or use the low of tha bars as stoploss considering every order a unique trade.
Targets would be theTL \"area\" or touch, depending on Price action, or if i see a strong S&R level always looking at price reactions on these levels.
I understand that this is a countertrend trade but if i'm wrong price will get me on the right side cause i'll reverse.
If price then gets on consolidating whipsawing, i'll widen my orders outside the consolidation or better just take a vacation.Ignored