DislikedIt's me again:
How does this one look?
Could someone please post a chart with trendlines for GBPJPY 4hrs? I do not know for sure how to draw the lines for that chart.
Thanks for all the help.Ignored
Attached Image (click to enlarge)
- #1,027
- Dec 3, 2008 8:07am Dec 3, 2008 8:07am
- | Joined Jun 2008 | Status: Trendline, Pattern, and Fibo | 142 Posts
Hi iffy and forexgenius,
First of all, i'm a newbie too here, so i may mistake too here in explaining my opinion..
I would like to comment on your chart FG. Hosnestly, to me, those 2 trend lines are not valid. Let's take a look at your down trend line. You make the line from point A (which is a high here) to point C (a lower high), and in between there's point B (the low, which is happen to be the point where you draw your uptrend line also). But, you cant draw like this dude... You can draw your down trend line only after the price breaks the low it made on point B. You cant draw the downtrend line if the price has not made a lower low than point B. If i may sum this in several points, here it is:
1. The price made a high on point A (we call this HIGH), and then price went down
2. The price continued go down and made its low on point B (we call this LOW) and then price began to climbing up again.
3. After the upmove from point B (the LOW), the upmove stopped at point C (this is a high also, but bcoz it's lower than point A, we call this LOWER HIGH). After made this new LOWER HIGH, we still CAN'T DRAW the downtrend line connecting point A to this point C.
4. We need to wait until price go down again and breaks the LOW on point B. After the price surely breaks the LOW/point B, then you can draw your downtrendline connecting point A to point C.This is needed to make sure that we have good trend move in our hand, because if price doesnt make another low, there's a chance that the downtrend is exhausting and reversing or going to sideways.
These rule apply the same with your uptrend line.
I'm sorry if i cant explain these things clearly since english isnt my native. I'm a newbie too here, but believe me, this method, if you do it right, give you a plenty of pips..I'll give you a chart on my entry on EURJPY later, but i attached my chart of AUDUSD here. The green downtrend is drawn on 4H TF, but there's a red line which is a weekly downtrend line. I'm not going to take this trade, until the price breaks the weekly trendline, as it will give us higher success probability..
Happy pipping..
EDIT : forexgenius, i'm sorry i do little works on your AUDUSD 4H chart just to make sure you know what i mean..
First of all, i'm a newbie too here, so i may mistake too here in explaining my opinion..
I would like to comment on your chart FG. Hosnestly, to me, those 2 trend lines are not valid. Let's take a look at your down trend line. You make the line from point A (which is a high here) to point C (a lower high), and in between there's point B (the low, which is happen to be the point where you draw your uptrend line also). But, you cant draw like this dude... You can draw your down trend line only after the price breaks the low it made on point B. You cant draw the downtrend line if the price has not made a lower low than point B. If i may sum this in several points, here it is:
1. The price made a high on point A (we call this HIGH), and then price went down
2. The price continued go down and made its low on point B (we call this LOW) and then price began to climbing up again.
3. After the upmove from point B (the LOW), the upmove stopped at point C (this is a high also, but bcoz it's lower than point A, we call this LOWER HIGH). After made this new LOWER HIGH, we still CAN'T DRAW the downtrend line connecting point A to this point C.
4. We need to wait until price go down again and breaks the LOW on point B. After the price surely breaks the LOW/point B, then you can draw your downtrendline connecting point A to point C.This is needed to make sure that we have good trend move in our hand, because if price doesnt make another low, there's a chance that the downtrend is exhausting and reversing or going to sideways.
These rule apply the same with your uptrend line.
I'm sorry if i cant explain these things clearly since english isnt my native. I'm a newbie too here, but believe me, this method, if you do it right, give you a plenty of pips..I'll give you a chart on my entry on EURJPY later, but i attached my chart of AUDUSD here. The green downtrend is drawn on 4H TF, but there's a red line which is a weekly downtrend line. I'm not going to take this trade, until the price breaks the weekly trendline, as it will give us higher success probability..
Happy pipping..
EDIT : forexgenius, i'm sorry i do little works on your AUDUSD 4H chart just to make sure you know what i mean..
Hi iffy and forexgenius,
First of all, i'm a newbie too here, so i may mistake too here in explaining my opinion..
I would like to comment on your chart FG. ...
i totally get your reasoning, my opinion was based on different swing points. I interpreted the ABCD points as per the below chart .... are these wrong then? In other words, can the ABCD points only be at the points where price tests TLs?
cheers
iffy
p.s apologies for poor chart editing, i'm at work and had to do it in paint quickly (shouldnt be posting here!
)
Hello Iffy:
Your explanation of the bearish TL being tested made it very clear to me how the bullish line should be drawn.
It takes me a while to grasp something. I learn by constant repetition; so thanks for your help.
helping each other is the only way we'll be successful in this business
all the best matie
iffy
- #1,039
- Dec 3, 2008 12:31pm Dec 3, 2008 12:31pm
- | Commercial User | Joined Nov 2007 | 1,296 Posts
OK Everybody:
The chart below is a combination of a bullish trend line and a few bearish.
I think I got them right.
I look forward to your feedback.
yeah man
U can now track price, effectively, for instace, price is in between bullish and bearish TL. this means Price is selling to the Bullish Line.
Weldone
No need for tutorial again, u got it!
yeah man
U can now track price, effectively, for instace, price is in between bullish and bearish TL. this means Price is selling to the Bullish Line.
Weldone
No need for tutorial again, u got it!
Thanks for all of your help.
Mike, you are great. I pray that you continue to enjoy God's blessings.
Soyabean, Tanya and Iffy thanks to you guys as well for all of the feedback, especially Tanya's explanation. It helped a lot.
Okay, now I track prices.
Let's have some fun.