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Trendline Scalping 4hr timeframe

  • #641
  • Aug 4, 2010 3:33am Aug 4, 2010 3:33am
Quoting Gg33
How close to the TL does price have to get before you consider it valid? Are you looking for an actual touch of the TL? or (say) withing a few pips of it?.

I often seem to see price come close, and then shoot off in the direction suggested by the nn and think I should have taken the trade...

thanks

GG
Hi GG,
we wait for a touch.

Dotmag
  • #642
  • Aug 4, 2010 3:43am Aug 4, 2010 3:43am
Quoting DotMag
Yes, but there are still some warnings to follow, you can find them in the David's first post, i.e. trade only after EUR session open, don't trade during news etc.
For example we are waiting right now for a GBP news so don't trade, it's gambling.
ah, ok then..thanks..
  • #643
  • Aug 4, 2010 3:45am Aug 4, 2010 3:45am
Quoting Gg33
How close to the TL does price have to get before you consider it valid? Are you looking for an actual touch of the TL? or (say) withing a few pips of it?.

I often seem to see price come close, and then shoot off in the direction suggested by the nn and think I should have taken the trade...

thanks

GG
gg if you are feeling adventurous and say the price is 5-10 pips from the tl you could take the trade if you wanted to. but you risk entering early. i know what you are talking about with this current gy trade i sore the price hit 42 then retrace within 20mins by 40+ pips.. hehe would of been good if the price hit 50 which is where the tl is then retraced would of been a quick and easy trade. now i guess we just wait for the news to die out.
  • #644
  • Aug 4, 2010 3:48am Aug 4, 2010 3:48am
I took the trade at an earlier 'close pass' and it's a few pips in profit for me now.

thanks for the answers

GG
Now trading live
  • #645
  • Aug 4, 2010 4:14am Aug 4, 2010 4:14am
Hi David etal

May I ask why the European open is so important to trend trading and what news you consider important.
There was no important news to be released that I was aware of that would greatly affect the GBP?
Unless you meant the official reserve changes which is major news is it?
  • #646
  • Aug 4, 2010 4:44am Aug 4, 2010 4:44am
Quoting debono
Hi David etal

May I ask why the European open is so important to trend trading and what news you consider important.
There was no important news to be released that I was aware of that would greatly affect the GBP?
Unless you meant the official reserve changes which is major news is it?
the eur to new york sessions are the most liquid. i prefer this time frame
and as for news gbp had services pmi comine out 1hour and ten mins ago and a few hours before that halifax hpi came out. i now consider red to orange news to avoid.
  • #647
  • Aug 4, 2010 4:46am Aug 4, 2010 4:46am
autotrade has been re-enabled for the gy everyone!
  • #648
  • Aug 4, 2010 5:08am Aug 4, 2010 5:08am
thanks for the reply David

I have never previously questioned the accuracy of FX charts however this thread has given me cause. Especially as you wish to trade of specific trend lines and price points.
I just enquired to IG why their's and Metatraders charts should differ and was given the nelow unsatisfactory reply. I am following up further as it is imperative that the market makers charts exactly match what the real world currency traders are trading or else it is simply guessing based on false information
FYI

Dear Sir,
Thank you for your email.
Our charts run from midnight to midnight so this may be the case that there will be a slight difference to metatrader for example. Our charts are indicative in this matter hence the difference.

Kind Regards,
James Gee
IG Markets Ltd (Australia) Client Services IG Markets Ltd | Level 7 |
417 St Kilda Road | Melbourne VIC 3004 |
  • #649
  • Aug 4, 2010 6:12am Aug 4, 2010 6:12am
Quoting debono
thanks for the reply David

I have never previously questioned the accuracy of FX charts however this thread has given me cause. Especially as you wish to trade of specific trend lines and price points.
I just enquired to IG why their's and Metatraders charts should differ and was given the nelow unsatisfactory reply. I am following up further as it is imperative that the market makers charts exactly match what the real world currency traders are trading or else it is simply guessing based on false information
FYI

Dear Sir,
Thank you for your...
yes i would only use fxdd, theres a couple of others with acceptable datafeeds but i forget the names.
  • #650
  • Aug 4, 2010 6:18am Aug 4, 2010 6:18am
non farm employment indicator coming out so stay out of us crosses
  • #651
  • Aug 4, 2010 8:20am Aug 4, 2010 8:20am
This is my way of subscribing to this thread. Have read from beginning till I got tired. I think the strategy works but I'd like to ask one question: Do you need any particular candle formation around the third touch of you TL or just pull the trigger if it closes below/above?
If the question has been answered before, still help out please.

Holla moi!
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #652
  • Aug 4, 2010 9:19am Aug 4, 2010 9:19am
EURJPY and GBPJPY

EURJPY:
-Fibonacci retracement level 61.8%
-Double Bottom at lower trendline
-Breakout upper trendline...

GBPJPY:
-Same pattern

See charts with timeframe H1 !

eTrader
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpyFib04082010-01.jpg Size: 145 KB
Click to Enlarge Name: gbpjpyFib04082010-01.jpg Size: 143 KB
  • #653
  • Aug 4, 2010 11:11am Aug 4, 2010 11:11am
Please advise if both trades executed ? What is the result ?
  • #654
  • Aug 4, 2010 12:21pm Aug 4, 2010 12:21pm
Quoting john19r
2nd and third hits already happend in the middle for this screen
John ,,,please explain,,,yellow line is inner TL, PRICE touch and gave entry then TL is broken, we draw outer TL (white) which is now valid.

PS : David could we have your input here please.

Dejan
Attached Image (click to enlarge)
Click to Enlarge Name: gy h4 2.gif Size: 32 KB
  • #655
  • Aug 4, 2010 12:49pm Aug 4, 2010 12:49pm
David , is the 2 trades counted ? if not , why ? Please explain
  • #656
  • Edited 7:41pm Aug 4, 2010 7:10pm | Edited 7:41pm
the two trades being removed are not counted because of the news. adp non farm is pretty big news. just hope we can get a trade before the actual non farm which comes out friday.
  • #657
  • Aug 4, 2010 7:13pm Aug 4, 2010 7:13pm
Quoting Dejan
John ,,,please explain,,,yellow line is inner TL, PRICE touch and gave entry then TL is broken, we draw outer TL (white) which is now valid.

PS : David could we have your input here please.

Dejan
the outer trendline has 3legs already touched. the 2nd and 3rd touches are in the middle.
  • #658
  • Aug 4, 2010 7:52pm Aug 4, 2010 7:52pm
Quoting david486
the outer trendline has 3legs already touched. the 2nd and 3rd touches are in the middle.
Wow!

You steadfast on that David, apart from the fact it looks as though only the green middle candle touched, it is again a situation where if the close is at or near its low then the opening will also be at the same price and when this happenes do you still call it touching twice ?
From the naked eye it looks a great set up. My 4H charts don't quite match up due to IG markets stuff up. How's this...their 4H charts start one hour before the market actually opens on Mondays! The earlier t/f's are fine!!!
  • #659
  • Aug 5, 2010 3:25am Aug 5, 2010 3:25am
guys new trade setups for the following pairs nn updated sorry i dont have time for screenshots.
gbp/jpy
eur/jpy
usd/chf
aud/usd
all short positions
please take note of news, will not be trading 1hr before or after for all pairs.

also not that leg2(l2) has to close as a leg
  • #660
  • Aug 5, 2010 3:41am Aug 5, 2010 3:41am
Quoting debono
Wow!

You steadfast on that David, apart from the fact it looks as though only the green middle candle touched, it is again a situation where if the close is at or near its low then the opening
I think the OP stated from the beginning that the time lapse from the first touch to the second should not be less than 8hrs. The two consecutive touch cannot be that much unless candle is daily.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
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