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  • #14,001
  • Aug 12, 2010 9:25am Aug 12, 2010 9:25am
Its always the best to trade with the trend but on what timeframe is your trend?

I have always asked myself which trend i should follow.

How you guys determine the trend and on what timeframe?

I use the 200 SMA sometimes as a trend indicator.
  • #14,002
  • Aug 12, 2010 9:30am Aug 12, 2010 9:30am
anyone like the idea of shorting eur/gbp at 0.8255. also 0.5 fib with previous high
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  • #14,003
  • Aug 12, 2010 12:14pm Aug 12, 2010 12:14pm
Quoting Wallboroff
Its always the best to trade with the trend but on what timeframe is your trend?

I have always asked myself which trend i should follow.

How you guys determine the trend and on what timeframe?

I use the 200 SMA sometimes as a trend indicator.
No Brainer recommends only the 1 5 15 30 and 1 hour charts as these are the only ones that look the same all over the world.
  • #14,004
  • Aug 12, 2010 12:17pm Aug 12, 2010 12:17pm
Quoting Wallboroff
I´m not really experienced with Pivot Points but the way the market reacts to these levels is sometimes amazing. Especially with SR-Levels.

When I sit down to trade I use the NY close and set highs/lows/close on the mataf site to determine S123 and R123.

I've seen these levels used on other sites so that means others see them.

Then I look to see where the various analysts and news feeders have their levels.

Then I do a visual check and draw trendlines.
  • #14,005
  • Aug 12, 2010 1:28pm Aug 12, 2010 1:28pm
Quoting watchtower4x
No Brainer recommends only the 1 5 15 30 and 1 hour charts as these are the only ones that look the same all over the world.
Hmm, doesnt really answer the question.

Im just interested how you guys do it.

Do you look at the 1 H Chart to determine the trend and then trade the 15 M Chart?
  • #14,006
  • Aug 13, 2010 2:22am Aug 13, 2010 2:22am
Took a long signal. Unfortunately my exit was to early due to the 200 SMA i am using. Ahh, i hate indicators.

+20 Pips
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  • #14,007
  • Aug 13, 2010 5:08am Aug 13, 2010 5:08am
Short @ 1.5614

SL @ BE
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  • #14,008
  • Aug 13, 2010 5:18am Aug 13, 2010 5:18am
Quoting Wallboroff
Short @ 1.5614

SL @ BE
+25 Pips
  • #14,009
  • Aug 15, 2010 4:07am Aug 15, 2010 4:07am
you seem to know what you are doing.

Quoting Wallboroff
Hmm, doesnt really answer the question.

Im just interested how you guys do it.

Do you look at the 1 H Chart to determine the trend and then trade the 15 M Chart?
  • #14,010
  • Aug 15, 2010 10:26am Aug 15, 2010 10:26am
Looks like support but could still be going south. Yet i dont see a break of a trendline to the upside.
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  • #14,011
  • Aug 15, 2010 5:40pm Aug 15, 2010 5:40pm
Hello, NBT people--

There is a version of the horizontal line school of thought which advocates not going against the color of the H1 candle. For example, assume you're using the M5 chart to time your entry (could also be the M15), you would also be monitoring the H1 candle color. If you were approaching an S/R line from below, and the the H1 candle were green, you would not go short at the line (but you could if the H1 candle were red at the time). Similarly, if price on the lower TF were heading down toward an S/R line from above and the H1 candle were red, you would not go long at the bounce (but you could if the H1 candle were green).

Has anyone else heard of this approach? What's your opinion as to whether it may serve as a valid adjunct to "pure" horizontal line trading?

Thanks and regards,
Dennis
  • #14,012
  • Aug 16, 2010 2:10am Aug 16, 2010 2:10am
Short @ 1.5635

SL @ BE

Stopped out, 0 Pips.

Wanted to take some Pips at the PP but it didnt get there. Missed the +20 Pips.
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  • #14,013
  • Aug 16, 2010 8:37am Aug 16, 2010 8:37am
Basic question from a recovering indicator junkie trying to trade the horizontal line way....

How long do you keep the horizontal lines you draw on your chart? For example, I'm marking up my H4 and H1 charts (horizontal lines, fibs, diagonals), and trading at the M15 and M5 timeframes. Are there any criteria for getting rid of old lines at the higher timeframes?

Thanks for your advice,
Dennis
  • #14,014
  • Aug 16, 2010 9:58am Aug 16, 2010 9:58am
Quoting dkern
Basic question from a recovering indicator junkie trying to trade the horizontal line way....

How long do you keep the horizontal lines you draw on your chart? For example, I'm marking up my H4 and H1 charts (horizontal lines, fibs, diagonals), and trading at the M15 and M5 timeframes. Are there any criteria for getting rid of old lines at the higher timeframes?

Thanks for your advice,
Dennis
I deleted all of my lines today because there were to many. Then i just look for the most recent lines.
  • #14,015
  • Aug 16, 2010 10:09am Aug 16, 2010 10:09am
Resistance???
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  • #14,016
  • Aug 16, 2010 11:41am Aug 16, 2010 11:41am
Quoting Wallboroff
Resistance???
Guess not. Maybe R2 will be a better spot.
  • #14,017
  • Aug 16, 2010 2:13pm Aug 16, 2010 2:13pm
Quoting Wallboroff
Guess not. Maybe R2 will be a better spot.
Hmm, it came a little later than i had expected but it came.
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  • #14,018
  • Aug 17, 2010 2:04am Aug 17, 2010 2:04am
Short @ 1.5669

SL @ BE

Took a long before that (-7 Pips).
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  • #14,019
  • Aug 17, 2010 4:01am Aug 17, 2010 4:01am
Quoting Wallboroff
Short @ 1.5669

SL @ BE

Took a long before that (-7 Pips).
Ahhh, +10 Pips. Not so good. Acutally i thought the 1.5641-1.5637 wouldnt hold up thats why i didnt take my profit at this level. Was a mistake.
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  • #14,020
  • Aug 17, 2010 7:46am Aug 17, 2010 7:46am
Quoting dkern
Basic question from a recovering indicator junkie trying to trade the horizontal line way....

How long do you keep the horizontal lines you draw on your chart? For example, I'm marking up my H4 and H1 charts (horizontal lines, fibs, diagonals), and trading at the M15 and M5 timeframes. Are there any criteria for getting rid of old lines at the higher timeframes?

Thanks for your advice,
Dennis


It's kinda getting messy. I usually keep only the closest S/R areas on my chart at the session I trade.
I think that color of candle doe snot actually matter as a indication if S/R area will hold or not. But price action can indicate this.
I have read book by Ed Ponsi advocating waiting for a price to show some price action at our S/R lines and then deciding to enter or not. But per his examples his entries are all too far already from our lines and security buffer extends in those cases only to S/R line and then stop. I think probability is high enough to enter at those areas but depends when. Last week when market was falling it would be a suicide to go long on all those beautiful levels despite them being seen by all.
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