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Trendline Scalping 4hr timeframe

  • #1,281
  • Sep 19, 2010 9:00pm Sep 19, 2010 9:00pm
Quoting juzgood1978
i think nzdusd can go for a short soon

I see that you are looking at the triangle..good. You could be right. We need to check out the longer TF directions. Weekly is not reliable on a Sunday night so I skip it and look to the monthly, daily and H4.
  • #1,282
  • Sep 19, 2010 9:03pm Sep 19, 2010 9:03pm
Quoting lawgirl21
I see that you are looking at the triangle..good. You could be right. We need to check out the longer TF directions. Weekly is not reliable on a Sunday night so I skip it and look to the monthly, daily and H4.
Longer TFs are long....so that is the bias right now.
  • #1,283
  • Sep 19, 2010 9:07pm Sep 19, 2010 9:07pm
Am I missing something here? NZD/ USD

This thing is sitting in the middle of a triangle. It's gonna be a while before it hits either line.

I don't think I'd go for 50 pips if I took the trade. Maybe 35 or so....

Yes it should be a short but it's gonna be a while before it hits for the third tap unless something happens like news.
Attached Image (click to enlarge)
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  • #1,284
  • Sep 19, 2010 9:13pm Sep 19, 2010 9:13pm
Quoting cugir321
Am I missing something here? NZD/ USD

This thing is sitting in the middle of a triangle. It's gonna be a while before it hits either line.

I don't think I'd go for 50 pips if I took the trade. Maybe 35 or so....

Yes it should be a short but it's gonna be a while before it hits for the third tap unless something happens like news.

Bias is long.
  • #1,285
  • Sep 19, 2010 9:14pm Sep 19, 2010 9:14pm
Quoting lawgirl21
My ECHF long trade just triggered.

Moved EURCHF to BE.
  • #1,286
  • Sep 19, 2010 9:21pm Sep 19, 2010 9:21pm
BE???? what's that? Be enough?

NZD/USD The bias is long for a bit....the two equal pointed tops on the daily and the lower highs seems to mean it's dropping after the tap...at least to me.



Quoting lawgirl21
Moved EURCHF to BE.
  • #1,287
  • Sep 19, 2010 9:25pm Sep 19, 2010 9:25pm
Quoting cugir321
BE???? what's that? Be enough?

The bias is long for a bit....the two equal pointed tops on the daily and the lower highs seems to mean it's dropping after the tap...at least to me.
"Be enough" I love it! I wish! No, it means "break even" which means I cannot lose money on the trade..I may not make money, but I can't lose it either.

Post your chart and let's look at it.
  • #1,288
  • Sep 19, 2010 9:28pm Sep 19, 2010 9:28pm
NZD/USD

I think he's right....I think after the 3rd tap on the top line it's going to fall for a bit.

Here's the daily....it looks like it's maxed up..see the two doji types or points at the dotted yellow line....it may go thru the triangle when it drops down.

There's a nice channel going down if your draw a bottom channel line. I'd bet it's going through the triangle bottom.
Attached Image(s) (click to enlarge)
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  • #1,289
  • Sep 19, 2010 9:33pm Sep 19, 2010 9:33pm
Quoting cugir321
NZD/USD

I think he's right....I think after the 3rd tap on the top line it's going to fall for a bit.

Here's the daily....it looks like it's maxed up..see the two doji types or points at the dotted yellow line....it may go thru the triangle when it drops down.
We'll have to watch and see..but I'm not seeing a short trade here.
  • #1,290
  • Sep 19, 2010 9:41pm Sep 19, 2010 9:41pm
blur oledi
  • #1,291
  • Sep 19, 2010 9:44pm Sep 19, 2010 9:44pm
Here's the other channel going down on nzd/usd
Attached Image (click to enlarge)
Click to Enlarge Name: bridge7.gif Size: 11 KB
  • #1,292
  • Sep 19, 2010 10:32pm Sep 19, 2010 10:32pm
Thanks Cugirl for the "Cu" on audjpy now its 24pips profit.
  • #1,293
  • Edited 11:18pm Sep 19, 2010 11:06pm | Edited 11:18pm
actually it was 35 pips profit. I'm out. Don't lose all your profit. Calculate 50 pips from the line and subtract where you got in. Get out with some profit so you can start the week with a smile. It went a total of 42 from the line. Good enough. Start with a win! You need to feel like a winner!

Now look at everything I told you about on the 4hr and 1 hr chart and remember what a great long winner looks like. Flip it over in your mind to see what a great short looks like. Notice where everything is positioned.

Save the chart ....mark it up with verticle lines!!!!
  • #1,294
  • Sep 19, 2010 11:21pm Sep 19, 2010 11:21pm
Yes i went it pretty late..thanks!

Quoting cugir321
actually it was 35 pips profit....
  • #1,295
  • Sep 19, 2010 11:23pm Sep 19, 2010 11:23pm
After you mark your chart with verticle lines....send it to me. Tell me why you went in where you entered. send it to my email.
  • #1,296
  • Edited Sep 20, 2010 12:00am Sep 19, 2010 11:49pm | Edited Sep 20, 2010 12:00am
lawgirl/cugir321,

I saw the charts both of you have posted on EUR/CHF, USD/CAD and NZD/USD. It was all brilliant. I like to participate but I was in bed (i'm from UK). Its amazing the asian sessions are giving so much steady movement unlike London session.

My EUR/CHF trades attached. I entered one before I went to bed and added another position when I woke up an hour ago. Red arrow pointing entry.

Keep up the good work and I will participate where I can. I'm going back to bed again.
Attached Image (click to enlarge)
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  • #1,297
  • Sep 20, 2010 12:19am Sep 20, 2010 12:19am
I can't figure out your trades from the chart. We pretty much use three taps and a few other indicators which we don't talk about much to preserve the thread. And the trend on the 4hr, daily, weekly...I add the 1hr for quickies.

I'll say it....I add...the RSI(3) (thanks to lawgirl). Be sure it's pointed in the direction of the trade. The TDI. Cross of green over red. That's it!!! (maybe a little 5,3,3 stoch like pepper)

If they're all pointed in the right direction...call the bank!!! You'll be depositing. You'll have to get a feel to decide how much! The indicators, I believe, help with the secondary lines. They tell you when to get rollin'...especially out. Watch price action...make sure it confirms the other stuff.

The three taps on the trend line with the trend are the key. The rest just verify's it for me. I just set 50 pip stop loss and decide take profit on my own.

This three tap thing is soooo powerful!!!
  • #1,298
  • Sep 20, 2010 1:10am Sep 20, 2010 1:10am
Quoting duffypratt
I'm grateful for what you have shared and won't press further. It's interesting to hear your reasons for not compounding your account. Most people seem to have the opposite reaction to the accumulation of assets. As the money grows, it becomes more and more real, and that leads to making mistakes, but out of an overabundance of caution rather than carelessness.
I have had the same experience as Lawgirl21 using the Nanningbob system. As soon as my account is doubled, I get careless and lose my profits down to the original funded amount again. The second time this happened I have changed my strategy to keep the original funded amount and then once a week/fortnight I withdraw the profits. I us 3x $1K accounts with different brokers. I seem to have a much better Bank balance growth this way.
  • #1,299
  • Sep 20, 2010 1:33am Sep 20, 2010 1:33am
Quoting cugir321
I can't figure out your trades from the chart....
Sorry about the oanda charts. They are not that good. I pretty much trade trend trading, reversal, breakouts and range trading. Trendline bounce is one of the many methods I trade and the one that is most reliable in my opinion. So I trade pretty much like you and lawgirl but my MM differ from you two (i think).

Lets say for example: A trader trades 1 standard lot ($10 a pip) with a 50 pip S/L and 50 pip TP. That's $500 risk for $500 profit.

I trade differently. I break my standard lots into 2 or 4 lots (i.e. $2.50 a pip or $5.00 a pip) and always look for 1:2 Risk Reward ratio. So when I enter a trade I start with $2.50 a pip with 50 pip S/L and watch what is happening. If price goes against me I lose $125 instead of $500. So I still have $375 risk left to trade for the day. If trade goes my way I move to BE and enter another $2.50 in a suitable location and another and another.

So if one standard lot trader makes 50 pips in one trade. I make 80-100 pips in the same trade because I'm adding position on each retrace. The end result is I make same as 1 standard lot trader or even better. But when a trade goes against me I get 3 extra chances to trade compared to 1 standard lot trader. So even if I lose 3 trades of $2.50 each I can still end up in profit with one $2.50 trade. Because the moment I move my stop to BE I have that amount to risk to add a position or trade it again. This is absolutely essential for survival in forex. Also trading this way helps me to extract maximum out of a move which is essential.

In forex nothing is certain. Even if you wait patiently and do very detailed analysis and trade high probability setup...still it is not certain. Why lose your risk in one trade?
  • #1,300
  • Sep 20, 2010 1:44am Sep 20, 2010 1:44am
I love your money management
Quoting vijidas
Sorry about the oanda charts. They are not that good. I pretty much trade trend trading, reversal, breakouts and range trading. Trendline bounce is one of the many methods I trade and the one that is most reliable in my opinion. So I trade pretty much like you and lawgirl but my MM differ from you two (i think).

Lets say for example: A trader trades 1 standard lot ($10 a pip) with a 50 pip S/L and 50 pip TP. That's $500 risk for $500 profit.

I trade differently. I break my standard lots into 2 or 4 lots (i.e. $2.50 a pip or $5.00 a pip) and...
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