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Joined Oct 2009
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Status: "Show Me The Money" - Jerry McGuire
|222 Posts
Trades closed automatically with a $6,050.00 profit. We've turned the corner, the price has broken significantly downward within the channel. I'm going to look for a retracement at this point before I enter a new set of trades.
My Trendline is a little different from yours. While your bars are outside of the smaller channel my chart shows that it is still in this channel.
Which brings up the questions of subjectivity in how a TL can be drawn and positioned.
Is my smaller channel drawn wrong? and if so what makes it wrong?
Ignored
Nikim, your lower trend line is correctly drawn. The earlier TL, which had formed as a leading diagonal (of sorts) was broken some time ago and GJ has now formed a near perfect equidistant upwards channel.
The resistance sitting at around 126.75 is the collective grouping of several moving average lines.
Yes, I would be happy to help! Please make a bullet list of your questions and I will do my best to answer them.
Ignored
Thanks MarkH,
1. Noticed you use semaphors on your 4HR. how does it help you analyse the trade? Is this a proprietory indi for you or is this one off the net? If off the net, how does the repainting benefit you?
2.In the earlier analysis, it seemed like you were waiting for a triangle breakout, is this correct or is there another way of explaining what you were doing with your trade?
3. Do you scan smaller timeframes before entering or purely on higher timeframes?
4. Noticed fibonacci too, perhaps, a onetwothree step what you look out for would help.
Question. I have my 1 hr GBPJPY which shows the market at the top of the larger downtrend channel. When I zoom in to the 5 min we see that the last blue bar broke out and above the TL.
However it is at the top of the BB and out RSI is in the 70-75 range.
Was that a good short trade to take?
Ride this down to the bottom TL of the smaller uptrend channel.
Just one quick comment here. For those who wish to discuss GBPJPY (and not just make trade calls or show their account size), the thread over at GBP/JPY, GBP/USD, and EUR/USD (technical analysis) has picked up from where the Auslanco thread left off. Over there, you'll often find someone to discuss this pairing, although it can be very quiet when there's no action in the pair.
My Trendline is a little different from yours. While your bars are outside of the smaller channel my chart shows that it is still in this channel.
Which brings up the questions of subjectivity in how a TL can be drawn and positioned.
Is my smaller channel drawn wrong? and if so what makes it wrong?
Ignored
Hello nikim,
To remove subjectivity we have to have the identical indicators. Google "Shi Channel". You will see it is an indicator that is available for free. I am not a liberty to share as the owner asks not to post it on forums. Also, Google "3 level ZZ Semafor". That is the Yellow Dot with that "3" inside. It helps you to identify tops and bottoms. Also, remember not to jump "all in" on a series of trades. Ease your way in slowly, the price will ALWAYS move against, you cannot time it perfectly. Make a series of ever larger trades as you move into the position. You will notice I usually take a small position and then add to it as the price moves against me.
1. Noticed you use semaphors on your 4HR. how does it help you analyse the trade? Is this a proprietory indi for you or is this one off the net? If off the net, how does the repainting benefit you?
2.In the earlier analysis, it seemed like you were waiting for a triangle breakout, is this correct or is there another way of explaining what you were doing with your trade?
3. Do you scan smaller timeframes before entering or purely on higher timeframes?
4. Noticed fibonacci too, perhaps, a onetwothree step what you look out for...
Ignored
Hello Yanz,
Anwser to Q1. Yes, the semafor's help me identify tops and bottoms. Yes, I too get repainting, however, once the direction is determined, the semafor is only a guide.
Answer to Q2. Yes, I was waiting for a breakout either way. Again, remember that we cannot predict the future direction, we only discern it after it has happened and then jump on the trend at the right time.
Answer to Q3. I use the daily trend to identify direction and subsequent timeframes down to the 1M to confirm all directions are headed the same way.
Answer to Q4. Fibonacci is helpful to identify entry and exit points. For example; I may want to ride the distance between 23.6% and 38.2%, only after the price has broken above 23.6% as a confirmation of direction. I would then ride that to 50% and get out. Back in after a move over 50% to 61.8% and so on. Interestingly, most moves are accompanied by a retracement move of 50% to 61.8% like clockwork.
