5min EUR/USD mini trendline breaks

When the trend lines are drawn can there be several bars between the points as shown in your examples or should it be stricter with less to indicate a good entry. It's often easier to fit trend lines after the fact. As a newbie just wondering if this make a difference. I can see from IAKs model entry example it was very tight.

The trendline criteria is on the first post's picture. My example was merely to highlight the shape you should be looking for.

Nice System will be look for more on it.

Thoughts?

Just triggered...

10SMA above so look for buy now.

No V cut ttrendline so not a good trade.

Harry

Clarification attempt

Yup, the slope is not steep enuf to form a V shape. There is a good explanation by Shanexx on page 4 post 52.

Regards Harry

You also have a Daily Resistance and a H4 resistance right above that entry. If you look to the left on your chart, you can see where it capped at a high around this same spot last night.

Interesting reading about v-shape retraces. I have been trading anything that meets my basic criteria but i will start making a note in my diary about the shape of the retrace to see if it has a significant effect on outcome. If we want to start taking resistance into consideration I find that the daily pivots are useful. I use the oanda basic charts as this way i can use any computer in the world to access my charts. They have a indie that plots pivots for you. For metatrader i have seen a indie on forex factory knocking around. Take this system wherever you want to. Support and resistance can be broken at any time remember. You may decide not to enter and then bam, it broke and you missed out on 300 pips! difficult to call. Again, i will take all basic set-ups (1st page) but i will note in my diary where entry was in relation to support and resistance. Perhaps in time we will have to add these to the first page. For anyone new to having a go at this system i wld recommend just using the moving averages and trendlines until you are comfortable with them. As the thread develops we will have more data on retrace shapes, divergence and support and resistance and then you can slowly introduce them to your charts. To start do not fill your screens with lines as it will give you a headache. I look forward to seeing how we can develop this simple system and appreciate your inputs. There was a post earlier about how to spot ranging periods. If price is ranging the moving avarages will be continually criss-crossing and there will not be much space between them. wait for a movement that pulls them apart. wait for a retace that meets our requirements to get our lines drawn. wait for a candle to break this line. set a order to enter beyond this. This will keep you out of most false breaks. You will find that if you are strict with the rules then ranging periods provide little entry opportunites. the moving averages may cross but the trendline requirements are often not met.
This simple system is not bullet proof. You will lose many trades. However, you should win more than you lose over time and with effective money management you can start to build your capital. I have always struggled with whether to take profit at set levels or to try and let it run for more. This is why i now enter two lots and take profit with one and let the other run. This is something you will have to work out yourself. Remember, entering 2 lots means you are doubling your risk so take this into account when determining your lot size. I have used eur/usd 5min in the thread title but try other pairs and timeframes if you want. I want to make money trading. If someone can improve my system and so make me more money im all ears! lol

Thankyou for the constructive helpfull comments I have seen on thread. Lets see some live step by step trades by people. I can only trade this tuesday this week. Possibly monday morning. Sorry for not being around much so far. Busy at work and with family.

Hi, Just found this thread and it looks like my style of trading. Does the attached pic look like the trade set up for a short?

I think you're right

Thanks ewwink

Perfect

Morning guys. waiting for some movement this morn so thought i wld have a little look at some support and resistance. Dont worry, the system is not changing. Just to get you thinking about why price may be consolidating this morning. I will be taking any good-looking set-ups regardless.

ok, cld have a set up here....

Ok. I have a order set as our criteria for a set up is met. It may not get triggered but if it does it will have broken the pivot that it has been bouncing on all morning and so with some luck will drop like a stone.

Order cancelled as price has shot up instead. I have re-drawn my trendline also. As you can see we dont always get our orders filled which in this case was a good job. we have been kept out of the chop! if the new line is broken with a closed candle then a new order can be set up.

Set up forming for a short