08-25-2010, 10:22 PM
If you want to try a trend-line break trade right now, check out GBP/JPY H4. Easy line to draw underneath the retrace long. According to Grav's rule, enter short when a full candle body closes below the line.
08-25-2010, 10:42 PM
Graviton, below is a chart attached on a "so called" trend line break fake out i had.
Clearly we have 2 trendlines here, is the first one on the left valid? Or should we actually draw the trendline from the earlier point, meaning the trendline on the right?
I took the trendline break on the left one, but i got stopped out. I see it happening quite often, but then again that was during the news.
So my qns would be, is my first trendline drawn on the left valid?
Upon breaking it went upwards again forming a new low. Thus a 2nd trendline could now be drawn.
So how do i go about such situations?
And also, you mention upon a close of candle below the retracement line you will find an entry in the 15mins.
When you look down into the 15mins TF, it most prob would be in a sausage or bubble, so you enter per break out rules? Or do you wait for a slight retracement and get an entry?
These are some of the problems i faced now. Sometimes the trendline gets broken, however i wait for a retracement move, sometimes it never comes and i missed almost the entire move.
And i recalled ytd you took long AJ on the 1 hr cbl. May i know the reason for it? I couldn't think of any, besides that the long wick provides a very good support level since way back.
Last edited by fartist; 08-25-2010 at 10:55 PM.
08-25-2010, 10:48 PM
Below is the chart of GJ that nb mentioned, clear retracement we're having right now. So upon a 4hr candle close we would find an entry.
So grav, the time when you enter those retracement trendlines break would be when there is no news coming out, thus ensuring the break is more valid. Rather than a simple fake out that forms really long wicks. (Hate to see those!)
Clear examples would be the 4HR UJ charts now.
Okay some observations i had, the steeper the trendline, like the 1 oclock, higher chance it will break and not fall but rather range for a while. Before finally breaking or bounce back.
Last edited by fartist; 08-26-2010 at 12:03 AM.
08-26-2010, 04:50 PM
I think you or I one mistyped. I only had one aj trade and that was entered with Nathan on a 1H CBL.
Originally Posted by fartist
08-26-2010, 04:59 PM
No I don't want to enter right before a news announcment. Yes, many say steep trendlines have short lifespans. It may be true, though it doesn't enter into my trading.
Originally Posted by fartist
08-26-2010, 10:53 PM
Ok thanks for sharing grav! I think with more practise i'll get the hang of it. Seriously, it looks easy but when you actually try it, there's so many tiny details to take into consideration!
No wonder advertising EA and bots are so easy, cus everything looks easy!
And also, as we can see the retracement bouncing off the trendline on the 4hr beautifully, i realised looking down into lower TF, like 30mins we could actually get good cbl entries to go long.
The retracement trendline on uj and ej seems to break and not break again!
Last edited by fartist; 08-27-2010 at 12:35 AM.
08-27-2010, 09:04 PM
Toss it away?
Originally Posted by Graviton
Please let me make several points and ask a question.
1> Thank you so much for all you are doing.
2> I just caught up with Tymens thread but wanted to finish it before joining yours, quite absorbing that was! This already appears to me to be the same. I mean as for absorbing! I seems you are more Macro and he more Micro; the perfect compliment.
3> I'll not much disturb the current discussion and will catch up soon.
4> I will learn how to keep a proper journal; I currently have date, win/loss & balance on a spreadsheet.
Q> Your post details a lot of work to learn that lie. Now you know the truth. Why 'toss it'? Surely the journal would retain that truth.
I suppose in my mind I have answered that Q, at least for my journal. But, I will learn more about journals.
At least I got to say Hi and let you know I am here.
08-28-2010, 04:16 AM
I would say on the contrary
Originally Posted by NeedyPips
Welcome Needypips, sign up on our chat... Graviton spends a lot of time there teaching and live trading with us!
bolldna.com (can't post links...)
08-28-2010, 08:22 PM
08-28-2010, 11:14 PM
execellent advise as always graviton. i have been told to look at aussie/usd this monday even though i will not be around because it is bank holiday monday. looking forward to trading on tuesday!!!
"Good judgment comes from experience. Experience comes from bad judgment."