(ALMOST) Perfect Swing Trading using Trendlines

Very good!
Yep, the trend could break upwards…we’ll see.

so, what’s the verdict? I’ve been burned too many times. So far the newest candle hasn’t dropped back into the trend range at all…not even if I adjust it to line up with the high of the last candle (which was the 13:00 EST candle)

EDIT: glad I’m waiting patiently on this one, lol. it’s not moving anywhere fast.

Also, here’s a look at a triangle forming on the weekly chart going back to May.


so guys, this consolidation that’s happening right now, did it break your channel line that was headed down and now pointing to that the price will go up?

On mine it’s sideways still. in my newbie mind, if it’s sideways, I’d just extend the trendline out. You really have to wait until the market does something.

On another note, I resurrected the gbp/nzd thread in the “currency crosses” - “other pairs” section, since this is a thread meant to deal with that pair.

http://forums.babypips.com/other-pairs/50155-gbp-nzd.html

Not yet (at least for me), It is still ranging. Waiting to get the candle closed above.


Ok, then this questions… You said you extended trend line, is that ok to do? If the line is being crossed by consolidation or w/e while its going sideways, wouldn’t that also mean that it broke the line or if it breaks the line going sideways it doesnt count??

See my chart looks different from yours…

Well not too different but I for some reason think that the line has already been crossed sideways…

Any how, I will treat it as a breakout only on a hike of price above the recent consolidation.


that makes perfect sense but I would also like to hear what pipcompounder thinks about this

I too waiting for Pipcompounder’s comments

Also in about 4 hours there should be some reports like BOE Gov King Speaks and BOE Inflation Report. I am not big on Fundamental analyses because truthfully I don’t know enough to form an opinion but I guess it may be wise at least for me to stay out of the market when that goes down. One thing I am sure of is that it will get very volatile!

BoE releases of Quarterly Inflation Report can boost the pair to change the direction or to keep it going down to new lows. In my opinion, keeping stop orders at both sides of consolidation (Buy above 1.8660 and sell below 1.8580) can grab some pips.

we are down about 50 points and LO didn’t even start yet, going to be interesting!

UP or Down ???

Still confused !!!


wait for LO I am sure it will be quick with a confirmation!

If it breaks 1.8561 should head down for a bit

Shorted at 1.8535

chart


I have a question concerning the drawing of the trend line that may be causing the slight differences in charts…
How many days between the high and the next high. Depending if you go a week or two or just a few days could alter the trend line. I was thinking previous threads were pointing to a 2-week period to be valid behavior for this pair before reversing. Have we become too eager to find a reversal PA?

I don’t know what Pipcompounder want to say.

just explaining my way of drawing trend lines for GBPNZD

I use fractals to draw trend lines on GBPNZD

See the chart


From above, we can see that the lower side fractals named as b, c & d are above the fractal a and hence 3 upward trend lines are drawn as below.

Fractal a & Fractal b forms trend line 1
Fractal a & Fractal c forms trend line 2
Fractal a & Fractal d forms trend line 3

Similarly, Upper side fractals e & f makes a downward trend line drawn in Aqua colour

We can also see that,

Point A is the break out point of Trend line 1
Point B is the break out point of Trend line 2
Point C is the break out point of Trend line 3

We have to wait for an upward break out of aqua trend line ef for a new long position.

Just my two cents and Hope it helps