I dont see this being a wrong trend line. I also see master tangs trend line spot on. If fact I like this picture I use 2 different trendlines all the time to get a range. Like for instance reguardless of the down trend I missed this boat. I am seeing a reversal. With the double bottom getting ready to form on the retest of master tangs broken trendline. First Profit target would be the upper trendline from there I would watch pa and tighten up the stop and wato see it break the upper trend line right about then…
I can help you but you must hold on fundamentals, i hate fundamentals but it proved to be more profitable than technnical, so i can help you identifying trends and trend switching but it will not be easy i can promise and guarantee that.
Fundies have a lot of disavantages but can be solved with an apropriated aproach but the succes ratio is high. But you must not confuse fundies with news trading, news trading is just scalping and it sucks.
One good thing of fundamentals is that it requires less emotional control, numbers are clear and clean and requires less interpretation than indis. If you lose an operation you can easily recognize the pattern, for example if the GDP of Australia was positive but the currency fell like a rock you just have to watch the calendar and verify if another australian report was not mixed after GDP and you will know in exactly what conditions you will not operate next time.
If you are interested let me know. I warn you again: It won’t be easy.
Regards.
CCI—commodity channel index indicator (overbought/oversold)
IRA-Individual retirement account (tax benefits as no gains are taxable)
CPA-Certified Public Accountant (UK believe they are all Chartered Accountants)?
Been quiet here as working hard watching price action and implementing some of the suggestions I saw on Technical Analysis threads that Master Tang sent me. very good stuff and already has helped me see profits today! (I tested it for 2 days and went ‘live’ today). One of the issues I was having was my trend lines…i drew them but never tightened them up! so you can imagine i would not get into trades often! Now I adjust them thru the day and it really helps me quickly see trend reversals and where my optimal entry is. Also one of the videos showed me a great way to use the FIBS to confirm my entry point…especially when I am trying to jump on board a trend in action. Very happy with these two tidbits I got here on Babypips and will keep perusing thru the site in my ‘spare time’.
Question: Every day there is ‘important news’ or someone speaking (Obama, ECB, whoever)…I trade the NY session starting 6ish…I know you are not supposed to trade ‘the news’ and I do not wish to. The grey area I have is when should I stop/or should I take an open/pending trade off…if it does not trigger and the news item is about to begin? I am finding there are so many of these my NY hours of trading are getting really squeezed short. Getting to the point I am actually thinking to start trading the LDN session! Any insight on how to handle?
thanks
ET
I find trend lines very helpful but more as an odds enhancer than something I use to pull the trigger on a trade. For example, if I identify a good Supply/demand zone…if that zone is also sitting on the trend line the odds are more in my favor. If that trend line is a daily, weekly or monthly trendline…even better.
Trend lines ARE very subjective and there is no proper/improper way to draw them…as a matter of fact I have to keep adjusting them during the day as price action changes. But that effort very well spent as it keeps me on track of what current price action is.
Master Tang,
I started the threads you sent me the very night you sent them…very long day ;-( but sooooooo worth it! thank you thank you thank you for sending these along. I have not gone thru all of it yet but the first 2hrs has already given me more to work with and I am finding more opportunities to get into trades now…the use of Fibs and adjusting trendlines from my original lines were the quick fixes I needed. Matter of fact spent next couple of days digesting it and testing it and went live today. And actually had a profitable day today (and that is EVEN after Trade Station did not execute 2 of my orders and 100 pips went flashing by! (they claim with spread it was over my limit price—very frustrating…have you heard of this before? Is it standard/legal? feel like I was taken a bit)
Thanks again and if there is any other thread I should review please let me know!
Mr Gone
Thanks for the offer to help. I am very clued in on the macro fundamentals and the daily changes and calendars…unfortunately, maybe too clued in as it often gives me a bias that is not yet reflected in price action…
I am definitely interested in some help!
ET
London and NY sessions move differently, and it is definitely an adjustment. I used to trade NY only, and now switch to London-NY while using asian session to plan out trading, and it fits my trading style better.
As for your pending orders, if you have no idea how the news will move it is safest to exit out of them, and re-enter them later (provided the news spikes did not affect your analysis). Each news event has its own perk/spin to it, so if you can’t at least watch the news live, you can go back to it by looking at the proper candles in 1/5 min time frames, to see how price reacts to a specific news event, to familiarize yourself with its behavior.
I SiriusXM available live on computer stream so I listen to CNBC live…I have been pulling the trades or TP early if I am in one already. Seems to be a lot of calendar items of late with US issues and EUR issues but bobbing and weaving thru it!
I decided if a good set up was percolating in the evening that I would get up for LDN session to execute the trade (I do not yet feel comfortable with set and forget)…more than once already a perfect set up of mine was hit at 3am LDN time without me being on the bus…
ET
If you worry about every news announcement on both sides of the pond, you’ll never make a trade.
Trust your bias, and your setup to show you the way. If you see a setup, but have an announcement pending, just drop your lot sizes down enough that you aren’t too worried.
Money management will let you take advantage of all kinds of opportunities.
And with any questions regarding setups, or tightening things up as far as your personal method goes, the cool people at the Technical Templates threads always take time out to respond. And it’s usually fairly in depth, and will solve any issues that might arise for you.
Glad to help, and best of luck with your endeavor!
Keep us posted:)
Cheers!