I wouldn’t even dream of trying to determine anything like this.
I simply wait until it has made a change in direction.
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Then color me confused brother. You said you look at trend lines on monthly. Doesn’t monthly trend show it may take a downturn once it hits the top? I must be missing something, where do you consider the trend lines to be?
Probably over analyzing here.
I look at trend lines, but I can’t really see any.
All I can see is a potential area to put a stop loss if you wanted.
Lately I haven’t been using many hard stop losses.
HI @The_Baller do you actually use chikou span for the trend direction or only to put support and resistance lines ?
The latter usually, but I’m known to use it for both.
@The_Baller I really like how you zoom out even in Monthly chart.
It really make it easier to identify where is the support, resistance and trend is going.
It has been an absolute pleasure following your trading experiment! I am taking in everything you have mentioned and incorporating it… but one thing I do different, I make my own dough. Home made pizza is just the Balls!
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My pleasure.
I don’t blame you. I’ve only just starting making dough at home (my wife makes it basically).
But I have invested in the below - I shall be firing this bad boy up and blitzing a couple of pizzas in under 60 seconds.
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Nice, just the kind of thing I need. Now that’s an investment! Must post a Pizza pic one day, and I quote:
Regarding picking tops or bottoms or when trend will change direction…
While simple and very obvious this is advice I have to heed more often!!
KC
@The_Baller do you try to get in at the top of a downward trend or bottom of upward trend in order to tighten your SL? or do you keep the same spread on your SLs no matter where the chart happens to be at the time of entry?
In a nutshell, no.
My SL can range from 300 pips to 700 based on the trade in question. You have to look at each chart, the opportunity and the risk involved on its own merit.
This is tough…
What takes precendence? current or long term trend?
For example, EUR/CAD, it’s been in a downward trend since ~Mar 2018 but in an overal uptrend since 2012.
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The current trend.
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Just you and I left in here? Your feedback is much appreciated. Forex is daunting bro but I am trying my best to learn and practice.
I don’t think this was discussed, how do you determine your exit point?
So, if this is a play account, do you use a similar methodology to trade your “real” account?
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From what I can see, the majority have got it and are just cracking on with it. The rest are just silent watchers.
I don’t have any predetermined exit points. I just keep an eye on each trade and exit when its enough for me - or exit and go back in again if there is some juice left.
I trade all accounts the exact same way.
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