Trend Line Trading - Page 17

Bignatx · #**241** (**permalink**) 03-22-2009, 09:57 PM

yes and I even refer to this type of action happening a couple post back

Bignatx · #**242** (**permalink**) 03-23-2009, 09:17 AM

Quote:

Originally Posted by Bignatx

Update of my previous EurNzd chart

http://i47.photobucket.com/albums/f1...rnzdupdate.jpg

As you see the price bounced right off the trendline. I have a long in at the TL and have already moved my risk to 0. I will lock in profit soon as i have the chance. I would actually still like to see this fall through the TL, it goes much better with my wider view of Nzd

This pair has broken through trendline Just as a stated in my first post, will be looking for drop rtests of trendline and another big drop

needinfo · #**243** (**permalink**) 03-23-2009, 12:30 PM

seems USDJPY stuck in between a channel...

its out of the channel from the moment I posted the chart... may be it listened to me

imported_Bigpips · #**244** (**permalink**) 04-24-2009, 06:32 PM

Quote:

Originally Posted by tradingfx

I read this in a book in a book I bought. The information italics is the confusing part

When the market breaks the uptrend line and enters into a sell zone (below the trend line), always take time to check the angle of the trend line. The backside of the uptrend line will now act as resistance. Should the market begin to rally again, it will need to break through the backside of that trend line or the resistance. If the backside of the trend line is lower than the last high, there is an 80% chance of a continued dip and a trend reversal. If the backside of the trend line is higher than the last high, there is an 80% chance of a continued rally.

I'm new to forex trading (less than 30 days) and this forum any help would be great!

When the price breaks the up trendline, that trendline now becomes a resistance line.

Now, depending on some other simple technical analysis factors (angle of penetration and position of the last high), that break could lead to a reversal or a continuation of the trend.

More details about the probability of a reversal/continuation of the trend after a breakout here : Fast Break Plus - from FutureSource.com

4xis2ez · #**245** (**permalink**) 04-29-2009, 07:48 AM

Here's an interesting look at trend lines on eurusd 4 hour chart. Could be a short trade forming.

blizzard · #**246** (**permalink**) 05-03-2009, 12:38 PM

It's been a long time, half way around the world and now settled.

I was looking at 4xis2ez's trend line and I have an idea. I think it will go down, but if you go to the 1D charts and look for a horizontal trendline, you will see one that goes back to Nov.

The price was within 6 pts of the april 13th high. If you follow your trendline, then you need a 100pts plus stop. I would have about 120 pts before you were even in.

I look at support and resistance lines before diagonal TL's.

Keep right.

Blizzard

mattyr3211 · #**247** (**permalink**) 05-03-2009, 06:02 PM

Howdy. Anyone have any thoughts on the upcomming european market (or lack of). it is closed today right? I have a trade setup pending a break of a decent resistance line. I feel like it may be better to stay out for now, for fear that the break, price could slip back below due to not much liquidity in the european session. Thanks

cprao · #**248** (**permalink**) 05-23-2009, 11:42 AM

First of all, I apologize if I am posting this one in the wrong section. Please advise me the right spot so that I can move it accordingly.

Next, attached is the EURCHF daily chart of 3 months duration.
I am thinking (being a novice) that this pair is ranging between 1.5000 & 1.5244 from 04/17 and 05/22. Can this be considered as a range pattern and look for the following trade setup?
1. Short at 1.5249 and SL:1.5274(Just 25 pips above) TP:1.5000
2. long at 1.5000 SL:1.4975 and TF:1.5240

Can someone help me validate my views here ?

Dconnell · #**249** (**permalink**) 05-25-2009, 10:58 AM

The EurJpy is forming a triangle. When it breaks out, the profit target will be 1000 pips from the point of breakout. See attached chart.

Joel Kruger · #**250** (**permalink**) 07-03-2009, 07:14 AM

S&P 500: We are not recommending any trades on the holiday lightened session of trade and instead will take the opportunity to broaden our scope outside of currencies to take a look at developments within the equity markets. A closer look at the daily S&P chart shows the potential formation of a head & shoulders topping pattern which looks to be in the process of carving out the right shoulder and on the verge of a break of neckline support by the 880 area. Look for a close below 880 to confirm and open the door for a more significant decline over the coming days back towards a measured move pattern objective by 800. As things have been correlating of late, any pickup in equity selling could very well translate into additional broad based USD buying on a flight to safety mentality trade.

Happy 4th!!

All my best,

Joel

Tigger · #**251** (**permalink**) 07-04-2009, 05:02 AM

Trouble is with that -&S config on the S&P....it's similar to the one on Fiber a couple of weeks ago, and that one went long lol!!

CYOF · #**252** (**permalink**) 07-13-2009, 01:44 PM

What can I say..it's been a long time..2007!!

Looks like Martha has left dailyfx..I wonder how she got on?

Anyway-as this is the Chart Patterns section..and I am about to embark on trading FX..along with normal Index Futures and Stocks..you are all welcome to watch me make a fool of myslef..which I hope will not be too big a fool

I prefered the old site layout..but hey..that is modern advancements for you..and these sites must keep up with the times.

Please ignore bad spelling..as I do not have the time to use spell checks..but I will try and post the charts OK.

A few points.

1. This is what I call part time daytrading..which means it is a bit risky as access is limited to laptop and also some time restrictions due to other work..but that is the reality of life.

2. All trades will be low risk with $1 to $2 per pip risk..i think all pairs are $1 mini but not sure yet?

3. No particular timeframe for trade..it might be minutes or hours..depends on time available and what I think chart is telling me..be it right or wrong.

4. Paper trades to start..as I have not traded FX in years..and even then it was small..but not too many paper trades as they are no substitute for real trading with small risk..maybe 3-6..let's see.

5. Chart will be posted if time available..if not just the levels..entry..stop..profit target..the usual.

Why do this..why not..maybe I will learn a few things from others and make some money-which is what trading is all about.

Good Trading..and if anyone knows where Martha is..please give her a shout.

CYOF

CYOF · #**253** (**permalink**) 07-19-2009, 04:51 PM

Well here is my first shot..and I have no clue what way it is going to work out..none at all?

For this shot it will be EUR/USD $1 mini with 2 options as follows..

Buy Stp x 1 @ 1.4115

Stop 20 pts

Sell Lmt @ 1.4185

*****************

Sell Stp x 1 @ 1.4090

Stop @ 20 pts

Buy Lmt @1.3920

Maybe I should post these in another thread..but let's see what happens first..I prefer to make a fool of myself here where not too many are watching.

I wonder will both of them lose..or just one of them?

Both orders now active!

CYOF

Filled 1 x Long @ 1.4115

Added a new order as follows.

Sell Lmt x 1 @ 1.4195

Stop @ 20 pts

No Target as of yet..if filled and not stopped out?

Stop moved on Long x 1 to 1.4105

Stop moved on Long x 1 to 1.4117..free trade

YusuFX · #**254** (**permalink**) 11-04-2009, 11:23 AM

YusuFX · #**255** (**permalink**) 11-04-2009, 12:04 PM