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This article is continuation from the previous post about TrendLines.
I just saw this morning 2 trendlines in Eur and Cable that drew my attention:
Note: In Forex we’ve got so much liquidity that even in very small charts we obtain a vey nice technical definition.
I’d like your participation, do you use trendlines on your trading? Please, post some comments…
Hi David
Forgot to mention, yes, first trigger for any trade initiation is a break of a trendline, followed by other set-ups - like MACD, distance to previous swing low/high and session high/low (from money management perpective).
Regards
su25
Hey David,
I do use trend lines in my daily trading, however I have one major problem, I always find myself trying to fight it looking for a breakout of the trend. Instead of riding the trend up or down I look for quick trades in the opposite direction looking for a change in the trend. I am trying to overcome this, it’s just a bad habit I have to always look for a change of trend.
Hi David
Forgot to mentions emas. They are important too, aside from 50ema, I find 200ema to be quite useful.
Regards
su25
Hello David,
I had drawn the same trend line on the GPB one minute chart. Price seemed to respect it as strong downtrend through the early morning. There was a nice entry around 12:10 GMT @ about 1.6055, booking 1/2 profits about halfway up @ 1.6125. Trend lines certainly work! Your method of putting stops just below swing lows is very well for managing risk once a trend line is broken and indicators point in a solid direction.
Have a good weekend!
Karl
Yes, trend lines do work!
Hi, Sorry I didn’t answered before, but I’ve benn quite busy these days.
su25,
yes, trendlines are very important to help you in your analysis. Use the emas, but try to specialize in few indicators, otherwise, you’ll get confuse because of the multiple signals.
Jim,
It’s not a bad habit. I use that style everyday as well. I mean, I like to use the trendlines as dynamic support / resistance, but if you get a clear indication that the trendline has been violated, go for it! You can use them to help you in your trend following system but as well for counter trend.
Hi Karl,
Thanks for your comments. I’m glad we draw the same trendline. That’s funny, isn’t ?
Managing risk taking half of your position is a good habit to increase your chance of success.
Let’s keep in touch.
Hi jamie,
Yes they do work!!
welcome on board!