I always try having my trend line on a separate windows ready to take a look at them when I want to go in for a new trade. why? its simple, because the trend lines (even short time trend lines) can help me calibrate my trades based on recent movements of the price.
for example, as you can see on the old chart of GBPUSD, I was expecting the price to move down, because I was solely fixated on the pattern. if you only look at the pattern itself, it can easily fool you into making the wrong trade and lose money, because patterns (specially a pattern like triangle) have this ability of adjusting themselves slightly with more movements of the price.
like in the old chart, where I thought the triangle pattern is in its 5th wave and expected it to break out on the sixth wave and move down, it was actually already on its 4th wave and ready to break out and move upward.
if I had my trend lines in place (the blue lines in the new chart) I could have easily seen that the price was between two acending trends so I would probably want to go in with a buy order rather than trying to sell a trend going positive!
also, as soon as priced moved above the short time decending trend (the line from the double top looking pattern) I would immediately go in with another buy order and set the target of it under the other decending trend line. (as you can see in the pic, that would have been another winning trade)
and now that the price has reached the target of triangle pattern, I again look at the trends I have, and try to trade either break outs or reversal...
like right at this moment, the EURUSD chart is at a great situation for a reversal, since the market has exhusted itself (as we can see from the long shadow bullish candle) and there is a high chance of the price reversing down again.
I might wait for the london market to open to go in for it tho.
anyways, to sum it all up... always keep an eye on your trend lines, even when they break I still believe they can be helpful for finding the more importnt resistance/support lines, which can help with the adjustment of your take profits or stop losses.
I hope this helps you guys. if you had any questions, feel free to contact me (my ID is in the channel's description)
good luck ;)
for example, as you can see on the old chart of GBPUSD, I was expecting the price to move down, because I was solely fixated on the pattern. if you only look at the pattern itself, it can easily fool you into making the wrong trade and lose money, because patterns (specially a pattern like triangle) have this ability of adjusting themselves slightly with more movements of the price.
like in the old chart, where I thought the triangle pattern is in its 5th wave and expected it to break out on the sixth wave and move down, it was actually already on its 4th wave and ready to break out and move upward.
if I had my trend lines in place (the blue lines in the new chart) I could have easily seen that the price was between two acending trends so I would probably want to go in with a buy order rather than trying to sell a trend going positive!
also, as soon as priced moved above the short time decending trend (the line from the double top looking pattern) I would immediately go in with another buy order and set the target of it under the other decending trend line. (as you can see in the pic, that would have been another winning trade)
and now that the price has reached the target of triangle pattern, I again look at the trends I have, and try to trade either break outs or reversal...
like right at this moment, the EURUSD chart is at a great situation for a reversal, since the market has exhusted itself (as we can see from the long shadow bullish candle) and there is a high chance of the price reversing down again.
I might wait for the london market to open to go in for it tho.
anyways, to sum it all up... always keep an eye on your trend lines, even when they break I still believe they can be helpful for finding the more importnt resistance/support lines, which can help with the adjustment of your take profits or stop losses.
I hope this helps you guys. if you had any questions, feel free to contact me (my ID is in the channel's description)
good luck ;)
EURUSD - Price hitting an important resistance line - watch for signs of possible reversal or break through.
USDCAD has broken its daily channel and is going down, its better if you only go in for sell trades on lower timeframes (5 and 15 min charts)
in the meantime, don't try to sell pound on the 5min or 1 hour charts. try to get in on buy setups only.
I closed part of my positions on gold at 1249.2 since it broke both trend lines I had on it. I still believe it will fall further down, but I will wait for a pullback and get in on it again 😁
do any of you guys even pay attention to my signals? cause if you don't I can stop this minute by minute reports and just stick to putting up charts I analyze every day..
I might put up a poll about this 😂
do any of you guys even pay attention to my signals? cause if you don't I can stop this minute by minute reports and just stick to putting up charts I analyze every day..
I might put up a poll about this 😂
gold seems to be on its way to touch the buttom of its channel! 1240.00 or 1241.00 seems to be its target for the next 24 hours!
but its a wild ride, so don't go in heavy with the volumes. and always keep your 1:3 risk to reward ratio in place.
but its a wild ride, so don't go in heavy with the volumes. and always keep your 1:3 risk to reward ratio in place.
What Kind of posts you want to see more?
1- More Chart Analysis(Charts)
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1- More Chart Analysis(Charts)
2- More Signals(Signals)
3- More Educational Posts(Educational)
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if it fails in breaking the decending trend, it could be a good entry for a sell order.
of course its not a very reliable trend, since its a short time trend on 5 min chart. so keep that in mind if you want to go in with a trade.
I made another 20 pips on Gold, and now have reached my 100 pip daily quota. so I probably won't do anymore trades unless I see a good pattern or setup. in which case I will share it on this channel here as well.
if you are still on the Gold chart, there is a possibility of a double buttom pattern forming (why I closed my positions earlier), so be careful.
Trading With Linorth
if you are still on the Gold chart, there is a possibility of a double buttom pattern forming (why I closed my positions earlier), so be careful.
pattern didn't form, now its safer to say it will keep falling down.