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patrader
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Everything posted by patrader
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tcl=trend channel line.When price breaks out and starts trending i look to draw lines that best "contain" the price action.I first need two swing lows in an uptrend in order to draw a trendline(tl) across them and then extend this tl to the right.Next i locate two swing highs,draw a tl across them and extend this tl to the right.This tl is called a trend channel line(tcl).These two lines "contain" the trending price action.I pay particular attention to wedge shaped trend channels and watch for the third push that reaches or slightly overshoots the tcl.I use these overshoots for exits and/or reversals.HTH
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ES Daily chart
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240m ES chart
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15m rth ES chart
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15m 6E chart
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I look to exit and/or reverse my trades at the completion of 3 push wedges on the 15m especially if near possible major resistance points.This trade was overshooting the tcl on the third push and was near possible major resistance(dark blue line) at 1.4165 so i exited at 1.4155.Three push wedges into major resistance are early possible signs of trend reversal and a 123 that follows will confirm the reversal if successful.In this particular case the market pushed one more time to the major resistance level and reversed after another overshoot of the tcl forming a slightly larger wedge.Then the 123 set up and the market reversed.Soon after price formed a downward sloping channel that just hit another possible major support level(1.4087) and bounced back up to top of channel.HTH
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15m 6E chart
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Daily 6E chart
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240m 6E chart
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15m 6E chart
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240m 6E chart
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15m 6E chart
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240m ES chart
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6E 240m chart
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6B 240m chart
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6B daily chart
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6E daily chart
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240m 6E chart
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stalking the third push to the trend channel line for possible start of reversal
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6E daily chart
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240m 6E chart
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240m 6E chart
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