Trading from 1 Trend Line to Another, or What I Call the 2 Trendy

[Mysticforex 13]

This is the same setup we used last week on the GBP/JPY

http://www.traderslaboratory.com/forums/forex-trading-laboratory/13253-gbp-jpy.html

 

I missed this one today, but here is another example of the same trade with the GBP/USD.

First is the 15M chart with a decending TL. Then we drop down to the 5M chart also with a desending TL. On a CLOSE above the 5M TL, we trade up to the 15M TL.

 

First is a chart of the 15, then the 5.

 

On a close above the 15M TL I would be looking for the Weekly Pivot @15450.

 

PS: I always use a 10 pip bufer when targeting pivots to make up for differences in platforms, spreads, etc.

 

PPS: The break (Close above ) the 15M TL could be imminent.

Edited June 4, 2012 by Mysticforex

[Mysticforex 13]

On the other hand, if we should move to the downside, a break of the lower TL would have me looking for S3.

[Mysticforex 13]

This has opened to the upside. TP 15449, currently +7 pips.

[obailey5 10]

my apologies as I'm sure this is redundant, but is that mt4 profile posted anywhere? I'm with Oanda as well but I've been using tradingview charts for the most part because I'm not too familiar with mt4

[Mysticforex 13]

my apologies as I'm sure this is redundant, but is that mt4 profile posted anywhere? I'm with Oanda as well but I've been using tradingview charts for the most part because I'm not too familiar with mt4

 

I have uploaded All the custom indicators I use on MT4 .

 

Trading Indicators - Traders Laboratory Forums

[Mysticforex 13]

TP hit ! in this case The Weekly Pivot. ( The gold line on chart ).

 

http://www.traderslaboratory.com/forums/forex-trading-laboratory/13296-trading-1-trend-line-another-what.html

[Mysticforex 13]

Here's a setup I am watching. GBP/JPY 1 hour chart.The blue TL on top of chart is from the 4 hour. The TL price is approaching now is the one hour. On a close above the 1 hr TL I will buy with TP being the 4 hour TL. I believe G/J will test 12500 if the trade opens, but since we play by the rules the 4 hour TL will be the target, say 12410 for a buffer.

( notice also that the daily pivot has not yet been hit... G/J has a high % of hitting it's pivots)

 

Here's the chart:

[Mysticforex 13]

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Open.

[Mysticforex 13]

Well this turned out to be a "5th Ave" Trade,...One Way, Downtown.

[Mysticforex 13]

Ha ! went exactly where I said... after, it took out my stop.

[Mysticforex 13]

EUR/USD . .

The lower 5 min TL . . . to the upper 1 hr TL.. S/L would be in the 12450 area.

[Mysticforex 13]

The E/U setup from last week is basicly unchanged...

[Mysticforex 13]

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Opened and closed, I missed it.

[Mysticforex 13]

Rather then hi jack MACPLUS's thread, EUR/USD, I am going to continue this post ( #27 ) here... http://www.traderslaboratory.com/forums/market-analysis/13388-eur-usd-4.html

 

I don't consider the break of the TL in the following chart an entry. Price has just "Ranged thru the TL....

 

In the second chart, I have re drawn the TL.

Edited July 3, 2012 by Mysticforex

[Mysticforex 13]

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Open.

[Mysticforex 13]

It looks as if this has run out of gas. It's been heading downhill since the London Open.

With today's USA Bank Holiday, I don't expect to see much more today, but, one of the reasons I don't trade on holidays is sometimes the unexpected happens.

I'am going to a BBQ.

 

One way or the other, we should see a pop on Fri for NFP.

[Mysticforex 13]

Old support is the new resistance?, or so THEY say.

If any of you follow my GBP/CHF thread you will notice unhit WP, and DP hovering above.

 

EDIT: A close above the TL on this 1 hour chart, and I will be looking for the Weekly Pivot.

Edited July 10, 2012 by Mysticforex

[Mysticforex 13]

Reading back on post #17 I could have made it clearer I was talking about EUR/USD...

 

Anyway, we did close above the TL and up to the next TL....