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Author Topic: TrendLine Trading with or without the Magic Wand  (Read 14124 times)

Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #75 on: January 08, 2019, 01:13:55 AM »
Just one today on live and a few more speculative ones on demo so I can keep learning

It's not the best time for trading with thin liquidity and that flash crash spike that is evident on many charts making a good analysis difficult.

So trying a Sell on the AUDUSD based heavily on big round numbers S/R levels and a feel for the fundamentals. So expecting a rejection at around 0.7200; a sloping SL line (= a TS); and a horizontal TP line ( = a normal tp setting at fixed price).
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Offline FLechdrop

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Re: TrendLine Trading with or without the Magic Wand
« Reply #76 on: January 08, 2019, 08:47:03 AM »
Thank you. I took one on GBPUSD last night, which just barely missed the TP and so turned into a loss as well. Which is the second time I could have had a win with a more conservative TP (though it seemed quite reasonable). Oh well.

CORRECTION: Seems it did not even trigger, for some reason.
« Last Edit: January 08, 2019, 08:50:46 AM by FLechdrop »

Offline FLechdrop

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Re: TrendLine Trading with or without the Magic Wand
« Reply #77 on: January 08, 2019, 11:08:11 AM »
When was this 'flash crash spike' you are talking about?

Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #78 on: January 08, 2019, 11:15:38 AM »
When was this 'flash crash spike' you are talking about?

2 Jan 19. Yen related but affected others.
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Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #79 on: January 11, 2019, 03:54:37 AM »
Not very magical

My third live trade is just holding on. I made a silly mistake two days ago. I adjusted the entry and exit TLs on my demo because of price action, and clean forgot that I needed to change it too on the live account! So an early entry that is now in a loss on live; whereas the later entry on the demo fared better - a small partial closure win and a small loss for the other half.

To top that off, Windows 10 decided to update on my home computer and in the process knocked out the demo MT4. The files were saved but the actual platform had to be reloaded meaning all charts and hence all trendline settings for open trades were wiped. Thank you Microsoft.

Anyway, the first week's trading in 2019 has wiped out the gains in December 2018 on demo, so back to square one. Starting next week.

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Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #80 on: January 12, 2019, 04:02:04 AM »
Thank you. I took one on GBPUSD last night, which just barely missed the TP and so turned into a loss as well. Which is the second time I could have had a win with a more conservative TP (though it seemed quite reasonable). Oh well.

CORRECTION: Seems it did not even trigger, for some reason.

Are you using v04.00? v01.00 was missing entries for me as well from time to time but am not having this issue with v04.00
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Offline FLechdrop

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Re: TrendLine Trading with or without the Magic Wand
« Reply #81 on: January 12, 2019, 11:51:42 AM »
Yes, not sure what went wrong. I did make the mistake to leave the trendlines on the chart afterwards, though, and it was triggered afterwards... Would even then have been profitable, had I not failed to draw the TP line at a slight angle so that it was just out of reach by the time the trade was triggered. Therefore it ended in a small loss, but I will regard it as a learning experience.

Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #82 on: January 15, 2019, 06:11:04 AM »
A channel example

This one on NZDUSD is holding nicely so far. So entry was a buy limit off the bottom trendline. The sloping SL line acts as a trailing stop.
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Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #83 on: January 16, 2019, 07:17:43 AM »
... and the TS ensured a BE close as price fell to below the channel. So nothing gained, nothing lost.

So let's see if we indeed get a new move down following the breakdown of price moving up the channel.
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Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #84 on: January 16, 2019, 10:40:04 PM »
Had a glitch with the initial entry so trendlined a second sell stop entry. So now we are in the downward channel.
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Online diyforexskills

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Re: TrendLine Trading with or without the Magic Wand
« Reply #85 on: January 17, 2019, 07:07:25 AM »
Sliding down nicely. The red line is effectively a TS; the green line could be described as an advancing profit. The trade will be closed when either of these lines are crossed by price.
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Offline FLechdrop

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Re: TrendLine Trading with or without the Magic Wand
« Reply #86 on: January 17, 2019, 02:01:09 PM »
Have not gotten around to this much lately due to work and travel, but this trade of yours is looking particularly good!

 

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