Trading trendlines and chart patterns only
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Thread: Trading trendlines and chart patterns only

  1. #1
    I wanted to open this thread in the forum but don't have sufficient coupons regrettably. Well, why I want to start this thread is quite simple. Nowadays people are using all type of indiors and make things complied for them self. I don't really feel that that is a good way to trade. Using Stochastics and RSI etc may fail big time. How many times do we see embeded stochastics? Just how many time do we find RSI overbought and prices still continnue to go up? How many times do we see MACD cross and following day the trade fails miserably? I don't think I need to answer this to many of us. I have tried many things, even news trading and it simply didn't worked. What did work was simple trendlines and chart patterns recognition. Indiors can sill be utilized tough but I would not trade . The one thing I put in is Fiboncacci. So let's keep it simple and clean. Don't need 1000 trendlines in 1 chart. Just a couple and pattern recognition.
    So the initial up is the EUR/USD.

    EUR/USD is hoping to form an inverted head and shoulder to the daily. If you don't understand what an HS or Inverted HS is I'd counsel you to go trough the basics of patterns recognition. More of pattern recognition are available here. Http://thepatternsite.com/dbw.html

    So we need to break the neckline initially before we can continnue north.
    But. Even if we break how much will people go? Looking we also find a broadening descending wedge pattern on the daily. This pattern tends to be favorable. So 1 day the Euro will rally against the USD. But looking at the bearflag what's forming I don't think we'll break out to the upside down on the first effort.
    This is my trading plan.
    I shall go short on the EUR/USD around the 1.2770 area. Will place a halt 150 pips greater. And target towards the 1.1300 area. I think the RR is really good with this on.If we start to trade sideways I shall shut my place and will wait for the break out to the upside.
    This is my chart.

  2. #2
    USD/JPY.

    Still inside. Break out. I think upward but time will tell.

  3. #3
    GBP/USD daily and hourly.

    For today I believe GU is hoping to setup an inverted HS as well on the daily.
    The matter is that we might overshoot the neckline initially then make the next shoulder and then nail it and head higher.
    Additionally added the hourly. I've taken the long side and luckilly obtained the full rally we have seen with GU.


  4. #4
    USD/CAD.

    Let us see how this develops. A break of the green flat line would indie a double top is set and a decline first to the lower trendline and break would provide more selling pressure. A break to the upside would open the road towards 1.0850 region.

  5. #5
    I like where this thread will be moving. This is how I trade. You guys may be interested in this post
    https://forexintuitive.com/cryptocur...oin-crash.html
    perhaps we can work to make this work real nice and bug free.

  6. #6
    I enjoy how you trade, hutrader.

  7. #7
    The only professional way of trading would be trendlines, patterns, pivots and fibonacci. If you see finance managers and professional technical analysts they NEVER NEVER use indiors... and 80% use daily or over time frames... The holy grail would be to synchronize human plogy with collective plogy of all traders and indiors seriously fails to synchronize but traditional manner does since majority of traders using traditional manner and their usage makes this traditional manner for markets to respond perfectly.

  8. #8
    Even tough it is not actually forex trading but consider the SP500 monthly chart. Additional some fibonacci what needed a perfect touch during the crash. But the question is, was it a crash? When the red trendline breaks out to the upside we are set to observe some inflation and dollar weakness.

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