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Mysticforex

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

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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.

gu15m.thumb.gif.63e0ccf771a1470c7717991e0632371b.gif

gu5m.thumb.gif.ffd995aa16d5745f0bb2b2b17c2963c2.gif

Edited by Mysticforex

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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

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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:

gj1hr.thumb.gif.4d9390a1d1f1a27d49e687b1258703c3.gif

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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.

eu2t.thumb.gif.dbc61a00000bbf8f9ee8156ada6c9d72.gif

eu2t2.thumb.gif.d40d4199ad3f6fa76b544d52c5a75203.gif

Edited by Mysticforex

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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.

eu2t2.thumb.gif.1a3a881f7910bc662eb5594d5d9314c4.gif

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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.

eu2t.thumb.gif.20caf0b138588ceca994dcebc2f0b797.gif

Edited by Mysticforex

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