Cheers dumbass, I have spotted the triangle aswell, I waited untill 6535 to short NZD for some reason and missed out on the big drop, DOH! awell Im only playing on demo at the moment,
cheers guys
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hi juggernaut,
i draw my trend lines a little bit different to yours.
i would only connect the candle wicks not the bodies.
a confimed trendline requires 3 points so the lower trendline would have given an earlier break.
just have a go and redraw it and see how the situation changes.
with trading in general i have learnt ( difficult some times ) to trade the charts only.
the rbnz anouncement was a triangle breakout trade, so my trade got hit prior to the anouncement. see how the technical break gave the clue to the decision.
some people will say thats rubbish but ask arco or peat how its always in the charts.
yes I use EoD prices for stocks (longer timeframes) but use the high/low prices for forex.
BTW, what unit bars is that chart of the breakout in?
I have a lot of trouble when the price action moves up and down around a trendline or support. How do you decide when the price has broken through the support or when it simply penetrates slightly and bounces? Do indicators help with that in some regard, or is it simply "the trend is your friend"?
@#@$$ !!!!
I should have held on to my NZD AUD short position!!! :mad:
trendline breaks are always a little subjective .
i would always draw my lines to price extremes so as to reduce the chance of a false breakout.
You should look out for sharp impulsive moves breaking trendlines rather than a sideways drift.
Learn your chart patterns to second guess direction better.
Set trades past a trendline to cover against false breaks.
If you miss the trade dont chase it , you may have a chance to reenter as trendlines are often tested again and again.
Cheers DA, Ive attached updated image, it looks better now, looking back now i should have got in as soon as I saw the 3rd confirmed point leading to a downtrend. Well I just sold out of my demo run, made 75 pips in total
Fundamentals vs technical analysis, there is always going to be a debate about which is better, I think the fundamentalists just dont want to believe that there might just be something to technical analysis!
- that chart was set on 1 hour, is that what you were asking?
- I also have trouble deciding when a support has been broken, over the last few weeks I to have noticed the price does bounce slightly over and under support/resistance lines, does anyone have an awnser to this ?
heres my chart on nzd h1
Hi,
Just wondering playing in FX is more risky than NZX?,
i mean do most of you do margin lending when buying FX?
Is $2000 nzd to little to play with in FX