TrendTrader wrote:toinou21 wrote:Speaking about confidence, My buy pending order was triggered when i was somewhere else, (Take a look at the attached chart) I enter on the 4 hours times frame, following the rules, but i just wonder if it ll be better if I entered on the one hour ? and also which Trend line will be the strongest ? maybe i should have wait a break out of one of the trend line. Can you someone give me his opinion on this triangle set up.
I believe, the 1H time frame would have been better entry according to the rules of this strategy. I posted the 1H TF and 4H TF to see the difference.
As I am writing, the candle is testing the trend again and perhaps it will bounce back and give you better pips.
I wish I am following these rules lol, unfortunately sometimes I just entered anticipating the bounce back which doesn't happen every time.
I hope I am right on this.
Good luck
happy trading
Toinou21,
your entry on eurjpy is PERFECT...if there is anything to be learnt in trendline trading entry timing then that should be the kind of perfection (at least) we should be aiming for...Not too late, not too early but just in time.
My comments on your trade on eurgbp is in the attachement. want to higlight a few things,
>the first is when you have an oposing trendline, you don't really want to be entering on the "halfway" point considering the fact that your risk:reward ratio might not be that good.
>therefore it is better to be getting in a little bit early and this can happen if you can apply multitimeframe analysis by switching between 4hrs and 1hr timeframes and even down to 15min tf to get in looking for the "reaction" or boucce off the candlestick to get in. You really have to be spot on on entering in the smaller timeframes.
>the smaller the timeframe you enter your trades, the less risk there is...that is just plain common sense. Trading on the 4hr tf is good but again, with regard to stop loss distance (and risk), as usual it will be quite larget (anywhere from 20-60pips stop loss).
Regards
