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Can a pro who has been using trendline’s tell me of their experience when usually they are broken or when best to buy or sell off a bounce or when they break? After trading for 1 year I find it breaks usually on the 4th or 5th bounce more on the 5th bounce break and the odd occasion 3rd while the 2nd bounce is the strongest.
Thanks.
Can you help answer these questions from other members on NexusFi?
Coming from a non-pro, here is my interpretation. I traded trendline bounces for about 4 months live on a micro forex account. I got tired of it actually for some reason?
Anyways, for me it depended on the instrument/currency.
Secondly, you are correct, the 2nd bounce is always the best, but how do you know it will create that '2nd' bounce? Isn't that what forms the trendline?
Thirdly, the best bounce is the 3rd bounce in my opinion....
Fourthly, trendline bounces change contingent upon market conditions also. I find 4HR and Dailies better than smaller TF's.
So, to me, the critical aspects are in this order:
I am thinking about putting together a thread to discuss PriceAction without the clutter. Each user has to post a chart and it has to be informational and an attachment with question/statement on each chart thread submittal so we can discuss real trading. Most of the threads get bogged down in gibberish for education which makes it tough to 'sift' through.
Great advice. I agree the higher timeframes the trend line breaks are stronger and more valid. Also, I think that would be a great idea price action only thread to post charts I would like to be involved.
In a recent survey about webinars, a lot of members expressed interest in learning more about the elusive "price action" that many traders talk about and refer to.
It is my intent with this thread to try and document price action from my point …
That is the challenge. The 'elusive' part of the thread is finding 'good' or pertinent trading information. haha... I think it started with good intentions, but tough to really gain knowledge without so much 'stuff' in-between.
Bluemele, what have you learned from reading the elusive price action thread ? Can you name a concept, an idea or anything that has been helpfull to you ?
Of course there is good information. For me it was more about what guys are doing. Nothing really new in that thread.
I think it would be good for example to maybe have a thread on just certain aspects of Price Action. For instance, Support & Resistance thread, Trendline Thread...
And, you have to post an example trendline w/ Pic... I am not criticizing the thread in the sense it useless, but just that it lives up to the 'elusive' aspect. Very confusing for a newbie and that was the point....