I draw a crap load of lines, will it work?

Quote from superstephen:

Here is an example of what im talking about

3 time frames, just trying to draw major trendlines

if there IS a breakout on the 5 min chart, and if there appears to be a POSSIBLE breakout in the longer term charts, then i could enter on a PULLBACK to the trendline, maybe a point before to be safe.

this should lead to big moves on the 5 min chart so i could just use a trailing stop (pivot highs/lows) to exit with maybe a 5-7 point initial stop loss.

does this simple strategy have any merit? what could i do to improve my chances of getting into a big move?
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you are on the right path,the lines are like magnets and the mrkt is drawn towards them,the use of yearly,monthly,daily and then 120,60,30,and 15 gives you more of a big picture and you can see where we are trending and where we are meandering,so you can scalp or hold for larger moves,i would suggest adding correlating markets to your scenario,spu,trans,dow,dollar all work together but sometimes one will have an earlier supp/res and will cause another trading vehicle to turn early or stop short of the line,or its break will cause others to follow,case in point ,trans on thur hit a major daily supp,mrkt stalled,trans didnt hold it and spu's dropped from 891-868,an extra 23 points
 
its h9 now

Quote from superstephen:

Here is an example of what im talking about

3 time frames, just trying to draw major trendlines

if there IS a breakout on the 5 min chart, and if there appears to be a POSSIBLE breakout in the longer term charts, then i could enter on a PULLBACK to the trendline, maybe a point before to be safe.

this should lead to big moves on the 5 min chart so i could just use a trailing stop (pivot highs/lows) to exit with maybe a 5-7 point initial stop loss.

does this simple strategy have any merit? what could i do to improve my chances of getting into a big move?
More...
 
Quote from Joab:

OP

You've come into a forum where 95% of the traders in here are 3 steps behind you and your asking them for advise?
More...

Just because I don't go overboard with the trend lines doesn't mean I'm three steps behind the OP.

Don't underestimate the power of simplicity.
 
Quote from Joab:

OP
You've come into a forum where 95% of the traders in here are 3 steps behind you and your asking them for advise?
More...
Present company excluded, heh Joab?:cool:
 
Quote from superstephen:

...i liked the idea of drawing a crap load of lines .....
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so this is the "crap load of lines" system? :confused:


at least call it something fancy like the multiple convergence divergence auto supercalifragilisticexpialidocious trendline system
 
Quote from Billybob543:

so this is the "crap load of lines" system? :confused:


at least call it something fancy like the multiple convergence divergence auto supercalifragilisticexpialidocious trendline system
More...

Wow, that would be simply McDASTardly :D
 
watching other vehicles to get better insight on whats happening does make sense to me, but im not sure which time frames i should focus on while watching them.

i can use the 2hr, 30min, maybe the 15min (but its eerily similar to the 30min), and trade on the 5min chart for /NQ.

does this make sense.........when price actually gets close to breaking the 2hour trendline, i check the 30min to see if its close to its trendline or even past it, and if everything looks good i can enter on a close past the 5min trendline, riding the 2hr breakout move.

attached is a pic showing 4 indexes i could watch on the left for extra help, and the charts i could use for trading /NQ on the right.

open to suggestions...:p
 

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Quote from superstephen:

watching other vehicles to get better insight on whats happening does make sense to me, but im not sure which time frames i should focus on while watching them.

i can use the 2hr, 30min, maybe the 15min (but its eerily similar to the 30min), and trade on the 5min chart for /NQ.

does this make sense.........when price actually gets close to breaking the 2hour trendline, i check the 30min to see if its close to its trendline or even past it, and if everything looks good i can enter on a close past the 5min trendline, riding the 2hr breakout move.

attached is a pic showing 4 indexes i could watch on the left for extra help, and the charts i could use for trading /NQ on the right.

open to suggestions...:p
More...
Can anyone spell "analysis paralysis?"
 
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