Identifying trend

[easymon1]

fj
?post a screenshot gbp/huf 1hour chart to current time?
include that low candle below 403.00 in the shot?
thx man.
that's a nice screen layout you have.
what smartphone and software do you use?

 

[farmerjohn1324]

fj
?post a screenshot gbp/huf 1hour chart to current time?
include that low candle below 403.00 in the shot?
thx man.
that's a nice screen layout you have.
what smartphone and software do you use?
View attachment 219365

Despite the fact that it eventually went down again, I would have actually closed my TP at a profit.

Android. IG Forex.

 

[easymon1]

fj, how do you go about picking your exit prices?

 

[farmerjohn1324]

fj, how do you go about picking your exit prices?

Eyeball what would prove my trade right or wrong.

Then I might adjust later to lock in some gains or move SL to zero, or something like that.

 

[easymon1]

do you see much volume on that currency pair?

 

[farmerjohn1324]

do you see much volume on that currency pair?

Is that a lot?

 

[tiddlywinks]

do you see much volume on that currency pair?

That is a trick question...

Forex DOES NOT have any complete or reliable volume. There is no central "exchange". Some dealers offer a volume based on their clients, but as stated that is no where near being complete, reliable, or representative of the full market of a pair.

OTOH, currency futures DO have complete and reliable volume, BUT it is does not encompass the forex, and therefore is reliable only for trading the futures.

 

[easymon1]

a lot?

not bad, usdgbp behaved likewise.

Keep Raking It In!
https://www.tradingview.com/symbols/HUFGBP/?exchange=FX_IDC

 

[bone]

You will make things so much easier and more obvious if you move from using one hour data to weekly data when it comes to identifying a legit 'trend'.

It always slays me when I see people talking about 'trend' and using short(er) term data.

Back in the time that I day traded - I used 360 minute data

I am going to ask some questions that may seem elementary, but I feel it's best to ask them.

For now...

I mentioned previously about looking for a minimum slope to see a trend. But in addition to this, you can look at the same chart and stretch or shrink it vertically and the trend will look bigger or smaller. I will now post 3 pictures of the same chart, differing only by the amount I stretched it vertically.

Thoughts? Is there a "normal"?

 

[farmerjohn1324]

You will make things so much easier and more obvious if you move from using one hour data to weekly data when it comes to identifying a legit 'trend'.

It always slays me when I see people talking about 'trend' and using short(er) term data.

Back in the time that I day traded - I used 360 minute data

Really? Weekly? Here's a chart using weekly bars. The left side of the chart goes all the way back to 2013. At those long timeframes, aren't technicals meaningless?