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Re: Trading Pullbacks System

Meyney, Sun Jul 25, 2021 4:57 am

josi wrote: Sat Jul 24, 2021 6:26 pm I do agree with you (as well as with Meyney).
I think it is simply sad that - as far as I know - nobody has ever produced a reliable trendline indicator that shows the main trend move without cluttering everything else.
:thumbup: but realize there is no perfect manual trendline because price will change in the move, so therefore also no reliable tl indi. But just as I said in post 1; be selective; you have to know WHERE to use trendlines (I use them for the pullbacks with SD's etc.) Your chart is a perfect example! Just zero indi's, notice where is the action=impulse, where is stall=correction (take position on tl break). My template: the MA's will act as 'trendline' for 'direction' but keep spotting the fast,fierce moves contra the slow correction/pullback. In fact you do not need MA's or indicators (some keylevels etc. will help). So conclusion about your trendline from bottom to top: I will never short this trendline break on this chart because price action is making solid moves upwards and mini moves down(pullbacks), when we see a solid fast big move/ impulse down, followed by stall/chop/sideways and trendline break+decent move down, yes then it is time to act and wait for a proper entry at the retrace/trendline break in the new direction. This is what I tried to say from the beginning: trade the pullback lol hope this helps. best M.
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