Straight Line Approach, The (the SLA)

This is a discussion on Straight Line Approach, The (the SLA) within the Trading Journals forums, part of the Reception category; Hello DbPhoenix! So here one simply waits for the white supply line to be broken and then a Retracement to ...

Closed Thread
 
LinkBack Thread Tools Search this Thread
Old Jun 20, 2016, 6:04pm   #166
Joined Sep 2015
Hello DbPhoenix!

So here one simply waits for the white supply line to be broken and then a Retracement to go long?

Click the image to open in full size.


Cheers!
Attached Thumbnails
nq.png  
gotu is offline  
Old Jun 21, 2016, 7:03pm   #167
 
Kleft's Avatar
Joined Aug 2011
Alternatively.

Quote:
Originally Posted by gotu View Post

So here one simply waits for the white supply line to be broken and then a Retracement to go long?
With a channel being identified one might choose to take the trade at the LL as a reversal rather than wait for a stride break and ret.

Given that price is in a channel and has tagged the LL the most probable direction is towards the UL, if demand is strong enough there might not be a ret until price reaches the UL in which case the trader would miss out on a 300+ point move.

The best places to take a trade are at extremes, the closer price gets to the mean the higher the chance one could get chopped up.

The attachment (16th and applicable to the 17th on the LL tests) is one of the things one could consider when price gets to a level where the supply/demand balance will most likely change.

(On a side note, price might be forming a hinge on the daily/weekly so who knows how things will play out.)
Attached Thumbnails
nq16062016collage.png  

Last edited by Kleft; Jun 21, 2016 at 7:12pm.
Kleft is offline  
Thanks! The following members like this post: gotu
Old Jun 24, 2016, 2:33pm   #168
Joined Sep 2015
Thanks for the response Kleft! My problema is that I cant trade the 5 min bar interval because I have a day job, I can only go down to the hourly. In the case of the Long trade, I believe it was unconfirmed because after the DL break there wasnt a succesful retracement.

Now that the LL of the weekly trend cannel has been broken, I would be waiting for a retracement on the daily to enter a short trade, as I depicted in my most recent chart "Scenario 2".

Best wishes
gotu is offline  
Old Jul 21, 2016, 2:15pm   #169
 
Gring0's Avatar
Joined Aug 2015
NQ Weekly & Daily

NQ Weekly: Approaching TR top.
NQ Daily: DL intact.
NQ Hourly: Will come into play in the area of interest.

There are other ways of looking at it. TC top from previous lines drawn by DB is also around where the TC top is. I see 4680s-47340s area as the area of interest. Yes, I know it's wide but it is a significant area. Beware of the wee hours of trading. A lot has started to happen during European morning hours.

Gringo
Attached Thumbnails
tvc_9fb00ca12b65124b8f6d0e063dbcd4ec.png   tvc_9a0f24a961707d7bccc716e3c17af3c7.png  
Gring0 is offline  
Old Jul 21, 2016, 2:30pm   #170
 
dbphoenix's Avatar
Joined Aug 2003
dbphoenix started this thread
Quote:
Originally Posted by Gring0 View Post

There are other ways of looking at it. TC top from previous lines drawn by DB is also around where the TC top is. I see 4680s-47340s area as the area of interest.
Depends on how long it takes to get there as it's diagonal. As of now, the UL is about 4725. By next week it will of course be higher.

The time to go long, of course, was the RET after the re-entry into the channel (if one subscribes to AMT). The longer one waits after that, the higher the risk, due in large part to "profit-taking" and short-covering.
__________________
Trading Price
dbphoenix is online now Training literature vendor (e.g courses / spreadbetting guides / eBooks)  
Old Jul 26, 2016, 2:15pm   #171
 
Gring0's Avatar
Joined Aug 2015
Price hasn't really gone down much during this uptrend. There's are small trading ranges formed that are tight and that's about it.
Gring0 is offline  
Old Jul 28, 2016, 2:28pm   #172
 
Kleft's Avatar
Joined Aug 2011
Could get interesting.

In the area of the upper limit and close to last years highs. Possible opportunity for a reversal coming up.
Attached Thumbnails
nq28072016daily.png  
Kleft is offline  
Thanks! The following members like this post: Coastline , dbphoenix , Gring0
Old Aug 4, 2016, 6:20pm   #173
 
Gring0's Avatar
Joined Aug 2015
NQ Daily: Ret.
NQ Weekly: TR top. TL top (see Kleft's post above).

I am guessing most people can see it's a bit prudent to stay alert for a change in direction around these corners. If it comes it comes, otherwise sitting out is no less satisfying.

Gringo
Attached Thumbnails
tvc_f5cb1a71c4354ea33e9b90b7b3396ac5.png   tvc_ae58099ae5af1a3a7eec00f1451db3f1.png  

Last edited by Gring0; Aug 4, 2016 at 6:26pm.
Gring0 is offline  
Thanks! The following members like this post: Kleft , dbphoenix , EldnitJ
Old Aug 5, 2016, 5:36pm   #174
Joined Oct 2015
Possibly new TC?
Attached Thumbnails
screen-shot-2016-08-05-11.32.47-am.png   screen-shot-2016-08-05-11.37.49-am.png  
EldnitJ is offline  
Old Aug 5, 2016, 5:42pm   #175
 
Gring0's Avatar
Joined Aug 2015
Quote:
Originally Posted by EldnitJ View Post
Possibly new TC?
You never know. It's been quite a straight line up move so far.
Gring0 is offline  
Old Aug 5, 2016, 5:57pm   #176
Joined Oct 2015
Quote:
Originally Posted by Gring0 View Post
You never know. It's been quite a straight line up move so far.
I was referring to the new blue channel as apposed to the old red one.
Attached Thumbnails
screen-shot-2016-08-05-11.56.21-am.png  
EldnitJ is offline  
Old Aug 6, 2016, 8:00pm   #177
 
Gring0's Avatar
Joined Aug 2015
Quote:
Originally Posted by EldnitJ View Post
I was referring to the new blue channel as apposed to the old red one.
Yes. I had understood that. My comment was only about the general unrelenting uptrend. On the hourly and 5 hourly price move looks a bit strange, a bit too linear.

Gringo
Gring0 is offline  
Closed Thread

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
SLA Interday Trading Plan gotu Trading Journals 56 Jul 25, 2017 5:30pm
If You Can Draw A Straight Line (You Can Become A Successful Trader) dbphoenix Technical Analysis 259 Sep 26, 2015 4:13pm
Difference between Value Line Arithmetic Index and Value Line Geometric Index? pirx Indices 1 Feb 18, 2007 10:08pm
Anyone heard of " Count back line approach" used as a stop loss ? kiwikiwi Trading Systems 4 Nov 14, 2004 3:21am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)