Nifty Entry ,Exit ,Target levels with Median Line Charts

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Savant, the TL's that were drawn on my chart were used with the tool in the upper left that is highlighted by the ellipse. After you draw the TL, then you can double-click it to fix the properties of it, such as color, the timeframes you want it to show on, etc.

Hi Kavima,

Need a big favour from you..... !!!

How do I get to snap the 'exact' points of say a Trend line to a candle on MT4

Thanks..!!!

SG

 

[SavantGarde]

Hi Paul,

Thanks A Ton...I did use the Parameter box to get it to snap... but was at sea regarding the Verticals, because it kept getting snapped to the candle and that creates an error especially with a shallow angle....after your post, did go back to MT4 for the vertical parameters...guess I can do it by changing the time.

Like Kavima, I am also used to drawing on a drafting board...but haven't done any designs for almost 4 years now....that's the past....

Once Again Thanks & Sincere apology to Kavima for this off topic digital trespassing.....!!!

SG

Savant, the TL's that were drawn on my chart were used with the tool in the upper left that is highlighted by the ellipse. After you draw the TL, then you can double-click it to fix the properties of it, such as color, the timeframes you want it to show on, etc.

 

[Kavima]

Hi SG

Interesting to hear you have also been in the design field .that's nice

 

[4xpipcounter]

LOL, Kavima.

I was in the design field too. When I was 3 years old, I took the crayons and made beautiful pictures (Figure of speech.) on the wall. Dad tore my rear end up. Since then, I retired from the designing field.

Hi SG

Interesting to hear you have also been in the design field .that's nice

 

[Kavima]

Paul

Crayon drawings are the simplest tools for trading too....:lol:

Here's an article "How to Use "Crayon Drawings" to Make Money Trading" by my favourite trader and median line expert ..Tim Morge.I'm sure you'll enjoy it....

http://www.moneyshow.com/trading/trading_tactics.asp?aid=tradingtacti-20305&iid=TradingTacti&page=1

And one more must read article by Tim morge "Everything You Needed To Know About Trading You Learned In Kindergarten"
http://www.traderinterviews.com/content/KindergartenTrading.php

 

[4xpipcounter]

Yes, I see that.
I can also see how you followed Tim like a carbon copy of everything he does.

I remember in Jan. 2009 how that he was still talking about his prediction of the Dow heading to 7200. Finally in Feb, it hit and still kept dropping.
Reflecting back I was talking about how the Dow would drop to 6600, and someone mentioned how that Tim Morge has the same idea, and this conversation was going on closer to the beginning of 2008. My response was, "Tim who?" 3 1/2 years later I met you and got the question answered.
I've been doing my own little research into Tim, and I have grown to respect him a lot.
One of the hidden things about him that I like a lot is his political views and his views concerning bailouts. He has some principles about him with regards to taking personal responsibility for what we do, which adds credence to all his views.

Paul

Crayon drawings are the simplest tools for trading too....:lol:

Here's an article "How to Use "Crayon Drawings" to Make Money Trading" by my favourite trader and median line expert ..Tim Morge.I'm sure you'll enjoy it....

http://www.moneyshow.com/trading/trading_tactics.asp?aid=tradingtacti-20305&iid=TradingTacti&page=1

And one more must read article by Tim morge "Everything You Needed To Know About Trading You Learned In Kindergarten"
http://www.traderinterviews.com/content/KindergartenTrading.php

 

[4xpipcounter]

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Kavima, I've been having fun in your School of Pitchforks.

Let's say the upper portion of the fork is broken:
1. Are you now looking for a point to redraw an UP pitchfork in this TF?
2. Would you still use the current one as support? The reason I asked that is that with TL's there is always a pull back to the point it broke the TL, then the trend continues.
3. Could you anticipate a strong candle o break that upper line?

The only ulterior motive I have in asking the questions is that I am still looking for additional relationships with TL's. The other thing I like about the pitchfork is that draws the "type" of TL, but also draws the parallel at the opposite end which makes for an effective channel, and it draws the median, which you have proven to also be highly effective.

I hope my Q's are not too encumbersome. I'm intrigued by your methodology, so I hope my Q's can be interpreted as a sign of interest.

 

[Kavima]

Paul..it's always a pleasure to interact with You.I'm open to any discussions regarding ML with anybody here and definitely give my inputs.As I said it's more a passion in trying to unravel something new everyday in this field.Like u say, though I wouldnt know about currencies, I can check out a chart based on the principles of this method.

Attaching yr chart with some revisions with my notations.

[/URL] Uploaded with ImageShack.us[/IMG]

What I see is a downtrend with lower highs and lower lows.Taking the three important swing high / low pivots and drawn a PF.(If u noticed my 2nd pivot is different from yrs as i've taken the lowest point of the swing).Currently a retracement is on and reached the UMLH.The bar bodies have been progressively decreasing , so expecting resistance at this point will be the first conclusion.The next 2 / few bars will have to be completed to take a decision.
Scene 1: Price can move beyond the UMLH till the downsloping resistance line also called as Trigger line which contains the downtrend.This line should give resistance and price will be expected to test the UMLH before moving up.
Scene 2:ie if next bar is a red bar making a lower low than the previous bar, i would wait for a retracement in the subsequent bar to enter a short.The price will be expected to retest the earlier low.If this minor swing down moves away from the yellowML, making a double bottom formation then a long will be attempted.Of course, if the support does not hold, then breakdown / downtrend continues and targets towards the yellow ML will be planned.


Let's say the upper portion of the fork is broken:
1. Are you now looking for a point to redraw an UP pitchfork in this TF?
I can draw a temp PF ( as the reversal point / low is still not confirmed with the recent 2 lows/ 1 high.Just chk out this chart with the temp PF drawn.The LMLH of new PF should provide support or else the reversal probability is negated.

[/URL] Uploaded with ImageShack.us[/IMG]

2. Would you still use the current one as support? The reason I asked that is that with TL's there is always a pull back to the point it broke the TL, then the trend continues.
Yes, price does test the breakout points often and they give a good entry point.here the UMLH will act as the line where price may retest and then continue the trend
3. Could you anticipate a strong candle o break that upper line?
Looking at the last candle maybe not.Next candle / 2 candles should help.

 

[Kavima]

@Paul

Out of interest ,I was checking the chart of Eur / usd 5 min chart.Price seems to have tested the bottom making a slightly lower low, climbed up till earlier resistance , dropped fiercely and now climbing up again.Looks like a good point for longs...

[/URL] Uploaded with ImageShack.us[/IMG]

 

[4xpipcounter]

Excellent! Thanks a lot!

Another thing you have made me aware of is that in drawing PF's you have to be aware of the different possibilities in lieu of changing price action. It does seem a little more complicated than drawing just a TL, but then that could just be and what I have been used to.
I've also noticed that possibilities to draw a pitchfork are much greater. In TL's they are simply drawn from the dip to the first swing low, or the peak to the first swing high, and that is they way it stays until it is broken.

Amazing stuff! I always tell myself to be careful of how much I know, because the more I know, the more I find out I have to learn.

I share your passion for what you do, which is why I enjoy visiting your thread. I do learn a lot, which means I have become a benefactor of your passion and knowledge.

Paul..it's always a pleasure to interact with You.I'm open to any discussions regarding ML with anybody here and definitely give my inputs.As I said it's more a passion in trying to unravel something new everyday in this field.Like u say, though I wouldnt know about currencies, I can check out a chart based on the principles of this method.

Attaching yr chart with some revisions with my notations.

[/URL] Uploaded with ImageShack.us[/IMG]

What I see is a downtrend with lower highs and lower lows.Taking the three important swing high / low pivots and drawn a PF.(If u noticed my 2nd pivot is different from yrs as i've taken the lowest point of the swing).Currently a retracement is on and reached the UMLH.The bar bodies have been progressively decreasing , so expecting resistance at this point will be the first conclusion.The next 2 / few bars will have to be completed to take a decision.
Scene 1: Price can move beyond the UMLH till the downsloping resistance line also called as Trigger line which contains the downtrend.This line should give resistance and price will be expected to test the UMLH before moving up.
Scene 2:ie if next bar is a red bar making a lower low than the previous bar, i would wait for a retracement in the subsequent bar to enter a short.The price will be expected to retest the earlier low.If this minor swing down moves away from the yellowML, making a double bottom formation then a long will be attempted.Of course, if the support does not hold, then breakdown / downtrend continues and targets towards the yellow ML will be planned.


Let's say the upper portion of the fork is broken:
1. Are you now looking for a point to redraw an UP pitchfork in this TF?
I can draw a temp PF ( as the reversal point / low is still not confirmed with the recent 2 lows/ 1 high.Just chk out this chart with the temp PF drawn.The LMLH of new PF should provide support or else the reversal probability is negated.

[/URL] Uploaded with ImageShack.us[/IMG]

2. Would you still use the current one as support? The reason I asked that is that with TL's there is always a pull back to the point it broke the TL, then the trend continues.
Yes, price does test the breakout points often and they give a good entry point.here the UMLH will act as the line where price may retest and then continue the trend
3. Could you anticipate a strong candle o break that upper line?
Looking at the last candle maybe not.Next candle / 2 candles should help.