thanks for taking a look at that dave. my thoughts on deciding whether or not it is a trend will be based on a straight line being drawn along points of support [long] and resistance [short]. my time frames will depend on whether i am looking to get in and out quickly[day trading] or for a longer period.
for a longer period i will be looking at weekly charts for trends and daily charts for entry points.
for day trading i will be looking at weekly, daily and 15min charts.
the average true range ATR will help me recognise the volatility of price at the time frame i am looking to enter the market. from there i can decide whether my initial stop will be far enough away as to avoid being stopped out prematurely.
i would cross reference that with support and resistance and place my stop below a support point and outside the ATR when considering entry into the market.
my understanding of the ADX is to give an indication on the strength of the trend. this will help me reaffirm with my other analysis entry into the market.
my idea of targeting profits was to follow winning trades with a trailing stop and get out of my position when the market turns against me.
any thoughts?
best wishes pan
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