Advanced strategy #10 (Trend Line Trading Strategy)

Hi Joe & Debono,
with regard to your question Joe, yes, I opened a 5k account for standard lots. The number of lots/lot sizes I trade depends on my risk % that I use that is 5%.

No, not from WA, Debona, but NSW. I think I have to agree with you here Debono, I have discovered the same thing here regarding letting profits run just like you have, but I think when you are in profit & you get into the mode "let your profits run", I think the best practice is to lock in a certain amount of profit that you are happy with no matter what happens, and as price continue to move in your favor and forms new swing highs/lows, move stop loss to those swings depending on which direction you have traded. Do IG have meta trader trading Platform because this indicator is metatrader4 indicator? If you are having difficulty, contact me at my email address myronn_s (at) yahoo.com and I will send u the indicator. As I said in my previous post, you really dont need this indicator becasue when you look at the price on any chart, you can identify swing highs & swing lows and these form the basis to draw the trendlines. You connect singnificant swing highs in a downtrend & connect significant swing lows in an uptrend

Take it easy guys

Regards

Myronn

i am really grateful for the quality strategies that abounds in this site. this one by Myronn particularly excites me and gives me great confidence when taking a position ....i must admit however that i am struggling with calculating lot size(with respect to my mm rules) each time i have to place a trade...can anyone help?
Thank you Myronn, Edward - you're great, and to Grant - ur contributions has really helped me. thanks to you all.
IVYXXX

to the block from wa there is a zigzag indicator on IG markets in the advanced charts.
Cheers Myronn you're padding my wallet too.

Thanks mate
was already using it for major trends.
didn't even look to see if there was a variation adjustment.
Doh!
sometimes we just can't see for looking
appreciate the post

cheers

debono

U can find the zigzag indicator on IG market by clicking on TOOL, select the option for REAL-TIME CHARTS, when the charts open select INDICATOR/BACKTEST on the chart menu which then brings up a list of indicators, the zigzag ind. is right at the bottom of the list.

Hi Myronn

Could you update us on this weeks performance? How much have you been able to make?

Thanks

Burt

Don't take it personally Myronn, but I have been busy trading the opposite than you. Ha ha.

Check out

www dot learncurrencytrading (dot)com/fxforum/trend-line-trading. It's the dailyfx dot com forum. I am Blizzard.

There have been a few big trendline breaks lately.

The thing i like about your strat is that either you are right or wrong, no middle ground. Either it breaks and you reverse or it holds. Either way, it's like a line in the sand.

Keep up the good work Myronn.

G

Myronn

Also, I have been busy doing something I have never done successfully before, which is what I call scalping. Attached is the 5M chart of EUR for today Nov 17. I noticed one night sitting with my laptop in front of the TV (Tokyo session) that even though I thought JPY was choppy, that the 5M showed what I call ladders, of retrace and extension and it was very orderly. If you bought at the trendline there was very little in the way of Neg Excursion. I don't like JPY, so I went to look at others to see if it was just JPY or others too.

So here is the Euro. I trade with the latest 5M trend and let it start to retrace before I exit, the reason being it may break out. I missed the L break at 18:45 but not the one this afternoon (don't let the times confuse you, it's the server time, not mine). That was just luck though. I exited on the big red down candle and the very next one went back up so I entered S again. Seeing as how I was still in profit I let it go cuz I thought what the heck, it's w/ the trend and is going back down again. Also it's w/ the big trend . .. .

of course, I wish i had let it go, but when it started going up I exited it, w/ about 40 pts. In the future I think I will trade this TF more often. The lower 'ladder had swings of 35 pts, the upper 20 -25.. Count the number of trades here just today.

Usually I don't trade mondays, but I'm glad I did today.