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Advanced strategy #10 (Trend Line Trading Strategy)

A truly great work has been done by Myronn, the author of the current Trend Line Trading Strategy.
Support-resistance trading, trend line trading, checking higher time frames, money management — the strategy has a concrete-like theory base and a simple implementation — a winning combination, that places it into the category of advanced strategies.

Remember, your feedback, comments and suggestions are always in great demand!

Edward Revy

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Hi Marius,

answer to your question with setting profit targets:
yes, you can set profit targets using previous swings on the 1hr timeframe OR you can switch to the lower 30 min timeframe to set your profit target. Remember to set your profit targets inside and within the swings and not outside because these high/low swings act as support & resistance and price can bounce back and not hit your profit target.

the concept of switching between higher timeframe to a lower timeframe for setting profit target also applies to setting stop loss as well. This is exactly what I do. For example, If I enter a trade on the one 1hr chart and the previous swing for placing a stop loss is like 200pips away from my trade entry point, I know I cant afford to put a 200 pip stop loss on a $5000 trading account trading a standard contract. So I switch to a lower timeframe and find a previous swing that maybe 30pips away and that would provide a good place for for me to place my stop loss.

Note that when you are using larger timeframes, like the daily timeframe,4hr, or 1hr, you cannot place a 10pip stop loss (used as an example). You must give price enough "breathing space" as i call. Use stop losses according to your money/risk management rules.

the 2 examples above on the daily and 4hr charts serve as illustration purpose explaining the trendline trading strategy. I use the 1hr & 30min timeframes for my trade entries but I do keep an eye on the daily & 4hrly charts as they show me the bigger picture.

Hope this helps.

Cheers

Myronn

Hi Myronn,

I have made profit of 1100 U.S.DOLLARS today on Nifty i.e. Index of National stock exchange using this strategy. I Short sold Nifty (contract size 500) using your strategy.
Thank you very much for this strategy.
Thank you. Thank you. Thank you.

Awesome,

I am glad to to see somebody beginning to successfully use this strategy.

This strategy can be applied to trading stocks, futures, commodities etc. the principle is the same.

Cheers

Myronn

Hello all,

I have posted an example of a recent trade entry as I will be posting more examples of trades that I actually take using the strategy in my demo account. I wont post examples of winning trades and losing trades as well.

Regards

Myronn

Found it, thank you :)

typo error & correction to the previous statement: i WILL post examples of winning trades & losing trades as well as per the trendline trading strategy. Regards Myronn

Hi Myronn,

I have made a profit of 95 points on Nifty today using your strategy .I decided to use it on Nifty after reading the review of the person who made $1100 profit using your strategy.This strategy is really mind blowing and i want to post the image of the trade which in which i have made profit today but can you please tell me how to copy image from the trading software and post it on this website? I have tried to copy the image but it comes in .tml format and not in .jpg format.
I hope you will reply soon.

Happy Trading,

Regards,

Arsalan.

Hi Arsalan,

Open your charts full screen.
Then press Ctrl + Print Screen. A picture of your screen is now if your buffer.
Then create a file, for example, Word document.
Paste it there: Ctrl + v.
(Or use Adobe Photoshop and edit image there).

Save it and send it to Edward:

He'll post it here for you.

Thomas Andreas
(moderator)


 
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