Advanced strategy #10 (Trend Line Trading Strategy)
Submitted by Edward Revy on October 4, 2008 - 08:30.
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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Also in my trading business plan I have added a provision where I will stop trading if at any week losses exceed 20% of account equity.
When I resume trading after such a loss all positions are limited to 1% equity at risk per trade until the previous high point in the equity curve is reached.
Another thing that you guys should definitely do is add this clause to your trading business plan:
"I will not trade any currency pair or closely correlated pair,especially the more volatile ones,for at least a week after 2 consecutive losses within a week".
This will help you avoid revenge trading witch was also a factor in blowing up my demo account.
The clause applies to longer term trades based on the hourly,four hour and daily charts.
Btw,regarding the EUR/JPY setup,be careful because this is what shows up in the dailys.
So make sure you have fairly tight take profits.
Here is a *great* setup on EUR/CAD.
I am risking 10% on this one.
Long term trendline,excellent R:R,very very good price action at the trendline.
I've included close up snaps and snaps from a longer term perspective.
This is not for people with ulcers :P
Up another 25%.
oh yeah!
exit eur/cad.weekly trendline.
hellow All
Can anybody successful in this system explaine from his experience what the exact system he found best.
enter, exit, TP, SL, TF, pairs....
thank you very much
hagai
I guess original system is the best )
Thomas