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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I am using this method with great success right now, and it does appear that the original rules work the best for me, best to keep it simple!
Hi,
Great system this is.
I have a issues regarding the lines, do you guys wait for 2 lows/highs or 3 lows/highs when drawing your lines? I find that 2 points is useless since the market does mostly break them.
And is there anyone who could post some more results?
Hi everyone,
If you guys can see on Myronns second picture which he attached on the first page, you can see that he takes a sell stop order against the trend. In which circumstances is it permissible to take a trade against the trend when the market has obeyed the "channel" upper trendline(uptrend) and lower trendline(downtrend)? And where should I place my take profit when I go against the trend? regards, /abdullah
Well, the second screen shot titled "LONG ENTRY EXAMPLE"
there is a dominant uptrend and Myronn was seeking to get into a Long trade. I can't see Selling orders there, is this the same shot we're talking about?
Either trading against the trend is not your safest bet, I'd seek better opportunities with other pairs and avoid unnecessary risks.
cheers,
Rich
Hi to all,
I know that the entry for this Strategy is :(1) Set your buy/sell stop order 5 pips ABOVE the high of the candle that intersects the trendline when that candle CLOSES.
My question is, what about if the candle is to long,even on a smaller timeframe the candle is to long and therfore the SL would be taking tomuch. Because we have to wait for the candle to close to place the entry order.
This question is for traders that have been using this and have some experiece using the Strategy.
On the case above, would you just not take the trade or would you place your stop entry order on the midle of the candle? Any advice is wellcome. Thank you in advance.
Hi,
I have been using this Strategy for some time and for the R.R, i think this method is one of the best ways of trading the Forex Market like pross do.
If you stay with the rules, sooner or latter you will be profitable.
Any Traders trading this method on DEMO or LIVE that would like to share more ideas by messenger or email, this is my email peixeblue(a)hotmail.com
Best to all Traders.
Chinto.
Dear Rich,
Yes its the second long entry example picture, you can clearly see that he made a sellstop order if you take a look on the upper left corner of the picture.
Regards,
Abdullah
Hi Abdullah,
I would only take a trade against the Daily or weekly trend on a pullback on H1 or 30m chart that you can see a clear trend on those small time frames.
NOTE keep in maind that taking trades against the trend has last chanses of being right.
I have been using this Strategy fore some time and the past tow weeks the account has grow 25% but only taking trades on the direction of the trend risking not more than 3% of the total account size on any giving trade.
Profit taking should be as Myronn first post...WITHIN THE PREVIUS HIGH/LOW.
Regards,
Chinto.