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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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to the user asking about entry; you really dont have to wait for price intersecting or breaking the trendling to place your entry.

for long entry as price nears the trendline:

place buy stop order at least 5pips above the high of the candle(s) that nears the trendline, and if that high is not taken out by the next subsequent candle, move you buy stop order to the next lower high of the candle. do this until you price bounces up and take your order or price breaks the trendline significantly do the downside, that may signify a change in trend so you cancel your buy stop order.

For short entry:

place sell stop order 5 pips below the low of the candle(s) that go near to the trendline. If the low is not taken out, move you sell stop order and place it 5pips under the low the next subsequent candle that forms and closes, do this for each subseqent candles that form as that head towards the trendline, until price comes down and takes out the previous candle low plus 5 pips and then you are in the trade or if price intersects the trendline to the upside and you might consider cancelling your sell stop order.

Regards

Myronn

Hope this helps.

Hello all,

almost 3weeks of demoing the trendline trading strategy and the current balance as of Thursday 23rd of October 2008 stands at $129,453. Thats from an initial trading account of $5k. See attached screenshot & also an example of a long entry I took on the 1hr USDCHF. I guess the biggest challenge for me was to be patient to wait for the right setup to occur before placing trades and also trying to be be consistent by sticking to the rules of the trading system. Emotions need to be kept under control, thats for sure.

Forex results: trend line trading strategy

Happy trading

Myronn

Ohoh, how do you do it? I also want such balance.
......went studying again.

Stop Loss hit for USDCHF trade shown above...im out.
Will wait and see if it comes down and starts to bounce on the 3nd trendline (shown above)& that might present another long opportunity.looking at the daily and 4hrly charts, the price is making higher swing highs and higher swing lows so there is still a strong upward movement on this pair.

Cheers

Myronn

Hello all,

Decided to do live trading this week (20-24th October 2008) with a 5k trading account. I am up 40% on my account using the trendline trading strategy.

Cheers

Myronn

I been bizzy too Myronn!!!

Take a look at AUD, any time chart!!!!

Live is different, in many good and bad ways.

May you enjoy the good, and miss the bad.

Remember your risk/money management and all will go right.

Grant

Awesome news!
Please keep updating whenever possible. It would be even more interesting to see how it pans out for you in live trading. Good good luck!

Fernando T.

Hello all,

Yes, Grant, I agree completely, Risk/Money management rules in trading is essential. AUDUSD is taking a massive tumble hey? Not good for the Aussies travelling to the US but good news for any forex trader as no matter what direction-up or down price moves, one can profit both ways. How good is that!

Ok, attached is a screenshot of MSFT stock chart in the US. I have shown the application of the trendline trading strategy on stocks. Do you really need a stock picking service or options subscription service that advice you when to buy or sell? Why not Save your money, do a little bit of research, find a trading strategy that is simple and easy to implement and your are comfortable with using, stick to its rules, obey 110% money management rules, have a sound individual psychology (to keep emotions under control) & you will do well. Its not rocket science but these very things can make the difference between winning and losing.

I personally do not trade stocks but like trading options and the trendline trading strategy is also applicable in the stock market arena. I have given an examples of valid entry points for buying put options so one can profit when the price of the stock falls.

Trend line trading Forex

Cheers


 
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