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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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Myronn,
You are real good!
Congratulations on your live trading. And thank you for this update!

Myronn:

Good for you. I just hope it isn't in AUD!!!!!

Grant

Yeah Grant, I was fortunate to open Live account in USD so that is good for me as AUD is getting a severe beating.

I placed 2 short trades this afternoon on live account on GBPJPY. The first one hit my profit target giving me 362 pips. The second trade hit my stop loss with a $12 loss only.

So that brings me to $8,361.85 total profit & current balance of $13,443.18 so thats 167.22% increase in the account so far.

Will I be able to reach $15k profit before this week is over? I dont know but one thing I am sure, I have confidence in my system...so I'm gonna stick to my rules of trading & risk/money management and see where I end up at.

Those 2 trades are enough for this evening, overtrading is a recipe for disaster. There is always another day to trade tomorrow.

Regards

Myronn

Thank you for sharing this great strategy! I have been having some issues in identifying trends though: what if the hourly shows a general downtrend with congestion (flat range for a day) but the 5 min shows an upwards trend (let us say for 3 hours with 2 swing highs) like EURUSD today. Do I follow the long-term against the current trend, bet on falling prices (on hourly) or stay out altogether?

In answer to a user question above it is my personal opinion to stick to the trend shown in the larger timeframes like the 1hr becuase they have more significance than minor counter trends shown in a smaller timeframe like 5min. however that does not mean I cant take counter trend trades in 5min timeframe...it can be done and can be very profitable too & when you do that, keep in mind the BIGGER PICUTRE that you are going against a main trend. That also means that support and resistence (swing highs & swing lows) you identify in a larger timeframe are more important than ones seen on 1min or 5min timeframes. Also it i good to have a trendline drawn on the larger timeframe so that should you decide to take COUNTER TREND trades on 5min timeframe againt the main trend, as price nears the larger timeframe trendline, it is better not to place any counter trend trades at all as price nears the main trendline. Yes, you will find excellent trading opportunties in 5min timeframe that go against the main trend and you can take them but keep in mind the bigger trend when you do trade against it.

Hope this helps.

Regards

Myronn

Hi Myronn

Congratulations on your success, could you also tell us about what type of mm you use for eg
1)what percentage of your live account do you risk per trade
2)what percentage of your account do you utilize as margin to open a new position for each trade

The reason I ask is because in the demo you posted i found a trade where the stop loss was at about 10% of your total available account.

Thanks & I hope you achieve your target of 15k this week

hi myronn,

you have a great strategy here as it instructs a trader to take trades in the direction of the trend (unlike mine where i have to wait for trend reversal signals through pivot points and candlesticks). point is, am open to anything that can bring in consistent profits.

i want to put your strategy to the test but i don,t have the zz indicator. i know you've said it's not a must one has it.....but i would like it.

do you mind sending it to me??

please reply
happy (and careful) trading to you all!!

joegathu

Hello all,

I hope this week has been good for you. It is good to be alive and breathing.

This is how my week turned out: I did reach my target of $15,000...however lost back $5000. Overall, not a bad performance for the week. Looking foward to next week trading.

to the user who asked about the money management, I am using max of 5% risk on live account. To some, that may be too much. Everyone has a different risk appetite I suppose, so use risk that you are comfortable with. With regard to margin, I really dont have any specific rules on that regarding opening new position(s), but this is what I do, when i place a trade & when that trade is in profit, I move my SL to Breakeven or at least lock in some profits only then I open a new position.

Anybody who read my previous post on "watch out" for USDCHF as it was nearing the monthly downward trendline? Remember that? Have you seen what happened to it this week? The price touched that trendline & took a tumble on Monday, Tue & Wed on the daily chart but retraced back up on thurday exactly on 50%Fib area at around 1.1203. It might probably go and test the trendline again. Would be interesting to see if the trend holds.

Regards

Myronn