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Advanced system #5 (Trend Lines Breakout System)

Submitted by Edward Revy on June 3, 2007 - 15:20.

Breakout systems like this are always in great demand. It is quick, easy and with a proper use has a true winning rate of over 90%.

Currency pair: GBP/USD, EUR/USD - tested. Other pairs may also be used.
Time frame: 1 hour.
Indicators: none.

Trading setup:

For this Forex system to work properly a trader needs to know the basics of identifying swings high and low, rules of drawing trend lines, plus be able to use Pivot Points.

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Submitted by Steve on January 4, 2008 - 19:21.

Dear Edward,

In keeping with the similar logic of this system...I am going to try to test out the breakout of 5 bar japanese range....What do you think would be a logic time to catch an early breakout of the Japanese market?

Many thanks,

Steve

Submitted by Andris on January 17, 2008 - 05:35.

Dear Edward,

I spent some time to understand and test this strategy but understanding of swings still makes me some problem. Even after all of your explanations and drawings I can find after you more recent swings high or low on above printouts. Can you advice any web page were all this swings are explained ?
Thanks and regards,
Andris

Submitted by Andris on January 17, 2008 - 07:25.

Edward,

I have question in addition to previous one, when identifying swings should we check within 3 candles as you draw before or it doesn't matter how many candles are forming swing. I have found one useful page http://www.moneyshow.com/msc/traders/daytraders.asp?aid=swingtraders-4325&iid=DAYTRADERS&scode=010274 ,
where all this things are explained but now I have full mess in my head.

Many thanks
Andris

Submitted by Edward Revy on January 24, 2008 - 14:23.

Hi Andris,

It doesn't matter how many candles are forming a Swing.
If you see a candle which has reached higher price than its neighboring candles, you've got a Swing High.
And if you see a candle that made a low, which is lower than neighboring candles lows (one candle on each side), you've got a Swing Low.

The link you've mentioned complicates things too much. In either way it is not suitable for this strategy.

Regards,
Edward.

P.S. You may submit here a link to your screen shot with Swings identified and we will look at them together.

Submitted by User on January 30, 2008 - 16:17.

A very simple question here, if everybody came to this website, everybody practise the same method, what will be the result? ;)

Submitted by Dark Lord on January 31, 2008 - 01:48.

Let's take an ideal situation, when millions come to this website and take the same method...

As soon as millions of traders using the same method push on the market from one side, the other millions of traders, who use different methods, will recognize a new behavior in the market and develop a contra-method to benefit from a predicted market pattern.

The war of bulls and bears in Forex never ends.

Truly yours,
Dark Lord
http://forexdarkside.com

Submitted by Authentic on February 4, 2008 - 09:27.

Thanks so much for the great work u guys are doing... I tried the strategy and it was highly profitable.
Authentic

Submitted by nelson on February 29, 2008 - 17:51.

hi i want to know how trade long term say a month do you have any help. nelson