FREE FOREX STRATEGIES

Advanced system #17 (Trendlines & Chart patterns)


Submitted by Azim

Hello Everyone!
I would like to share an effective way of trading. It is simple and very profitable with excellent risk reward ratio.


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I'm sorry i didn't get it. can you illustrate it with an image?

Anyway, after you draw a channel, just find a breakout and look for a pullback. There are two ways to enter the trade.

1st: You enter the trade after the pullback. Once you see the first solid blue candle closed, enter it right away.

2nd : after you see the breakout, wait for a red candle to close. Then you set a pending order few pips above the breakout.

Hi, In other words One only enters a trade when there has been a pullback either way going long from the upper channel or going short from then lower channell. Do You enter a trade if the price reaching the upper or lower channel instead to break it at the limit of the channel retraces backwards? I mean if the price reaches the upper channel and goes a little further up and then retraces do You enter going short because it means the price dosn't wants to go up or the rule is only what You said. I hope I made it clear.maybe not! Al

Well i learned this from my friend, just want to share with you guys hehe (^_^)

I remember reading an article about G. Soros, and his favorite setup was exactly the same :)


 

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