Forex trading strategy #15 (Trend line simple trading)
Submitted by User on October 24, 2009 - 09:24.
Submitted by Joseph.
I have been working on a very simple trend following system. It requires no indicators..... only a trend line. Some functions are going to be automated to address my weak points. I am in the process of getting someone to write it now.
Trendline placed and named (something simple BBB for buy SSS for sell)Necessary to identify what should be followed.
trade opened automatically in direction of trendline once price has moved 5 points above trend line in a BUY or 5 points below line if a SELL. This provides a degree of safety should the trend not go as planned.
Stop loss automatically set at 5 points below entry for a BUY, and 5 points above for a SELL. Again, a safety point.
Trade will stay active until trendline is broken by X number of points (configurable) or if the stop loss is triggered.
Trailing stops not needed. It's already handled in the functions.
An audible alert when trade is closed.
Can be used for times you can stay and play or longer trends when you cannot.
I have looked at about 1500 indicators and a lot of EA's and none were worth anything. All lagging or don't work right. Play with that stuff if you like but I'm taking a simple, fast, accurate approach. I'm looking for a way to eventually automate the process with something that will automatically draw the trend lines but that is still being researched. If anyone knows of a good, stable one, please let me know.