#6 Tom DeMark Trend lines
Submitted by Edward Revy on June 25, 2009 - 15:48.
This is a well know trend line breakout strategy by Tom DeMark.
The only difficulties traders had earlier were all about constantly drawing trend lines and calculating profit targets.
With a help of custom MT4 indicator this problem was solved.
Two variations of the same indicator:
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Hi Van,
Docs and indicators were written by different people. Indicators signal on trend line break, but it is up to you whether you want to go in immediately or wait for an opening above/below the line.
With TD lines I prefer an immediate entry on the trend line break, because if it is a strong breakout, price may never look back... As soon as you get a signal, you can also go to a smaller TF (5 min chart, for example) and try getting the best entry, observing S/R levels, retracements, MAs etc. Either way, you'd be looking to enter soon, withing 5 min or so.
Regards,
Edward
Many thanks Edward.
Van Gogh
Okay. I don't get it. When I click on the indicator links provided, it just pulls up a page of codes and stuff. I don't get how to copy this into my indicator folder with my broker???
Right click on the link and choose "Save link as..." (this is for Firefox)
Right click, "Save target as..." (for Internet Explorer)
Save files to /experts/indicators folder.
Regards,
Edward
Hi Edward,
Im new to forex but seem to somehow liked this strategy. still cannot fully understand where to enter/exit. i would greatly appreciate ur explanation on the chart i attached.
Regards
Chadi
Hi Cahdi,
Here it goes:
Regards,
Edward
Hi Edward,
Thank you very much for your reply, your great help.
Chadi
I like 4h coz it work better on 4h.
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Exit Rules TD Supply Line== DownTrend:
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• “Exit if the bar after the breakout bar opens below the breakout price level.”
• “Exit if the bar after the breakout bar opens below the close of the breakout bar and closes below the breakout price level.”
• “Exit if the bar after the breakout bar fails to exceed the high of the breakout price bar.
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Exit Rules TD Demand Line== UpTrend:
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• Exit if the bar after the breakout bar opens above the breakout price level.
• Exit if the bar after the breakout bar opens above the close of the breakout bar and closes above the breakout price level.
• Exit if the bar after the breakout bar fails to trade below the low of the breakout price bar.
--THX--
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