Advanced strategy #10 (Trend Line Trading Strategy)

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

Myronn:

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

Grant

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

Hi Dennis,

I use standard settings.

Cheers

Myronn

Hi Myronn,

great trade system

What settings do you use for the ZigZag?

regards

Dennis

Hello all,

just an update on the live & demo trading account using the trendline trading strategy.

Demo account current balance is $330,880. As the demo account has increased significantly, I have also increased lot sizes traded.

Live account current balance stands at $10,561, thats more than 100% increase in just 6days of trading in evening session here in Aussie for just 3-4hrs daily.

Attached is a screenshot of a USDJPY current short trade in demo account and still going.

Happy trading and take it easy out there wherever you are.

Regards

Myronn

Imho: according to Trading Forex Market with Support & Resistance only, i'll take qoute from 1 of Mr Myron post from pages 1 :

"(2)and which currency pair best suit the strategy
Answer: any currency pair that is trending; BUT stay out of trading if you cannot clearly identify any trends in whatever timeframes you would like to trade at."

I conclude if the Market has been Clear Trending event its Bull or Bear (like now is Bear) we can use TrendLine & Zig Zag Strategy.

But if the Market Sideways or we didn't saw any clear Trend in the Market; its better we use BRV Style trading (Horizontal Support & Resistance)has introduce by Mr. Albert Einstein.

So event Market Trending or Sideways we can still trade Forex Market with just only Horizontal or Trendline Support & Resistance. The question is who needs the indicators anymore ? ... :)[just joke]

Kind Regards;

Manus1668

Hello all,

Keep an eye out for USDCHF pair in the comming week. just step back and take a look at the monthly timeframe?

Remember I said something about LOOKING AT THE BIG PICTURE FIRST? Do you see something?Yes? Yes. If you draw a trendline from 3 previous peaks on a monthly timeframe you will see what I am talking about.

Price is comming to a major monthly resistence trendline (if you draw a trendline you will see it)...would be interesting to see if price will be made to obey this trend for the second time or not. If you switch to weekly & daily charts you will see price coming to this monthly trendline and being forced back down many times. Keep an eye out for any bearish candle formation in the weekly chart as that may indciate that price may begin to head down again in obedience to the main trend.

The price in the monthly TF is also at the 61.8 Fib level and that coincides closely with the trendline just within that area as well. Interesting setup happening here.

Regards

Myronn

My pleasure Albert,

Thanks Iva for the BVR_S+R_Trading info you posted. There is definitely some excellent stuff in there... Appreciate that info.

Cheers

Myronn

Hey Albert,
BRV is a totally different system. It can only similar in the concept of trading using support/resistance levels. This way hundreds of systems can be called similar.
You're right, Support & Resistance strategies is never die.

In my opinion Myronn's trend line trading is more flexible that the one in BRV where they use horizontal support/resistance levels.
Anyway, everyone can check on their own:

BRV_S+R_Trading.pdf

Cheers,
Iva

Nice Strategy Myron, thank you for share. This Strategies looks similar with BRV Trading System (BRV Stands for Billy Ray Valentine 1 of the Senior Members from neighbourhood Forex Forum).

Thank you for share, i just want to Say, Trendline, Support & Resistance strategies is never die ... its extremely eternal ! & above of all this strategies is allways used by "Big Player" until this End Of Days.

Simple Is Better But Not As Simpler - Albert Einstein.

Hello all,

Yes, Grant, I agree completely, Risk/Money management rules in trading is essential. AUDUSD is taking a massive tumble hey? Not good for the Aussies travelling to the US but good news for any forex trader as no matter what direction-up or down price moves, one can profit both ways. How good is that!

Ok, attached is a screenshot of MSFT stock chart in the US. I have shown the application of the trendline trading strategy on stocks. Do you really need a stock picking service or options subscription service that advice you when to buy or sell? Why not Save your money, do a little bit of research, find a trading strategy that is simple and easy to implement and your are comfortable with using, stick to its rules, obey 110% money management rules, have a sound individual psychology (to keep emotions under control) & you will do well. Its not rocket science but these very things can make the difference between winning and losing.

I personally do not trade stocks but like trading options and the trendline trading strategy is also applicable in the stock market arena. I have given an examples of valid entry points for buying put options so one can profit when the price of the stock falls.

Cheers

Awesome news!
Please keep updating whenever possible. It would be even more interesting to see how it pans out for you in live trading. Good good luck!

Fernando T.

I been bizzy too Myronn!!!

Take a look at AUD, any time chart!!!!

Live is different, in many good and bad ways.

May you enjoy the good, and miss the bad.

Remember your risk/money management and all will go right.

Grant

Hello all,

Decided to do live trading this week (20-24th October 2008) with a 5k trading account. I am up 40% on my account using the trendline trading strategy.

Cheers

Myronn