Advanced strategy #10 (Trend Line Trading Strategy)

Thanks a lot for your answer, Rich, I appreciate that, but then I wonder why Myronn wrote he uses M15 and M5 timeframes for entering a position? Just to see what is happening in the market in smaller timeframes or for something else?
I read this system carefully a few times, but when I try to find entering opportunity by myself its still hard for me.
Matcey

If a candle is too long, then we place stop half way of candle's length.

If we plan to enter using smaller TF without waiting for a 1h candle to close, it'll give us a better entry, correct, but we won't know where to set a Stop loss: too close and it'll be hit almost every time, too wide and it might be risky, because should a trend line fail before 1h candle closes, we'll be in a difficult position, like: should we exit now because the trend line is broken? should we wait a bit longer, may be a reversal is near? if so, how long should we wait? is it wise to widen stops, etc...

Hope this gives you an idea why we want a hourly candle to close.

Rich

Do you guys switch to small timeframes (M5 and M15) for entering a position? I feel I can't rely on small timeframes. But if I wait for H1 candle to close, then SL often is too large. Maybe is it better to open a position on a trendline and not to wait for a candle to close (because SL would be small then)? Could somebody give me an advice?

Matcey

Hello,

Got it, thanks Chinto. Also I was wondering how can I put a order when you miss to place a sellstop order or buystop order after it made a turn and obeyed the trendline? For example, Gbp/usd obeyed it's daily trendline today and fell roughly 300 pips , I guess it's to late for me to place a order? or can I wait till a subsequent swing high has formed on a lower timeframe and place my stoploss 5 pips above it?

Cheers,

Abdullah

Hi Abdullah,

I would only take a trade against the Daily or weekly trend on a pullback on H1 or 30m chart that you can see a clear trend on those small time frames.
NOTE keep in maind that taking trades against the trend has last chanses of being right.
I have been using this Strategy fore some time and the past tow weeks the account has grow 25% but only taking trades on the direction of the trend risking not more than 3% of the total account size on any giving trade.

Profit taking should be as Myronn first post...WITHIN THE PREVIUS HIGH/LOW.

Regards,
Chinto.

Dear Rich,

Yes its the second long entry example picture, you can clearly see that he made a sellstop order if you take a look on the upper left corner of the picture.

Regards,
Abdullah

Hi,
I have been using this Strategy for some time and for the R.R, i think this method is one of the best ways of trading the Forex Market like pross do.
If you stay with the rules, sooner or latter you will be profitable.
Any Traders trading this method on DEMO or LIVE that would like to share more ideas by messenger or email, this is my email peixeblue(a)hotmail.com

Best to all Traders.
Chinto.

Hi to all,
I know that the entry for this Strategy is :(1) Set your buy/sell stop order 5 pips ABOVE the high of the candle that intersects the trendline when that candle CLOSES.
My question is, what about if the candle is to long,even on a smaller timeframe the candle is to long and therfore the SL would be taking tomuch. Because we have to wait for the candle to close to place the entry order.
This question is for traders that have been using this and have some experiece using the Strategy.
On the case above, would you just not take the trade or would you place your stop entry order on the midle of the candle? Any advice is wellcome. Thank you in advance.

Well, the second screen shot titled "LONG ENTRY EXAMPLE"

there is a dominant uptrend and Myronn was seeking to get into a Long trade. I can't see Selling orders there, is this the same shot we're talking about?
Either trading against the trend is not your safest bet, I'd seek better opportunities with other pairs and avoid unnecessary risks.

cheers,
Rich

Hi everyone,

If you guys can see on Myronns second picture which he attached on the first page, you can see that he takes a sell stop order against the trend. In which circumstances is it permissible to take a trade against the trend when the market has obeyed the "channel" upper trendline(uptrend) and lower trendline(downtrend)? And where should I place my take profit when I go against the trend? regards, /abdullah

Hi,

Great system this is.
I have a issues regarding the lines, do you guys wait for 2 lows/highs or 3 lows/highs when drawing your lines? I find that 2 points is useless since the market does mostly break them.

And is there anyone who could post some more results?

I am using this method with great success right now, and it does appear that the original rules work the best for me, best to keep it simple!

I guess original system is the best )

Thomas

hellow All

Can anybody successful in this system explaine from his experience what the exact system he found best.
enter, exit, TP, SL, TF, pairs....

thank you very much
hagai

exit eur/cad.weekly trendline.