Advanced strategy #10 (Trend Line Trading Strategy)

This system may not be the holy grail but it puts up SERIOUS NUMBERS. Patience is the key. Higher time frames gives the best results and less stress (for me). I trade during the open of the British for approximately 5 hours depending on set ups. ANY PAIR IS SWEET. Personally I use the gbp/usd, eur/usd, usd/chf, usd/jpy, aud/usd, aud/jpy, gbp/jpy, and usd/cad. I have approximately 4-5 set ups per day with usually 1 or 2 pairs bouncing back to the trendline to trade again. The only thing that i have changed with the stategy is how to figure out the daily trend. Myronn's forex game is sweet because he is able to do it by eye. Personally i use the 200 sma on the daily chart to give me the direction to trade for the day. I use the hourly chart to draw my trendlines and initiate trades on the 30 minute chart. My take profit and stop loss is a little different. you will get better with this issue as you demo and practice and find what suits you best. But Myronn gives you a perfect example of how to get out of trades in his first submission.
Honestly ladies and gentleman I was weary at first and like many will by pass this information and use it as forex food for thought. But when i saw his numbers and his strategy it really caught my attention. Ive been in the forex game for 3 1/2 years and counting. Lost serious money and NEVER had a winning month. Usually due to discipline and not realising the system just did not work. These last three months 1st month demo and 2nd and 3rd live account I have been profitable. This month, which will be the 4th month Ive made the money back I've lost from the 3 1/2 years of trading live and made significantly more money.
Im not selling nothing of course because this site is free. Which by the way Edward, God Bless You, because there are not too many things you can get for free these days and i know its hard work keeping this site running.
Enough of me rambling but one more last thing.

MYRONN I DO NOT KNOW WHO YOU ARE OR WHAT YOU DO. BUT I WOULD LIKE TO SAY THIS TO YOU.

THANKS A MILLION

To everyone else, good luck, practice, patience, discipline and FIGURE IT OUT because it is right here in front of you for FREEEEEEEE. It took me a hard week to understand which time frame best suited me, take profit, stop loss, trendlines drawn according to the strategy etc. and when the numbers started rolling in, my weary thoughts became confidence in the system. And I went live. 3 1/2 years of getting my butt wipped. hours upon hours upon hours glaring at the screen, reading books, taking classes, and oh yes buying EA's from off the internet and much more. And all it took was this guy named Myronn and Edward from a free site to start making real money. Life is crazy!!!!!!!!!!

wow! nice.

I've noticed that Myronn talked about MAJOR swing high and lows, and also preferably those where you can connect 3 points, so I guess we have to concentrate on finding MAJOR trend lines with a help of Zigzag of course, and we don't have to be stuck with recent swings.

Tom

When drawing trend lines should you EVER use the LAST swing high/low as a connection point for your trend line? I have found while testing that if I do this that the last point rarely obeys the trend line I drew and newer swing high (in the case of an uptrend) or lows (downtrend) are easily formed.

How far back do you consider when drawing Daily/H4 trend lines?

Hi,
.mq4 files are not compatible with platforms other than MT4.
FXCM has MT4 platform too, so you can use their demo account to follow Zigzag indicator.

Regards,
Edward

Hi Myronn,

I really like the strategy, one seemingly dumb question though...is there any way to use this indicator in a non-mt4 platform. I trade with fxcm, is there a way to convert the file, or would it work?

Thanks

I recommend it too.
Taking 2/3 of position out at originally suggested profit level and leaving the remaining 1/3 run till the move ends is the best choice!
I do this way all the time, not particularly for this system, for my own, which is quite similar, based on support and resistance.

Rich

Has anybody experimented with better take provit levels? It is so irritating when your take profit level is reached and you are out of the trade but price keeps on following the trend.. Some of these trades keeps on moving double or triple the take distance.. What I will be looking to do is take 2/3's of the position off at the take profit level the system prescribes, I will let the remaining third run with a trailing stop of maybe 30-35 pips depending on the volatility of the specific pair looking at fib profit extension levels.. I know this is making a simple system much more complex, but if it works better why not? Just remember to test new ideas with little amounts or on demo...

And lastly, I'm a firm believer that almost any decent system can be traded with success. The only thing making you lose is yourself. All good traders spend each day traning their mind as well. I know, go hug a tree right? But seriously, trading discipline is more inportant than any strategy for bad discipline ruins even the best strategies.. Think about that.

Positive.
If price exceeds the candle you've entered with, you're proved wrong - get out at small price and try again.

Rich

Where do you guys think is the best place to place stops? Out of all my trades it seems that just under the or above (when short) the formation candle by not more than 5 pips seems adequite.. If price triggers your entry and moves against you past your formation bar it is obvious your wrong... It looks as if the system really works on any timeframe. One thing I have also seen is that the more precisly the price just touches the trendline and then moves in the bigger trend the better the trade probability..

It has been working really well for me on all charts 4 hrs. and up. I love the fact that you are either right or wrong and you know which quickly.

Kaz

Hi, how have you guys been doing with this system? I trade it on 4 or 8 hour charts as I'm on holiday now and just want to check in now and again.. I had an okay week making around 170 pips. I don't use any indicator and just draw the trendlines without the use of any indicator. I traded chf/jpy, usd/cad, nzd/jpy, aud/jpy.. etc.
Think by getting to know this system better and following the rules you can really do good. Any results from you guys?

Coenraad Lubbe

Hi Merz,

There really is not a comparable indicator at this time in TS2. FXCM says they are working on adding customizable indicators into the platform.

For now, I would recommend using an MT4 Demo or live account to utilize that indicator.

Best regards,
Edward

Hi Edward! Thanks again for this great site. I am about 3 weeks old in FX, using TradingStation in FXCM. Can you please tell me where I can get the ZZ indicator which my platform can support? Thanks again!

Merz