Advanced system #5 (Trend Lines Breakout System)

Best regards
Jacinto.

Hi Dalibor,

yes, I use Oanda broker and pivots are calculated based on their platform.

Best regards,
Edward

Hi Edward

I just find this system on your site and I have a question regarding pivot lines.
Do you use Oanda calculated pivot lines with this system ?
Best Regards
Dalibor

Very nice, thank you for sharing!
I'm sure your screenshots will make a difference for everyone who studies the system.

Best regards,
Edward

I just want to share a nice setup i took this morning...

Best regards,
Jacinto.

The last trade was a pretty one indeed. I'm very happy you were able to
quickly learn and adopt the method.

Best regards,
Edward

Hi Edward,

I just want to share a nice trade i took this morning, see chart attached.

Thank you for helping traders to walk on the correct road to learning to become professionals.

Best regards
Jacinto.

Hi Jacinto,

I don't double on the second entry when the first one is stopped in loss. I just look to get breakeven and with it may be earn some more pips on top, since SL in general is going to be closer than the profit target.

What target is more efficient? Fixed pips - no. Pivot points - the most reliable, if price hit the pivot level - I'm out. But if the closest pivot line is out of reach, after 3 consecutive candles I'm out again. That's my best and favorite approach.

Best regards and happy trading!
Edward

Hi Edward,

Using the breakout system, i know you place tow entry orders in case that you get stopped out on the first order.
Is the second order a bigger order?

For example, the first order is 10k and you get stop out, so if the price retraces back and breaks to the other side, you would put an 20k order to make up the loss and make some profit, or do you just use the same amount on the second order as you did on the first one just to break even in case the secound order is a winer and have tow losses in case it loses as well because sometimes it does lose on the tow sides breakout?

One more question, on the profit target rules, in your experience using the system what seems to be the most effective since we have several options, fixed targets, pivot points with timing, three candles counting the candle that violated the TL.

Thank you Edward.
Jacinto.

Hi Asif,

I see your point.
After the close of 00:00 candle we cannot draw a trend line, because there will be no valid swing formation within the required 5 candle range.
If we look at the very first scree shot to the strategy where it says "Swing high at midnight candle"

imagine that we have just seen a close of this midnight candle: there is no way we can tell so far that it is going to be our swing high. One hour later we are able to see a swing high, so only then we can draw a trend line.

Regards,
Edward

Hello and thank u for ur website.

u've mentioned in Page 9 :

"Hi DK,

You do draw trend lines earlier if you have spotted a valid swing high or low withing first 5 morning candles"

--- So, how exactly do u define it? i mean, at the end of first candle (0:00), do u simply draw a downtrend from the high of a previous candle to the high of the 0:00 candle?

Asif, Malaysia.

Hi Edward,

Doing more research back on time, i found out that cutting the wicks it is not a good idea.
You will lose more than not doing it.
Not wonder now why you do not do it .

I have placed 3 live trade and they were winners.

Thank you Edward,
Jacinto.

Hi Jacinto,

I've seen traders doing that, I think it would be fine, although for my current strategy I never cut the wicks.

Regards,
Edward

Hi Edward,
Is it ok to to cut the wick of the swing high/low to draw the trendline??

Thanks Edward.
Jacinto from Costa Rica.

Hi Axil,

You're very welcome to ask and repeat questions!
This one hasn't been asked before :)

It is true, you can get different pivot point levels when using different platforms in their respective time zones. Is this a big problem?
I'd say, yes, since you won't be trading the levels that majority of traders do.

If we look closer at Pivot points formula, we'll see that High and Low daily values are most of the time going to be the same across all time zones (with some exceptions for certain days), what will differ is the Close value: daily Close at GMT, GMT+3 and GMT-5 will not be the same, and here we get different Pivot point results.

I've tried several ways to calculate my pivots and came out with a winner - midnight to midnight EST time.

That's my choice, at the same time I can't rule out GMT-based pivots since there are lots of brokers with GMT platforms and hence lots of trades trading there, so I assume it's another time that should also do well.

Regarding other time zones, I would try to avoid them and at least register a demo account with an EST or GMT broker to get automated pivots and then transfer them to my charts manually.

I haven't tried to figure out the best time zone for various currency pairs, may be because I clearly decided to trade with New York time.

Happy trading!

Edward