#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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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???
Many thanks Edward.
Van Gogh
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
Hi,
At the Strategy DOCs above you mention that we enter immediately after "first candle to OPEN above the supply line (or below demand line)".
The MT indicator signals after the price breaks the line (even if the 4H candle opened before that line break).
One should enter the trade on PRICE break or must have a 4H candle OPENING above/below the line?
Appreciate if you could help me here.
Best Regards,
Van Gogh
Links are ok. I'll email files to you, no problem.
Regards,
Edward
Hi Edward,
I can not open strategy part1, part2 and part3. Could you please check the links if everything is ok?
If so, could you please e-mail these files to me? Thank you in advance
my e-mail : onenonur[]yahoo.com
Regards,
Hello,
Anybody already tested this system?
I’ve made some analysis with a couple of crosses and I find it interesting.
When the conditions are met I watched fine Breakouts.
The problem is that the targets were never reached (half the way in various cases).
What is your experience?
Best Regards,
Van Gogh
Yaah , do agree with you , this is the best indicator I've seen so far.
OMAR
Well this the only best system that you can trade safely. I feel that one day i will run away from indicators and trade only with the behaviour of candles
Check if you've done everything right:
How to add MT4 indicators.
Should the problem remain or you still have some questions, please feel free to ask.
Regards,
Edward
Hi Navin
Thanks for the new stratgy, i am a big fan of trendline and heard allot about Tom.
I seem to be having problems uploading that indicator to my mt4, i am using fxcm mt4. I copied to short cut and pasted it in my indicator file, i just cant seem to find it under custom indicators, am i doing something wrong?
I
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