Advanced strategy #10(Trend Line Trading Strategy) - ENJOY !

[simpleforex]

aud is bullish across all pairs....but...the strategy says this is a short setup happening right now...

[simpleforex]

actually, I might consider placing a buy stop order on audjpy just above the trendline in case of a trendlinebreak to the upside so I can catch a move upward if it happens...

[il brigante]

Welcome back, Simpleforex.

Made 126 pips yesterday on eurjpy.

[Pharley]

Hi all,

How do I post a screen grab of the charts?

Today so far I'm up 7.77% on AUDCAD, EURCAD and EURJPY.

Cheers
Phil

[TrendTrader]

usd/cad

[TrendTrader]

Hi all,

How do I post a screen grab of the charts?

Today so far I'm up 7.77% on AUDCAD, EURCAD and EURJPY.

Cheers
Phil

Hi Pharley, Great job, keep it up!

[Pharley]

Hi mate,

Yes going well currently.

I'm trying to post a screen grab but can't seem to do it. Anyway, if someone can open up a 4hr chart of USDNOK and draw the lines you'll see something similar to the one you just posted. Price is coming down to a level where it's rebounded from twice recently. Yeah, not a popular pair I suppose, but I like to keep my eyes on this one too !

Cheers
Phil

[TrendTrader]

Hi mate,

Yes going well currently.

I'm trying to post a screen grab but can't seem to do it. Anyway, if someone can open up a 4hr chart of USDNOK and draw the lines you'll see something similar to the one you just posted. Price is coming down to a level where it's rebounded from twice recently. Yeah, not a popular pair I suppose, but I like to keep my eyes on this one too !

Cheers
Phil

Great setup too!!

[Pharley]

That's the one TrendTrader - Thanks for that.

I tend to keep my eye on all the majors plus these other crosses. Some I've discounted and don't like as they don't move too much or don't follow technicals so much. This one though does seem to respect trendlines well as you can see and the spread isn't too bad.

Cheers
Phil

[simpleforex]

I need help with entry on this strategy and exactly when and where to place stop,i ve already lost 3 in row i.e. Immediately after i am in. Please help fellas.

Hi Kessity007,

check that: (1) trendlines you are drawing are correct
(2)you are not placing stops in the wrong areas.
(3)you have read the entry rules of this strategy.
Ok, the best place to place a stop loss...where? for short entry, just above the peak or high...and for long, just do the opposite, just below the trough or low.
why is this? becasue you need to give the market a room to breathe and this places of support and resitance give that room and the great advantage is that you will not get stopped out so often. If you place it anywhere, you risk getting stoped out often.

3 loses in a row...mmm...welcome to the world of trading... thats part of the package of trading. No system will give you 100% win rate. be consistent, thats all.

Kessity, See attachement. apologies this ain't a perfect trendline setup (but I do have my valid reason for taking this trade) but the fundamentals of trade entry and stop loss is still the same.

Hope this helps.

Regards