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

[simpleforex]

also the EURUSD trade...

[il brigante]

Dear Simpleforex

Thank you for showing us your trades.
How would like to ask you if you do no mind, how many times did you get stopped out on gbpusd and eurusd before you got it right?

I thank you in advance.

[simpleforex]

Dear Simpleforex

Thank you for showing us your trades.
How would like to ask you if you do no mind, how many times did you get stopped out on gbpusd and eurusd before you got it right?

I thank you in advance.

G'day Il brigante,

got both trades right in the first shot.

for the GBPUSD, when the main trendline (DRAWN FROM WKLY CHART) touched (around the blue area) I should have entered there...but I was not around at that time when it happened. Fortunately, when I checked again later, the market went back up again to touch the main trendline and then I got in at exactly the right time.... then right after I got in, a very massive move downward.

for the EURUSD, when I checked, the market made a false trendline breakout to the upside and then came down and made a support level and then was heading up and almost touching the broken trendline again. given the fact that the TL was already broken, I was a bit reluctant to enter short on the touch of the trendline, so I just placed my sell stop under the suppport level as shown with the reasoning that "if this support level is broken, there is a very high probability that the the market is going to move downward...why? because it is at a ZONE of a major resistance levels provided by the MAIN DOWNWARD TRENDLINE drawn from the WEEKLY CHART.

Ok guys...here is a couple of tips:

if you missed an entry exactly at the touch and reversal at a trendline, here is what you can do:
(1) wait for the TL setup to occur again like shown both chartS with the YELLOW downward arrows...these were high probability entry areas...why? because the market is AT A AREA OF RESISTANCE PROVIDED BY THE TRENDLINES(in this case)...so what are the odds of it going in the direction as anticipated??? HIGH!!!
(2)if there is an obvious support level formed VERY CLOSE to the trendline, enter on the downward break of this support level...the example is the current trade I have on the EURUSD...I did not enter@ the touch and reversal of the TL, I waited for this support level to break...the important thing here once again, the support level must be very close to the TRENDLINE...
(3)These trades were entered based on the TL drawn from the weekly chart...so what does that mean? It means that the markelt has POTENTIAL to keep moving in this downward direction for weeks...so what does that mean? that means, you take a long term view on these trades and ride it as far as you can...so what does that mean? Lots of pips right? DEFINITELY! so what does that mean if you have missed out on entering as I did? lost your chance right??? Bullshit! If you think that way, you are JUST MISSING THE POINT...and what is this point? the point is (1)...you just read it!!!!!!



Cheers

[simpleforex]

by the way, 310 pips of floating profits on these two current trades. got 1 standard lot traded in each pair.you do the sums...

[simpleforex]

regarding the EURCAD trade a couple of posts back...40pips loss

[simpleforex]

went short on NZDUSD

[il brigante]

Simpleforex

Good one.

Cheers

[il brigante]

My down trendline got broken, and I entered a long position 5 pips above that candle, gain my risk and moved my S/L to B/E. Let see how things will unfold.

To Melisa, could you tell us if you do not mind how do you use the forex currency index? I thank you in advance.

[Melisa]

Hi il brigante,
here is the link where it is explained how it works:

http://learnforexlive.com/contents/the- ... ency-index

i personaly dont trust such tools very much. I always make my own analysis first, and if its in line with this indicator, it just gives more confidence.

hope it helps.

Mel.

[il brigante]

Hi Mel

Helps a lot, thank you.

Mike
Ciao