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

[simpleforex]

ok, another thing about trading such trendline breakouts is that sometimes market has the funny behaviour of reversing back to touch the trendline it just broke...you may call it the retesting of trendline. You can see your pips being eaten away as it does so. If you are trading in the 4hr timeframe, you may consider taking partial profit out after the 3rd or 4th candle after the trendline break. or, if you believe that the trend will continue and have the nerve to sit and watch this happen, move your stop loss to breakeven etc..or lock in profit and see how it goes..many times, this approach will give you a lot more profits then exactly getting out at a certain point.

[il brigante]

My reason I went long eurgbp:
1) Price broke my first resistance line
2) Broke and closed just below my second resistance line
3) Broke and closed above my short term downtrendline
4) At the time of my entry the euro was stronger across the board
I placed my buy stop order 5 pips above the high with a SL 5 pips below the low of the candle, risking 24 pips, I gained my risk and moved my SL to BE.
Any comments will be appreciated.

[simpleforex]

My reason I went long eurgbp:
1) Price broke my first resistance line
2) Broke and closed just below my second resistance line
3) Broke and closed above my short term downtrendline
4) At the time of my entry the euro was stronger across the board
I placed my buy stop order 5 pips above the high with a SL 5 pips below the low of the candle, risking 24 pips, I gained my risk and moved my SL to BE.
Any comments will be appreciated.

good shot mate!
you might need to tighten your stop loss to lock in some profits because where the market closed off on Friday, that area is under the influence of a major downward trendline which can be drawn from the 4hrly chart, however, even in saying that, when you look at the daily chart, the daily candle on friday is a good bullish candles with a strong upward momentum. so this pair can still continue upwards.

Also, if you switch to 1hr TF and you can draw and upward TL, you can use this trendline as your exit method in case of market moving down...i.e, if it crosses it to the downside, exit. But if it bounces up from it then keep riding the trend as long as it lasts...milk most of the pips...if you know what i mean

[Ramirez]

@simpleforex

thanks a lot for your detailed explanation!!!

[simpleforex]

couple of trades for monday...

[simpleforex]

Ok traders,

here is a good lesson and example on WHY having a look at a larger timeframe can pay a lot...

AUDCAD...if you have been focusing on the 1hr ONLY, what you will see is a TLB (trendline break) to the upside and you will think..."geez, this TL is done now..."
but not really...when you switch to the 4hr TF, just after the candle that bust its way thru the tl, you see that the next candle that formed is a candle that reflects a decreasing upward momentum, infact, it is an insider bar, now "THAT" to me is "SOMETHING"...i dont know you, but when I see such, i would sit up and take notice...and sure enough, what happens next with the market is sometimes quite predicatable...not always 100% right most of the time, but quite predictable...dont you know such simple things like this can give you an edge?

let trading be simple. dont put too many indicators on your charts, it just messes up your head..by the time all the indicators line up and give you the entry signal, the market may have moved a significant distance and you would have got in LATE..i think that is the main problem with having too many indicators in your trading strategy that are actually DERIVED from PRICE...why not work with the PRICE itself than working with its derivatives, which are the indicators...


But in the end, it comes to this: everyone is different, what works for me might now work for you.


Regards

[simpleforex]

But in the end, it comes to this: everyone is different, what works for me might now work for you.


Regards

correction...what works for me might NOT work for you...

[il brigante]

Simpleforex

Thank you for your comment on my eurgbp trade

Cheers

[il brigante]

I closed my trade on eurgbp, made 41 pips

[simpleforex]

I closed my trade on eurgbp, made 41 pips

good one