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

[honghy]

Hi Simple Forex,
I have been testing this strategy, however, my results is still b-even, I find this may largely due to the exit strategy as the price move the other way round before it hits the profit target of previous swing low/high. Can you share more on how you set your target profit, stop loss and trailing stop loss? Thx.

Rgds,
Robert

[Pharley]

Hi Ramirez,

Looking at your GBPNZD one - yes.

If you go down from the 1hr to the 15m you can see an earlier entry. Even better is the 5m chart. On the 5m, you could have chased the candles all the way down wiht you buy order sitting just above them. Have a look at the 5m and you can see the candles racing down there, then bouncing off the support. Probably could have got in at around 2.03850 and place SL at 2.03500 giving a 35 pips SL.

Still, it's bounced away nicely - I'd have the SL moved up to just under the swing low point at 2.0728 by now just to be sure of bagging some.

One of the things myronn has always said is start at the large timeframes, but you can move down and down to a 5m chart to look for accurate entries. Sometimes they're not there, but most of the time you'll see a better entry point on 5m or 15m charts. That's probably a good idea too when you're trading a very volatile pair like GBPNZD.

Practice doing that on a demo account to get comfy with it as well - if you see a set up on the 4hr or 1 hr, get on the demo and chase the price on the 15m or 5m charts until the trade triggers coming away from a support or resistance line.

Hope that helps.

Cheers
Phil

[simpleforex]

Hello Traders,

when I checked my trades later on eurusd & audusd I walked away with zero profit, yes, break-even due to the temporary retracement back to the downward trendline that was intersected. the gbpchf trade was also a breakeven trade when price came back up and intersected the downward trendline.

This happens, sometimes you get a trendline breakout and the price shoots to the moon! sometimes, it come back down just a few candlesticks after intersection, finds support on the intersected trendline then goes up again.


Cheers

[simpleforex]

TRADE SETUPS TO WATCH OUT FOR...

[simpleforex]

Havent given up on gbpchf yet...got out with a BE last time...now Im in again...lets see if the market gives me something this time.

[simpleforex]

nzdusd...that one has been playing tricks on me for a long time ...I went short yesterday, now its heading back up to the TL...There is also a possible short setup happening...it might pay for those guys who'd like to watch this pair...

[Ramirez]

Hi,

thank you Phil for your detailed explanation.


another setup

[TrendTrader]

Eur/Usd, it is still running well to Resistance 2

[TrendTrader]

Thanks simpleforex for this good setup. nzd/usd got triggered, but it is in slow motion. Tight stop loss

[TrendTrader]

This may trigger, it is forming a pinbar candlestick. It is Friday