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

[azadali]

Hi azadali,

Thanks for the reply. Was just interested to know how far back you would go to assess the main trend line.
Also very new to FX but learning from everyone here.

Good luck!

I usually go back 1 year and a maximum 2 years. I normally go into the h4 and daily charts(usually a years worth of candles) and draw the trendlines. if the trendlines have been touched a few times then I dont see the need to go too far back.
As I say, Im still learning so if any experts reading this, please correct me if Im wrong.

Thanks

[toinou21]

Good morning every one. I reached my target for nzd/usd and also for aud/usd. 50 pips as usual. i'm currently looking eur/usd.

[GoldenEye]

hi toinou21,
Is there a reason you did not aim for the previous swing high as a target (as per the strategy) instead of 50 pips?

[GoldenEye]

At the moment 145pips on the Kiwi and 150 on the Ozzie. Let's see if it holds.
Think the poor nonfarm payroll and higher unemployment rate helped (http://www.dailyfx.com/forex/market_alert/2010/12/03/U.S._Nonfarm_Payrolls_Adds_39K_in_November.html).
Also booked 580 pips on the Euro with 2 orders. Went Long because I was under the impression that the main trend is still up. Lucky I guess.
Strategy is working for me so far. Hope you guys are doing well too.

[GoldenEye]

Did not mean to sound like I'm glad about the poor NFP and unemployment.

Do you guys just implement the strategy regardless of fundamentals and announcements?

[toinou21]

hi goldeneye,
yes, i'm taking 50 euros (not 50 pips sorry about that) because i wanna grow my account to 10 000euro, then i will take longer trade. Basically i'm doing 4 trades a day, thus 200 euros a day and I'm looking 11 different charts. I have the best result on eur/jpy. i hope i answer your question.
And when i use this strategy i always pay attention to the news and the fundamental approach.

[GoldenEye]

Well done toinou21 and good luck with your goal.Wish I could spot 4 trades a day.
Looking into the smaller TF's on my main trades to see if I can ride smaller waves. I understand that this is how myronn managed to enter so many trades.
Thanks for the reply. Hope this will be a good week for us.

[azadali]

Here's a EUR/USD chart. This has been resistance before. Maybe wait to see what the next candle does?!?!

[azadali]

Had an entry order @ 1.33600, got filled and when I woke up to check in the morning I was up over 90 pips, but have closed the trade now. Up 79 pips.

[GoldenEye]

Thanks to toinou21 I checked out the EUR/YEN and got 84pips.
Thanks guys for sharing your setups.

Also in the AUD/CAD. Ranging a bit. Let's see.