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

[ardasu]

is this setup valid?

[il brigante]

Got stopped out on cadjpy -52 pips

[il brigante]

Got stopped out audusd -4 pips

[il brigante]

Made 43 pips on usdcad

[il brigante]

made 110 pips on nzdjpy

[simpleforex]

Good morning Mr.Myronn ;
I have a setup EURGBP sell.Could you write your opinion please?is it right setup or invalid?

Ardasu,

Just got back from some crazy adventure, a break from trading...

having a look at your chart, I just cannot figure WHERE your took your trade and really there is no reason for you entering that trade based on the trendline you drew...

YOu need points 1 & 2 to draw a trendline and when price touches it on the 3, 4, 5th point etc...thats where you enter...looking at your trendline, i can see none of that...so as far as the rules are concerned, that is invalid. but look at the white trendline i have drawn, 1 possible setup with 2 possible entries on the same region and you could have taken those.. the first attempt would have got you stopped out depening on your stop loss position, the 2nd attempt would have been profitable. ok, some will not go for the second attempt, thinking that the trendline is now breached especially those watching in the 1hr timeframe but thats where, majority miss out...why? their focus is only on the 1hr TF...IF THEY HAS SWITHCED TO THE 4HR TF...they would have seen a VERY GOOD reversal candlestick formation...almost an insider bar...THAT would have been a good SIGNAL to go short and you could have managed your trade in the 1hr tf by locking profits etc...

Thats why i often stress the need for multi-timeframe analysis? why? Learn from the eagle...it flies very high and it can look FAR and WIDE and also above AND it can also look down below and with very FOCUSED vision, see the little movements that happen in the grasses or treess...it knows what is going on down below... the eagle has a WIDE-FOCUSED vision of everything. the eagle doesn't swoop down on EVERY little movement it see down below, it doesnt waste its eneryg....it WAITS...it waits for that perfect oportunity when it knows that the ODDS are on its side, only then it strikes.

Is this a good lesson for traders??? its up to you...your choice.

Regards



NEVER CHASE A TRADE setup after it has formed and moved away!

[simpleforex]

is this setup valid?

this is not a valid setup in regards to trendline trading or trendline break, but in case of support-resistance trading, I would say yes, it is a valid setup if you are anticipating the break of the support level by placing a sell stop order.

[il brigante]

Got stopped out on nzdusd -37 pips.

[ardasu]

I thank you simpleforex for your kind explanations.

[FSRUser]

Hi,

I was just wondering, is anybody making the same amount of profits as Myronn did ?

Which was something like 800% in is his first week of using his strategy on a demo account.

Regards