Simple forex entry strategy
How To Double The Account In simple forex entry strategy Day? You can help thousands improve their trading! Who’s online There are currently 301 users online.
Submitted by Edward Revy on October 4, 2008 – 08:30. A truly great work has been done by Myronn, the author of the current Trend Line Trading Strategy. Support-resistance trading, trend line trading, checking higher time frames, money management — the strategy has a concrete-like theory base and a simple implementation — a winning combination, that places it into the category of advanced strategies. Remember, your feedback, comments and suggestions are always in great demand! First of all, this site is awesome. Edward, you are a great man.
5000 account and I would like to share it and it would be great to have many involved in testing this strategy out. But maybe you can learn something extra here. Do yourself a favour and take a look at a chart and see if you can identify a trend. Is there a main established trend? There are exceptions where you can go against the main trend, but I wont touch on that here.
Timeframes suitable for these strategies are the daily, 4h, 1hr, 30mins. It is freely available in the net, just google it and you can download it. Thanks to the programmer who wrote it. I think it is a handy tool to use in this strategy.
So lets get started shall we? I call this trendline trading strategy because it involves drawing trend lines using the swing highs and lows of the Swing ZZ indicator. Get the big picture first, that is very important. For me, when I want to trade on the hourly chart, I first check the daily chart and also like to see what is happening in the 4hr chart as well to see if I can spot an obvious trend or channel or congestion happening in the daily and the 4hour charts. I stay out if there is congestion until breakout of the congestion happens and a trend is established. I place a sell stop order, at least 5pips below the LOW of the candle that touches or intersects the trendline. The trendline can be the daily, 4hrly or the 1hr trendline.