Free Strategy from me to you

[4xallday]

Hi I would like to share with you an easy but effective little strategy Iv put together that has worked very well for me, All you need to know how to do is draw a trend line.

Ok heres how it works first off these trend lines only need two points to keep it really simple. Let start with an upward sloping trend line. First you have to have a low to start your trend line and then you need to find a higher low. Connect these two points and you have yourself a trendline. Now all you have to do is wait for price to break and close below this line. The next step is to look to your left on the chart at the same level and below the point that price broke the trendline. If it looks choppy do not open a trade if it looks like price is vertical up or down enter. Thats it, its that simple now all you have to know is what size stoploss and take profit to use. This can be used on any time frame but you will need to adjust your stop loss based on the time frame. Il used the 15min for an example. On the 15 min I look for pairs with lower spreads and then I use a 30 pip stop loss. I then open two positions one with 2/3 of my position and the other with the remaining 1/3 for the 2/3 position I set a take profit at 15-20 pips and for the 1/3 I trail a stop loss following the slope of the trend line. You will find even on the 15min time frame that the second position will sometimes go for hundreds of pips. I will post a picture to help you understand how all this works.

[bobmaninc]

OK thanks for sharing. I dont use trendline all to often. But this is a different style than I use. I generally trade in direction of the trend after retesting the trendline. Or for counter trend I wait for the break then retest. Do you use top down analysis such as trade in the direction of the weekly or daily trend but trade off the 15 min. Seems to be ok but I see alot of false breakouts with this that could cause whiplash if you are not careful. Reason I ask about looking at higher time frames is based on that chart this is a rail road track on the daily.

Lastly that is a 1hr chart not the 15min (might want to edit that)

[4xallday]

Yes with counter trend such as this you can wait for a retrace to get a better price, though sometime it will take off without you. As far as the 15min or 1hr you can really use this on any time frame, I use it on the 15min 1hr and 4hr. I do sometimes look to higher time frame but you dont want to go to high for example if Im going to trade on the 15min I would look at the 1hr if I was doing to trade the 1h or 4h I would look a what the daily is doing. The trick to avoiding false breakouts with this is what I call trading into space. When I look to the left after the break of the trendline I want to see nothing or nicely flowing price actions, such as the chart shows above. It I look to the left and it looks really choppy chances are good that you would be trading into a strong area of support or resistance and would then get a false breakout followed by the market setting up in the other direction which you want to avoid. You will notice over time though once you get an eye for it, that when you trade into open space and/or nicely flowing price action you will easily hit your first take profit. Also the reason that I trade two positions is that I want to be in a risk free trade as soon as possible. Once my first take profit is hit I will move the stop loss on the second position so that the worst I can do is break even. feel free to keep asking questions. Once you get the hang of this you can easily win 75 to 80% of these setups.