hello strangeguy , can you tell me what account size you use for those trades? so as far as I understand you have $10 pip value which means one trade = 100.000 units but what is your account size? and what leverage do you use to trade that lot?
andrew
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Hi again Andrew. This is a good question. And one that each trader must in fact answer for themselves. There are plenty of money management threads here on FF that will give you guidance to answering that question for yourself. I think that I may have mentioned this but I increase my lot size as I am performing well and have more faith in my lines. I don't ever trade enough to move the market. I normally will start with .5 lots and progressively increase.
I saw your Charts, thanks for posting it. I saw a 1 Hr and a 15 min. Chart, where you draw the Trendlines, do you also trade on the 1 Hr and 15 min Chart, or do you trade on the 5 min. Chart like you wrote in your first post?
Regards Erkro
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Hi Erkro, a trend line is more price specific at a certain time. So, it doesn't matter what time frame you view it in, it should be the same price in time. I do trade watching the 5 min view mostly because it will show me a more close view of the relationship to the line.
Nice work on starting this thread StrangeGuy! It really is as simple as you make it. In a similar light, the Cornflower system is working wonderfully for those who use it for the same reasons that the Trendlines work for you - the bounces are predictable and they work around 70-80% of the time. Take your profit at 10-20 pips unless there is a reason on the higher timeframes to make you think that it's worth the longer ride for greater pips. Never let a winner become a loser. Piece of cake.
and, StrangeGuy, never, ever, EVER let other people on any message board bully you to edit yourself. Your opinion has every right to be on this board in whatever form you wish to present it, and if they don't have the guts to take you on here in the public forum and instead have to hide like sissies in their PM's, well then they are just cowards at heart and don't deserve an ounce of your energy in response. my .02 + a pip or two
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Thank you Repipula. I am reading about the Cornflower system now. Great thread of good information so far. That is absolutely correct. Never let a winner become a looser!
I think this is a good example of what StrangeGuy is saying. Break at the trendline. Look at price action after the trendline was confirmed at the third touch. That is bearish price action, and a break of the trendline could have been forecasted correctly. An easy 10 pips.
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Exactly Bebop! Thanks for the great post! Easy money anytime.
Hey Strange Guy, thanks for the post, tell me what stop loss do you use? 10 pips is a small amount and a stop of 10 pips may easily be hit.
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Hi Digimix, because I have a fixed price point in time I kind of play it by ear. Mostly do 5 pip stop but sometimes 10. If you are one that wants more than 10 pips or so per trade the beauty of trend lines is sometimes they are moving with your direction. So, you can easily keep adjusting your stop in your direction and stay under the trend line. If the line breaks, you want out ASAP. Breaking by 5-10 pips could mean you need to go back to the drawing board anyway so just get out and trade again next time.
I could do this all day, but here's a set-up. When you take profits at 10 pips, and market looks like its going to continue in direction, its not like you can't make a new trade.
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Hi Bebop! Great high profitable entry points all around. You got to love it. I missed the first one but played the second (for 12) and now in the trade for the third touch of the line. A few pips may not seem like much but you have to think that buy and holders have made less than that during this time frame.
Thanks StrangeGuy. OK..stop could go to yellow horizontal now which would also be b/e.
I always need to make sure that there is at least a 10 pip gap to the next probable turning point before getting into the trade.
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Correct. Yes, you can play up and down in the channel. I shouldn't have to say this but trading against the higher trend always increases the overall risk. This is totally bias but I still feel the trend is still up. Just take care.
You could short at red line, and reverse if it breaks. Target is always 10 pips for me. Stop is never more than 8 pips, and in this case only a few pips.
How exactly do u draw these lines? they seem pretty random...I dont mean randomly drawn, but it just seems like up pick tops and bottoms and connect them together...how do u use them? do u trade the gaps between certain lines? thanks
I've been just connecting a couple swing highs or lows and anticipating a bounce. And buy or sell on the bounce. I've been identifying the daily trend first and then dropping down to a smaller time frame and trading the rallies.
Yes, lines are connected from top/bottom and vice versa, top/top and bottom/bottom, and anything else that looks "right". Your looking for center lines, as Andrew's called them.
Hey Bebop could u please tell me how u are posting your images. Ive tried copying mine to Paint first and then posting them but no deals. They dont look the same as yours.
Hi Erkro, a trend line is more price specific at a certain time. So, it doesn't matter what time frame you view it in, it should be the same price in time. I do trade watching the 5 min view mostly because it will show me a more close view of the relationship to the line.
StrangeGuy
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Hi StrangeGuy!
Thanks for your answer. I also use TL's on every Timeframe it's very important for me. I only wanted to know if you trade most of the time on the 5 min. chart. Ok, thanks for your answer.
Regards Erkro
