DRAWING AND TRADING OF TRENDLINE BY YOURSELF
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Thread: DRAWING AND TRADING OF TRENDLINE BY YOURSELF

  1. #1
    Trader Toyen's Avatar
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    DRAWING AND TRADING OF TRENDLINE BY YOURSELF

    Introduction:
    Trendline strategy is a powerful strategy that works with support and resistance levels, it does not need too much workload to be traded, it needs the drawing and the correct analysis from traders to trade it. I see that this strategy is still very not famous on a forum like this, i am using this avenue to teach traders most especially the newbies how to draw and trade trendline by themselves. I have being using trendline since my 3 years forex trading experience, it is the strategy i can not afford to miss for trading. It is not so hard to do this, we also have to be careful not to be doing the drawing in the bad way. I will try and teach it based on my understanding of the trendline.

    Time Frame:
    You will decide your time frame by yourself. The traders that will want to scalp by using trendline will have to use small time frames, those that will want to trade long term will use larger time frames for it. I am using 4H for my trendline analysis, it is the one that is convenient for me.

    Trendline Drawing:
    Link two most important highs and lows together on the chart. You will leave it when you do not see a peak or low that is good enough to link together. This later condition is not common in the market, but it exist anyway, we have to be prepared for it.

    Picture samples:
    You can use the three different examples as shown in chart below to know how to draw it better as pictures speaks a thousand words.







    Stop loss and Take profits:
    You can decide your stop loss and profit target by yourself, your practice of this strategy will help you to achieve that. As for me, i use low stop loss for trendline, it is safer in that manner, i use 25 pips in most cases. And for profit target, i use 80 pips in most cases.

    Strategy explained:
    After drawing the trendline, it will have two lines, the upper line is called trendline resistance, and the lower line is called trendline support. When the market breaks above the trendline resistance, you will buy. When they market breaks the trendline support, you will sell.

    You can try this simple strategy every day of your trading and your trading lifestyle will remain positively changed forever.

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  2. #2
    Trader Toyen's Avatar
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    This is a good strategy which is simple to trade and when you want to use it, my advice has to be followed and you will not have problem in trading it. I know that many traders like to use the automatic trendline, but trading of this strategy is more than that in case you don't have access to the automatic indicator you are using for it. Discuss with me on this.

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  3. #3
    Trader sniper007's Avatar
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    Well, To be honest, I don't see this as a trading strategy, because you are not placing the lines at the right places. Your lines are invalid. Sorry to say and this could cause some newbies to make mistakes. Well, if you have taken trades with the trading strategy can you show us and explain more, maybe I might be wrong.

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  4. #4
    Trader layigold's Avatar
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    Quote Originally Posted by sniper007 View Post
    Well, To be honest, I don't see this as a trading strategy, because you are not placing the lines at the right places. Your lines are invalid. Sorry to say and this could cause some newbies to make mistakes. Well, if you have taken trades with the trading strategy can you show us and explain more, maybe I might be wrong.
    Could you please give us your own chart that shows the correct way of drawing trend line ? With what I can see in this thread, the trendline very correctly drawn but his ability to properly make use of that to trade profitably is beyond what I can judge . It is good to appreciate the efforts of others especially those who take pains to attach charts to make their illustrations more explanatory .

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  5. #5
    Trader famousfx's Avatar
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    I really appreciate you effort to draw all this chart to drive your point home , more grease to your elbow, trend line is a good strategy for traders to trade and get a lot of profits, if the trader is able to get it right in drawing it immediately the trend line is broken by price the trader just need to be patience to see retest of the level before placing his order and surely it is going to be winning trade.

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  6. #6
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    it is good that your taking out time to educate newbies on how to trade with the trendlines,even by attaching your chart that way we can easily pick the massage you are passing.trendline is indeed a powerful tool for trading the trend,helping we newbies to be able to identify support and resistance when the market is trending.

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  7. #7
    Trader techboy's Avatar
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    Trendlines can be traded alone for sure, what is only important here is for the particular trader to familiarize himself in drawing trendlines properly otherwise he will just end up having wrong entries, practically any strategies may work to every trader provided that you are very familiar of the particular method you are using, sometime you need to adjust the rules to fit in to your preference, most newbies and even experienced traders just blindly follow certain system or indicators which could lead to poor results.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  8. #8
    Trader Toyen's Avatar
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    Quote Originally Posted by Kudus View Post
    it is good that your taking out time to educate newbies on how to trade with the trendlines,even by attaching your chart that way we can easily pick the massage you are passing.trendline is indeed a powerful tool for trading the trend,helping we newbies to be able to identify support and resistance when the market is trending.
    Thank you for that, it is our work on the forum to educate ourselves, i am only doing my part from it. I wanted every trader to know how to draw the trendline by themselves because it is the automatic trendline i am always seeing on this forum, and when you don't have access to the automatic trendline, there is no way you will be able to use it when you can not draw it yourselves. It is simple to draw like you see above, and it is powerful to give traders big money too.

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  9. #9
    Trader Senorita's Avatar
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    With common sense and after a good practice about candlesticks pattern, we can easily draw up good trend lines and weigh the possible support and resistance levels to know when will be the right time to make a good trading in forex. This is going to be profitable for us and would sure amount to making solid entry. With the line tools we can draw this lines and work to see how the market can possibly react in trading.

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  10. #10
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    Any trader that knows me very well will be able to denote that I am one of the traders that love to trade trendline strategies, it is strong and effective to trade the market, that is why I like it. I know how to use both automatic and manual trendline, the same principle applies to the two of them, only that the trader using them have to be very careful if they are actually opting to draw it by themselves, lots of mistakes could be made.

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