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-   -   Trading bounces off daily chart trend lines (https://www.forexfactory.com/thread/526483-trading-bounces-off-daily-chart-trend-lines)

price777999 Feb 13, 2015 7:44am | Post# 1

Trading bounces off daily chart trend lines
 
I wanted to start a thread for anyone interested in trading bounces of trend lines drawn on daily charts ...

Feel free to post some charts !

If there is nothing to find on the daily's I'll go down to the H4 charts ...a work in progress.

price777999 Feb 13, 2015 7:53am | Post# 2

1 Attachment(s)
Possible long here , gbpusd .
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price777999 Feb 13, 2015 8:01am | Post# 3

So basically my idea for the system is , enter at the touch of the trend line then target should be minimum 3 x the stop .Stops will be around 100/200 pips .

Another option would be to zoom in to the H1 chart at the touch of a line and watch the price action ....then hide your stop behind a pin bar or whatever .

The only hard rule at the mo is minimum 3 times stop .

price777999 Feb 13, 2015 8:04am | Post# 4

1 Attachment(s)
think i will short here for the first example .
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price777999 Feb 13, 2015 8:14am | Post# 5

1 Attachment(s)
so this is the zoom in on the H1 chart ...
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Name: firsttrade.PNG
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price777999 Feb 13, 2015 8:17am | Post# 6

So i'm expecting a low win percentage , that's why the target has to be 3:1 .

price777999 Feb 16, 2015 1:13pm | Post# 7

1 Attachment(s)
So i built a stop and target calculator with the fib extension tool ...works well .

I put a halfway line in ,so when price is half way to target i move to break even .

Anyone know a good trend line ea/indicator, that will buy/sell at the touch of a line ? preferably a free one
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price777999 Feb 17, 2015 6:35am | Post# 8

2 Attachment(s)
long gold , line from the H4 and i liked the price action on the M30 .
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price777999 Feb 17, 2015 7:42am | Post# 9

1 Attachment(s)
hmmm that was a bad line , I was too keen to get it
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price777999 Feb 17, 2015 7:50am | Post# 10

I wanna bail the gold trade but I think I will have a hard rule to set and forget.

price777999 Feb 17, 2015 12:53pm | Post# 11

1 Attachment(s)
was stopped ....long again , one at 3:1 and one at 7:1 .
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Name: H4gold.PNG
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price777999 Feb 18, 2015 5:31pm | Post# 12

1 Attachment(s)
Oil trade ,almost on target ...will be the first winning trade of this method ,if it makes it .
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Name: oil1.PNG
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price777999 Feb 19, 2015 6:38am | Post# 13

Oil trade made target , I've made 7 trades total 6 losers and one winner , and my account is already in profit ..

All I need to do is keep my hit rate above 30% and I should be ok ...I think ?

VuTrongAn Nov 15, 2018 10:09am | Post# 14

Hello ? Why did you stop? You're still in profit


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