LTS (Linear Trading Style)

hi

first of all, thanks socrates by the name ^_^

I will introduce a trading system called LTS (Linear Trading Style) that I hope will be useful.
It is based on the EURUSD pair in 1-hour timeframe in the linear chart.
It is a very simple system that throughout the day we usually take between 1 and 4 or 5 entries.
i trade between 9 and 19 GTM + 1

the rules to buy are:

.- Look at the pair and search the last two peaks higher in the chart. If the last peak is lower than the previous one, we draw a trend line that will be downward.
.- With the trendline drawn, we wait until the current bar close above the trendline.
.- if the bar close up of the trendline and there're not others peaks ,then at the beginning of the next bar we opened a buy position with a TP of +20 pips. if at the end of the current hour (bar) we do not take TP, close the trade manually

for sell orders is the same but in reverse

you can see one example in the picture I've attached.

Also you can follow my journal of this system Journal

What is your SL?
Thanks

i don't use fixed stop loss

if i open at 12 gtm + 1 for example, i close the trade at TP +20 pips or at 13 gtm + 1 taking profit or losses

How long have u been trading ds sysytem and what is d succeess rate that u can give in terms of win & lose trades?

Is only useful 4 H1 only?

since february.

with this system i made about 40-50 pips by week more or less
there're weeks with negative results and others with big profits

yes, i trade only in 1 hour. sometimes in 15min chart but i prefer 1 hour chart

yes, sounds like a great name for a great system!!!

as i told you, will be in Barcelona next week...keep it up morillo!

socrates

i trade between 9 and 19 GTM + 1

GTM? Did you mean GMT?
thanks for sharing

Can you please specify how you certificate a system to be "Great"?

It was presented 9 hours ago on a Friday, so what's you critic on it???

Thanks in advance

hi cobraforex,

i've been in touch with morillo through PM before showing his system on friday and following his trading style even before that. The results seem to be ok and profitable.

Looking at it closely, you are completely right that my comment does not make much sense in this context (new thread, no arguments pro & contra). It was more a kind of a "word play" reffering to the name he gave to his system, thats all. This is a public thread and i should have send it to him by PM in order to avoid confusion.

If it is a great, good or bad trading style? Every trader is a world, so there is no ideal trading system/style for everyone. My personal opinion is (according to the way i think fits me):

Great because it is simple, clean and good TF specially for newbies

Good because it has its specific rules for entry, TP, SL (essential) and seems to be profitable

Bad because of risk/ratio and MM (small winners and leaves many pips on the table)....can be improved easly (using partial TP and moving SL to BE)

Bad only using trendlines without any S/R which is essential in my opinion (or fibo, pivots or bollinger).....can be improved easly

I highly appreciate your comments and experience you offer here and in your thread.

socrates

egg: yes it's gmt sorry

for me is more important in a system when you close a trade that when it's opened
when i defined this sytem i was looking for a system that was easy and simple and a system that was more important when i must exit than when i must entry
it's true that a system must have a clear point of entry and this system have it
the exit it's defined too: close at the end of the bar if we don't take TP.

i posted in journal section this system and socrates contacted me before i posted here in trading systems. he suggested me to change the exit and don't use a TP of +20 pips. he said me that we could close at +20 pips 2/3 of the trade and let 1/3 run moving the SL to BE.
it's a good idea and probably i will try it the next week

Thanks for clarify Socrates

Yep, in my opinion FX as all about S&R, same as in any other biz, driven by offer and demand.

why great system receive no more comments?

to me, it seems that this is a great candidate to apply
"let profit run, cut lose short"

say, when it's time to close, usually u just close no matter TP or SL.

however, sometimes, you see price demonstrated a strong momentum, and obviously produced a significant new high or new low (e.g. you have 200 pips floating profit). so why not keep it instead of closing it? you can move stoploss to lock maybe 50 pips. and let it run.

My suggestion above is not stupid commen 50 pips trailing stop.

o, i c i'm wrong somewhat, however, u can still feel my point.