Simple Setups To Trade | Foreign Exchange EA Download - MT4/MT5 Resources
Hi everyone, wanted to post this simple method of making points and see if anyone could show the simplest setup for us all to share...
This is based on trading trend line breakouts, not the subjective TL that seems to be almost all over people's charts, but the short term TL plotted on the 1 hour to 15 minute timeframe...
Here are the basics…
1/ Strong price movement, preferably a trend in that direction, but not required.
2/ There is a brief consolidation/retracement, we can draw a trend line under it
3/ Take advantage of opportunities to trade.
How you proceed with the trade is up to you, but for most pairs a stop loss of 15 pips can be used, or you can use the high of the retracement.
How you view TL breakouts is also up to you, but in most cases, even a 5-10 point breakout is good. You can also wait for the 15 minute bar to close, but in many cases you will lose a lot of the trend by doing this.
We often see some kind of PA trigger line at the top/bottom of a retracement, which can be traded via traditional means.
In most cases, the first target or problem area will be the low of the retracement, but of course, if we catch the trend, the price may rise further. If you are already trading, this is also a great way to add to your position.
Before I start, I think TL works after only 2 touches on this setting.
When prices fluctuate for long periods of time, it's a sign that it's not going to be a good deal. I like retracements to be short and sweet to capture the momentum of the previous move, preferably to a clear R/S level before showing obvious signs of exhaustion.
Oh... I personally prefer selling the longs because there seems to be a faster, stronger move.
have fun...
Jon
This is based on trading trend line breakouts, not the subjective TL that seems to be almost all over people's charts, but the short term TL plotted on the 1 hour to 15 minute timeframe...
Here are the basics…
1/ Strong price movement, preferably a trend in that direction, but not required.
2/ There is a brief consolidation/retracement, we can draw a trend line under it
3/ Take advantage of opportunities to trade.
How you proceed with the trade is up to you, but for most pairs a stop loss of 15 pips can be used, or you can use the high of the retracement.
How you view TL breakouts is also up to you, but in most cases, even a 5-10 point breakout is good. You can also wait for the 15 minute bar to close, but in many cases you will lose a lot of the trend by doing this.
We often see some kind of PA trigger line at the top/bottom of a retracement, which can be traded via traditional means.
In most cases, the first target or problem area will be the low of the retracement, but of course, if we catch the trend, the price may rise further. If you are already trading, this is also a great way to add to your position.
Before I start, I think TL works after only 2 touches on this setting.
When prices fluctuate for long periods of time, it's a sign that it's not going to be a good deal. I like retracements to be short and sweet to capture the momentum of the previous move, preferably to a clear R/S level before showing obvious signs of exhaustion.
Oh... I personally prefer selling the longs because there seems to be a faster, stronger move.
have fun...
Jon
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