ALL YOU NEED TO TRADE IS A HORIZONTAL LINETRADING IS SIMPLE.
There is an entire industry built around making you think it is complicated.
All you need is a HORIZONTAL LINE on your chart to be a profitable trader.
I bet you doubt me, don't you?
Go long when the price moves UP to a price ends in 00, 25, 50 or 75.
Go short when the price moves DOWN to a price ends in 00, 25, 50 or 75.
IT IS THAT SIMPLE!!
Look at the chart and see how many pips you can make when you trade with the H1 candle color.
You can do this with stocks, currencies, futures, etc.
Oh when to take profits? Where to place stops? Just DON'T BE GREEDY and use COMMON SENSE! Learn some money management.
Pick ANY candle on the chart.
1) identify the color.
2) let the candle close
3) if the next candle is NOT the same color then:
if the current candle is GREEN go LONG at the FIRST line it approaches
if the current candle is RED go SHORT at the FIRST line it approaches
When to exit? Usually, when price stalls.
Stop loss? If price crosses the previous candle's midpoint.
Does that help?
If H1 candle closes green then on next red candle go SHORT at the line.
If H1 candle closes red then on next green candle go LONG at the line.
Be patient. Don't rush the trade.
Don't be greedy and you can rack up the pips.
I know you from elite member forum of forex-tsd. Now, I also meet you here.
You are really very kind when coding and giving free indicators to the public.
I love your style.
Hope you can help more and more inexperienced traders like me when we need you help.
Thanks and regards,
Here are the open price lines for the last 24 hours.
TRO: You know what the real problem is with people not believing in your methods' simplicity? I think I know: it's because you cannot do much of this simple stuff in backtesting by just looking at a static completed chart. You have to replay the candles tick by tick or just forward test on live data. When you say "trade in the direction of the 1H candle over a horizontal line" most people then look at a static historic chart and see all of the "whipsaws" over various lines and say "impossible". But in real time, with common sense, it's a whole new story. I think this is the problem for most people.
I agree. Keeping it simple is best. Trendlines are my personal favorite.
I don't know why I can't wrap my head around this. I am a graphical kind of guy and I still don't get it. I see the logic in it and want to try it out. Can you post a mini video of it. Also where did you get the detailed info to display it on your screen.
wHAT DO YOU MEAN AT THE FIRST LINE IT APPROACHES?
Hi! Is it possible to change the PERIODICITY, like 2H, 8H and so on... in MT4 platform??
Please clarify briefy. how to draw horizontal line on chart, i am newbie.