levels line up right smack with the trend? (3) I place my profit target within the level of the previous high. You think to yourself, Hmm, thats a sweet uptrend right there. Indicator: I use only 1 Metatrader4 indicator called Swing ZZ(zz for zigzag). In their most basic form, an uptrend line is drawn along the bottom of easily identifiable support areas (valleys). It is freely available in the net, just google it and you can download. It is important that you identify the main trend once that is identified, your trading decisions are based in the direction of the main trend. There are exceptions where you can go against the main trend, but I wont touch on that here.
Thanks to the programmer who wrote. I call this trendline trading strategy because it involves drawing trend lines using the swing highs and lows of the Swing ZZ indicator. Trend lines are probably the most common form of technical analysis in forex trading. Before you do that though, why dont you reach for your forex toolbox and get that Fibonacci retracement tool out? Edward Revy, hello all, First of all, this site is awesome. If drawn correctly, they can be as accurate as any other method. Remember that whenever a pair is in a downtrend or uptrend, traders use Fibonacci retracement levels as a way to get in on the trend. (b) I place a sell stop order, at least 5pips below the LOW of the candle that touches or intersects kraken test bitcoin the trendline. Another good tool to combine with the Fibonacci retracement tool is trend line analysis. For me, when I want to trade on the hourly chart, I first check the daily chart and also like to see what is happening in the 4hr chart as well to see if I can spot an obvious trend or channel or congestion happening. Myronn email: myronn_s(at)m, edward Revy, m copyright Forex Strategies Revealed, advanced technique #9 (System Selection Technique).