All you need to trade is a horizontal line - TheRumpledOne

shud I give it go?

I made it to the end of this post and will give try to learn price action trading using horizontal lines from tommorow...

time to get matters in own hands :devilish:
and get rid of confusion

"and then I run into this
BUY
"Breakout Bounce Trading Strategy"
Only 1000 Will be Sold
After That, You Won't Be Able To Buy It At ANY Price
$500"

For One straight, horizontal line???

Good Work to bring me there
Is that, what`s called trading psychology?
 
Last edited:
blancspa said:
I made it to the end of this post and will give try to learn price action trading using horizontal lines from tommorow...

time to get matters in own hands :devilish:
and get rid of confusion

"and then I run into this
BUY
"Breakout Bounce Trading Strategy"
Only 1000 Will be Sold
After That, You Won't Be Able To Buy It At ANY Price
$500"

For One straight, horizontal line???

Good Work to bring me there
Is that, what`s called trading psychology?
Click to expand...

That has NOTHING to do with this thread.
 
fkvaeb.jpg


See the RED H1 candle?

See the RED H1 candle crossed the HORIZONTAL LINE at 1.3625?

A short at 1.3625 would have netted you 10 or more pips.

THAT'S WHAT THIS THREAD IS ABOUT!!
 
sure

Seems pretty straight forward (it is not the spoon that bends...etc, etc)
I agree with you 100% in theory

I was thinking to do the same actually but didnt know where to draw my horizontal line

Hope it works in practice


Could you specify your exit point and stop loss once again ?

thanks
 
Last edited:
blancspa said:
Seems pretty straight forward (it is not the spoon that bends...etc, etc)
I agree with you 100% in theory

I was thinking to do the same actually but didnt know where to draw my horizontal line

Hope it works in practice


Could you specify your exit point and stop loss once again ?

thanks
Click to expand...
You can have your lines anywhere. That's why it's called psychological lines. I have worked with the 5min chart with the psycho lines every 10 pips away, trading in the direction of the H1 and strong trade if its in the direction of both H1 and D1.

The easiest way is to trade only the open of a new hour and have your lines at the 00, 25, 50 and 75 marks. You'll find there is more price action around those areas, especially the 00 mark.

I think one of the rules is NO DOUBLE DIPPING! Get in at the cross of a line, get out with your 10pips. If you can manage 10pips from a few currency pairs an hour, you have no reason to double dip anyway.

As for your TP and SL, as stated before, you only need 10pips at the start of the hour.. it ADDS UP. One hour you may have 3 different currency pairs at 10 pips, thats 30 pips there. The start of the next you may have 2 pairs. In 2 hours you have 50pips.

Tro may know a suitable SL to use.. you could use 20. Although you'll read everywhere NOT to use that kind of risk to reward, I find if your winners outweigh your losers, you'll be alright. 1 loss will result in 2 winning trades down the drain (having 20sl) but if you have that 1 loss after 5 trades, you'll be ahead. Then again, a better way would be setting your SL and TP based on your money management.
 
Trader333 said:
It takes me less than 0.5 seconds to decide to take a trade, hit the hotkey to enter and get filled.
Click to expand...

Hi, Paul

May I ask you, which software are you using for placing orders?

Also, which order types are you placing?
Assuming they're limit orders with stop-loss at least as
secondary order - it's interesting to know the soft in first question,
because (from my modest knowledge) it is impossible to
put limit order with predefined stop-loss order on Metatrader
in 0.5 sec.

I could do so in about 0.5 second from TradeStation matrix with predefined OCO
as stop-loss and profit-target in one-mouse click, and just wondering,
whether other trading DOM(s) is capable of doing so.

NinjaTrader may also be one click quick, but I'll be more
interested to know, if any ECN broker's software is capable of
achieving such speed.
 
rols said:
just received this from a fellow trader who occasionally looks in here but never posts
(BTW he is no relation to the JJ or jayjay members here - just coincidence)

liked his sentiments, rather caught the Zeitgeist IMO

How do you tell them?

They sit at their screens for 8 hours a day, waiting for a green bar to form thru the BUY ZONE or a red bar to form thru the SELL ZONE, so they can scalp 3-6 pips (after spread 0-3 pips for most). Gruelling...

They think this is where the action is - 5 min bars, 1 min bars. Rubbish.

It's all Fire & Forget.

Trawl. A blanket of currencies - not just one, or two. Hit the majors full tilt. Hundreds of pips - per day! They wont believe you. Or me...

I set my trades - I have 10 live right now. On all of those pairs that show a specific trend. Some don't.

Fixed stoploss. Fixed target just in case it blows away in my direction while I'm asleep, taking a walk, reading, meditating, shopping, swimming, playing squash - WHATEVER.

The thing is, I come back to my screens a while after pulling the trigger - hours later maybe, and I adjust my stops to 'take up the slack' and lock in some profit, maybe tweak the target - maybe not, who cares? It's ALL about not caring.

Once you get the general direction right it's all plain sailing.

They don't get it....It HAS to be more complex, or difficult -or it simply isn't possible.

Cry out loud....

JJ
Click to expand...

I likes this(y)
 
May I ask you, which software are you using for placing orders?
Click to expand...
I use IB

Also, which order types are you placing?
Click to expand...
It depends, usually limit orders but sometimes market

Assuming they're limit orders with stop-loss at least as
secondary order - it's interesting to know the soft in first question,
because (from my modest knowledge) it is impossible to
put limit order with predefined stop-loss order on Metatrader
in 0.5 sec.
Click to expand...
I don't use Metatrader

NinjaTrader may also be one click quick, but I'll be more
interested to know, if any ECN broker's software is capable of
achieving such speed.
Click to expand...
I don't use Ninja either just the IB platform which is fine for my needs


Paul
 
IB is a direct access broker and I use Tradestation 2000i for my charting needs. For the sort of analysis that I do IB is not capable of doing this as I have written my own scripts.


Paul
 
OK, thank you.

I'm using MB Trading for Forex trading, MB Trading Metatrader for Forex charts & data feed,
TradeStation 8.4 for e-mini trades and all sort of charting.
 
Why can't we see what price is doing?

34gq93k.gif


Price is either moving up, moving down or not moving at all.

What is wrong with our eyes that we can't see what price is doing?

295snyt.gif


It's so simple, price is either moving or standing still.

2z9acde.gif


Why do we need colors to know which way price is moving?

ru1gcx.gif


Does adding a line really make it easier to see what price is doing?

m7cas0.gif


Well, if adding one line makes it easier then adding more lines should make it even easier, right?

sp85dx.gif


Why can't our eyes see the "trend"?

n6mw0.gif


Maybe adding another chart will help us see...

25jegr9.gif


Naturally, if adding another chart makes it easier, we should add more.

2unwp08.gif


If only someone would tell us the "magic" numbers to use...

mcyfpf.gif


Price either climbs up or down a "stair".

xpwric.gif


You mean to tell me I can think of price going up and down stairs?

IT CAN'T BE THAT SIMPLE!!
 
TRO are you using Alpari to trade, if so how do you like their platform/their all round 'behaviour'?
 
Black Swan said:
TRO are you using Alpari to trade, if so how do you like their platform/their all round 'behaviour'?
Click to expand...

I use MT4 for charting only.

Only those who are ignorant ( don't know better ) or stupid ( know better but do it anyway ) trade with fixed spread bandits.
 
neil said:
TRO - here are some parallel lines used in trading on another site. Wait for "train to stop" then catch next one out tha breaks any line drawn at 10 or points spacing that ends in a zero!
C4 Scalping - for Poor Traders @ Forex Factory
Click to expand...

What are those squiggly lines doing on the chart?

If you look back a page or two, you will see charts showing lines spaced 25 and 10 pips apart. Perhaps they saw it, too.
 
Don't miss the train

TheRumpledOne said:
What are those squiggly lines doing on the chart?

If you look back a page or two, you will see charts showing lines spaced 25 and 10 pips apart. Perhaps they saw it, too.
Click to expand...

Yes - you are correct. One must remember to not allow the rats to get one as Frankenpips from FF would say.:)
 
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