Trendline Channel Trading

Discussion in 'Trading Strategies' started by Dary, Feb 23, 2014.

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  1. Dary

    Dary Dary McGovern Staff Member

    The following video provides an example of how to open a long position when the price tests a support trendline. Two additional trendline trades are set up to take profit if the price hits a resistance trendline, or stop losses if the price breaks a trendline positioned below the entry support trendline.



    or click here to view the video on YouTube

    In the video the take profit and stop loss trades are set up to 'close position' and 'pause active alerts'. The 'close position' order will close long and shot positions if they exist; if there is no long or short position then no trade will be executed.

    When the price tests the support trendline, it will pause as it is not set up to reactivate, leaving the take profit and stop loss trend line alerts active. If the price breaks the stop trend line, then the 'pause active alerts' setting will pause the take profit trend line alert and vice versa if the price tests the resistance trendline first, the stop trendline alert will be paused.

    Technically, this step is not required as the 'close position' order will only execute if there is a position to close, however it is good practice, as one of the alerts could be running when you create a new trade at some point in the future.
     
    Last edited: Mar 4, 2014

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