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Magnetic line trading is quite simple, but as with all trading systems you have to get the direction right first……. & you are never going to win them all…
Anyone is welcome to post on this thread & the idea is for those learning the system not to be backward in posting charts with their interpretations of line locations. I cannot help you if I can’t see what you are doing.
Just remember. “Shit happens”
I will start by posting a few charts & over the next few days I will post more charts with set-ups showing my methods.
Feel free to ask questions. It’s the best & quickest way to learn.
Why do I do this. I often ask myself that question… Trading can be very boring. Lots of time spent watching price action going nowhere. So company is good & good company is great. Sharing ideas with like minded people helps the time go by & hopefully leads to a higher percentage of winning trades.Others can trade & post any pairs the like. I can however advise you on your Magnetic line placements.
The best way to learn the system is to practice, Practice, Practice….Go back over old charts & draw lines all over them the way I do to find how targets are found & hit…….whenever I post a chart, copy the lines you see & try to understand why they have been placed where they are.
1. Entry is taken on clear break of the purple trend lines.
2. Exit on target blue lines.
You could say it is akin to breakout trading with clear targets in focus.
Once a target has been reached you should be looking for a target in the opposite direction.All hand drawn. There is no indicator able to draw such lines.
When the purple trend lines are broken I look for a new target in the opposite direction.
Let’s say we are looking to go long.
Draw a line from one resistance point to the other. (Cross line. Usually drawn with the left side higher than the right when going long).
Draw a vertical line from the Lowest candle to where it intersects with the line drawn from support or resistance candles.
Move this line so the bottom of the line sits on the cross line.
The top of this vertical line becomes the target.
Subscribed
cheers
h
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Divergence, Divergence, Divergence. All the so called “big Guys” are calling for trend continuation on all pairs. I’m not so convinced.
The next few posts show charts with divergence pointing to direction changes. Whether this will be minor or major retracements only time will tell.
With New year trading known to be erratic, anything goes. It’s next week when the dust has settled which will be of interest.
Don’t take any targets shown as gospel yet….
Divergence, Divergence, Divergence. All the so called “big Guys” are calling for trend continuation on all pairs. I’m not so convinced.
The next few posts show charts with divergence pointing to direction changes. Whether this will be minor or major retracements only time will tell.
With New year trading known to be erratic, anything goes. It’s next week when the dust has settled which will be of interest.
Don’t take any targets shown as gospel yet….
All hand drawn. There is no indicator able to draw such lines.
Interesting! But what are the rules that define those ‘magnetic lines’?
A good trader is a realist who wants to grab a chunk from the body of a trend, leaving top- and bottom-fishing to people on an ego trip. (Dr. Alexander Elder)
Thanks for doing this KiwiOZ
Subscribed!
fm
i luv lines
“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all
your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of
money at tops and bottoms.”
– Paul Tudor Jones
Hi Simplex.
The target lines are drawn manually from observing “Price action, at support & resistance points”
It is a method of trading I find profitable. It is not the holy grail. There is no such thing.
The target lines help to show the the next support or resistance. It is up to the individual as to whether they take profit at each target on the smaller time frames or ride the waves to the larger time frame targets.
As with any method, TIMING is the hardest part. It is so easy to get sucked into a trade only to find your timing is out & price retraces scaring the crap out of you before turning & heading in the direction you chose.
Hey Lowphat.. Methinks you have seen these lines before..
It is not the holy grail. There is no such thing.
Fully agree! Thanks!
A good trader is a realist who wants to grab a chunk from the body of a trend, leaving top- and bottom-fishing to people on an ego trip. (Dr. Alexander Elder)
Watching GOLD. So long as price does not go through & hold above that purple line, there is a nice target down there.
Doesn’t get any better than that.
Now lets trade it back up to 1192
Eur/Aud is progressing nicely…Aud/Usd also trying to get in on the act..Going the other way..
i may have seen them once or twice. targets are 80% instead of 100 on the extended zones
“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all
your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of
money at tops and bottoms.”
– Paul Tudor Jones
Quite often yes. but not always. The trick is knowing where to place the lines to find the target.
Quite often yes. but not always. The trick is knowing where to place the lines to find the target.
Eur/Aud. Best trade of the week so far & still a long way to go.
Great trade KiwiOz!
Congratulations!
Cheers..
Patience can be rewarding…
Patience can be rewarding…
Very interesting way to draw the trend lines my friend.. I see what you are doing. How long have you been trading in this way?
Focus, Patience, Determination & Order in chaos
Hi KIWIOZ
I would like to experiment ith your idea. Could you share your special CCI indi please?
Thanks Wolf
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