Horizontal Line trading

[kaige]

Hey guy's,

I was hoping you could all share your experiences and or trading strategies when it comes to trading with horizontal lines. Call it any line based on whatever you like - Fib line, major price resistance, weekly / daily open.. whatever...

If your day trading and referring to the 1, 5 & 15 min charts, would you wait for a a 5 or 15m close? Or just see the price hover above it for a few minutes? Or just buy as soon as price gets there?

Would be great to get some feedback seeing as its the most common way to enter a trade.

Thanks heaps.

[v8power]

Hey Kaige,

Not sure if you'll get many response as all your questions are easily answered in threads already posted. Plus it also comes down to personal preference. Someone trading the buyzone would enter the trade the moment price crossed a trigger line, while someone using mzones would wait for a lower time frame to signal that price was heading in there direction. One good thing to keep in mind is how is price reacting at that level or line. Is it stalling, bouncing back and forth or just blowing threw it.

Me personally I watch higher time frames h4, daily and weekly and then go down to m5, m15, h1 charts to give me confirmation that I want to take that trade. Also keep in mind you can also try scaling into a trade. Say put on a third of the total trade at your first line, another third a little bit later and the last even later. That way if price goes against you right away your lose is kept very small. Hope this helped. Good luck

[TheRumpledOne]

V8power... price is the same on all time frames!

[v8power]

Haha,

TRO been reading you say that for about six years now and your very right.

[kaige]

Tro, when your trading using your Daily Wick strategy, Rat reversals or daily breakouts how do you go about it?

[TheRumpledOne]

Watch my videos kaige.... then ask specific questions.