We have a question from one of our fellow traders who has purchase my forex course and below is the question.
What the best time frame to use with trend line?
For those of you who has got a copy of my forex trend line strategy, I hope that you guys are doing well with the strategy.
In fact, the strategy works on all time frame except the 1 minute and 5 minutes chart as it is not a scalping strategy.
I personally use it on the 15 minutes chart as it gives me a good number of trades every month. However if you are those traders who have a day job and have little time everyday to look at your chart, you can use the strategy on the hourly chart or even 4 hourly chart. It all depends on the amount of time you have to look at your trading chart everyday.
This strategy is very versatile and all you need is to be able to draw the correct short, medium and long term trend line plus you are able to identify a real trend line break from a fake out.
With the ability to draw the correct trend line and the ability to tell a real breakout from a fake out, you will be able to trade the breakout of the price which also has a good risk reward ratio.
The most common problem of a breakout strategy is the occurrence of fake out which is designed to lure traders into a wrong trade. Since you guys have learned how to tell a fake out, you can avoid those trades and get into winning trades.
If you have anything to share, do feel free to give your comments below.