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. “**** 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.
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. “**** 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.