DeMark Trendline Trader Indicator- Trend lines are visualization of support and resistance points in a given time frame. Trend lines are also used to show direction of the trend. Trend lines help forex traders to describe price patterns during periods of price contraction. As a result trend lines and price formations are widely used in many ways by traders.
Trend lines help forex traders to find entry/exit levels because they act as support/resistance lines. You can often see that price will come and check these levels. If it breaks through, it may signal a change in direction, the significance of which will depend on the time frame being used. Trend line breakouts are followed by many profitable traders.
How to Trade Demark Trend Line Trader
In the picture you can see the trend lines and price projections. Price projections are your possible take profit point after a breakout occurs. All you have to do is to wait for a breakout and follow that direction. Remember that charts reveal the actions of bulls and bears. Bottoms of decline show where bears stopped and bulls regained control of the market. Peaks of rallies show where bulls ran out of steam and bears gain control.
Buy Signal: Buy when the pair closes above the green trend line.
Sell Signal: Sell when the pair closes below the red trend line
Price projections may not be accurate all the time. You should watch out for the major and important psychological support/resistance levels and decide your profit targets accordingly.
DISCLAIMER: This expert advisor is only made for educational purposes. It is advised to back test it first or use it on demo accounts. If you decide to use it on real accounts, you do it at your own risk. I as the author am not responsible for any material or any other types of losses occurring when/during the usage of this expert adviser!
BHARAT SINGH SHEKHAWAT
Demark TrendLine Trader
This post has been edited by bharatshinghshekhawat: Apr 10 2014, 05:33 AM