Trendline Trader

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Using Trendline Trader EA As Your Forex Automatic
Trading Robot
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Introduction

• Trendline trader makes trendlines you draw on
  the chart alot more useful than just a visual
  tool by itself. Trendlines are not indicators but
  simple lines you draw up on your currency chart
  to help with forex technical analysis.
• When you draw trend lines, you are providing
  yourself a visual picture of where is the current
  market and where will it be heading next. And
  this serves as a mental note assuring yourself
  that you are aware of where the trend is coming
  from and that you are also willing to follow it
  where ever it chooses to go next.

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What is Trendline Trader

• Trendline Trader as the name connotes speaks
  for itself. It helps a trader to identity
  possible pullbacks on both resistance and support
  levels, for the purpose of making sound trading
  decisions. Many technical chart patterns require
  that trade entry and exit be executed on these
  specially drawn trendlines.

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The Two Ways Trader Can Trade With Trendlines

• There are two ways at which the forex trader
  can choose to trade with these trendlines.

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1. The First Method Of Trading Trendlines

• The first way is trading via breakout strategy
  with technical chart patterns. When price breaks
  through the trendline, a trade intended on the
  breakout direction can then be entered according
  to the traders trading system.
• This particular style of breakout trading can
  easily be found in many trading systems that
  trade flags, pennants, head and shoulder
  patterns, symmetrical triangles, descending or
  ascending triangles or simply a channel or
  envelope. Break-through of trendline is an
  important entry signal for many traders trading
  technical chart patterns.

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2. The Second Method Of Trading Trendlines

• The second way of trading with these specially
  drawn trendlines is trading on reject. When price
  touches or breaks through the trendline, trade
  entry will be entered in anticipation that price
  will meet great resistance or support and will
  revert back to its ranging levels. Thereby, the
  word trading on reject anticipates that price
  will revert to its ranging mode and you are
  fading a breakout.
• This style of trading is usually called fading
  the breakout. Or if its in the form of trend
  trading, as price approached support or
  resistance level, you are anticipating that it
  will bounce off the trendline like a ball bounces
  off the ground and ceiling trading in a channel.

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Trendline Trader is Both Useful in Breakout and
Ranging Markets

• Trading on breakout and on reject can now be
  made automated in mt4. You can find most auto
  trendline trader on the forex community. And you
  can give the free ones a try as they contain the
  most basic functions of an auto trendline trader
  EA.
• Now, a trade entry or exit can be pre-specified
  by the forex trader simply by attaching the
  trendline trader to the respective currency chart
  and draw lines manually on the chart. Next,
  simply add in a buy or sell on the trendline
  description box to instruct the trendline trader
  EA to perform trade execution to your liking.

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Trendline Trader Summary

• Forex traders can tap on the auto trendline
  trader software to execute forex trades while
  they do other work. Forex trading is not an easy
  work for most part-time traders in the past. They
  need to monitor the market for potential signals
  and then manage the ongoing trade until it is
  finally exited. Most of these tasks are no longer
  relevant if the forex trader utilize trendline
  trader as their trading tool.

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