The Trand forex indicator trading strategy is a well-crafted strategy that currency traders can deploy to scan the market for buy and sell signals on most of the trading sessions, irrespective of the adopted timeframe.
The 1-Hour timeframe is most suitable, but traders can adapt the accompanying indicator for other timeframes as well.
Chart Setup
MetaTrader4 Indicators: Trand.ex4 (default setting), ronz_price_ma_candle.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets displayed:
- If the blue candle-like bodies of the ronz_price_ma_candle.ex4 custom indicator form somewhat below the price bars, it is an indication of a bullish market sentiment, hence it is a trigger to buy the designated currency pair.
- If the red line of the Trand.ex4 custom indicator breaks above the indicator’s green line as seen on Fig. 1.0, it is an indication that price is being pushed higher i.e. a trigger to buy the specified FX pair.
Stop Loss for Buy Entry: Place stop loss 3 pips below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If while a bullish trend is ongoing in the market, the red candle-like body of the ronz_price_ma_candle.ex4 custom indicator forms, it is an indication of weaning buy pressures, hence an exit or take profit is advised forthwith.
- If the red line of the Trand.ex4 custom indicator intersects the green indicator’s line downwards, price is said to be shifting downwards, hence a trigger to exit or take profit at once.
Sell Entry Rules
Take up sell position(s) if the following holds true:
- If the red candle-like bodies of the ronz_price_ma_candle.ex4 custom indicator form somewhat above the price bars, it is an indication that price is being pushed lower, hence it is a trigger to sell the FX pair of focus.
- If the red line of the Trand.ex4 custom indicator breaks below the indicator’s green line as seen on Fig. 1.1, it is an indication that price is being taken lower i.e. a trigger to sell the designated currency pair.
Stop Loss for Sell Entry: Place stop loss 3 pips above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If while a bearish trend is ongoing in the market, the blue candle-like body of the ronz_price_ma_candle.ex4 custom indicator pops -up, it is an indication of halting sell pressures, hence an exit or take profit is recommended.
- If the red line of the Trand.ex4 custom indicator crosses the green indicator’s line upwards, price is said to be making a reversal away from the prevalent bearish trend, hence a trigger to exit or take profit at once.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
The ronz_price_ma_candle.ex4 custom indicator is an Exponential Moving Average based price candle.
The indicator allows for the viewing of Exponential Moving Average Indicator as price candle.
The Trand.ex4 custom indicator is an indicator that is made up of two lines (red & green) within its indicator window and its crosses signals a buy/sell alert.