Trading is such a demanding task that can take its toll on just about anyone who ventures into it without adequate preparation.
We have seen a lot of traders back out just before they can turn a profit, an experience that has left so many with bitter tales.
The Ahoora Trend Forex trading Strategy ensures that you don’t need to think too hard about whether a market is trending or not.
It has trading rules that are easy to implement and will obviously make you some money during periods of strong directional trend movement.
The strategy uses a pair of indicators that can spot different parts of a trend, thereby helping you avoid overtrading.
MetaTrader4 Indicators: ahoora-indicator.ex4 (Inputs Variable Modified; Lookback=45, Colors Modified; #2=None, Colors Width Modified; #0=4, #1=4), qqe-histogram.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Enter a bullish trade if the following indicator or chart pattern gets put on display:
- If the lime line of the ahoora-indicator gets positioned slightly below the price bars as depicted on Fig. 1.0, price is said to be driven to the upside i.e. a trigger to go long on the designated currency pair.
- If the dim gray line plus histograms (gold & green) of the qqe-histogram Metatrader 4 forex indicator stay above the zero signal level as exemplified on Fig. 1.0, the overall sentiment is said to be bullish, therefore a signal to go long on the forex pair of interest.
Stop Loss for Buy Entry: Place stop loss 3 pips below the most recent swing low level.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If a red line section of the ahoora-indicator pops up on the activity chart while a bullish trend is ongoing, bulls power is said to be weaning, as such an exit or take profit will suffice.
- If the dim gray line of the qqe-histogram custom indicator breaks below the zero center line as indicated on Fig. 1.0, more buyers are said to be closing their orders, hence an exit or take profit will do.
Sell Entry Rules
Go short if the following setups gets displayed successfully on the activity chart:
- If the red line of the ahoora-indicator gets placed somewhat above the candlesticks as shown on Fig. 1.1, the general market sentiment is said to be bearish, thus a trigger to go short on the designated forex pair.
- If the dim gray line plus histograms (gold & red) of the qqe-histogram indicator stack below the 0.00 center line as seen on Fig. 1.1, bears are said to be dragging price lower, hence a sell alert is duly recommended.
Stop Loss for Sell Entry: Place stop loss 3 pips above the most recent swing high level.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the ahoora-indicator pops up a lime line section on the activity chart during a bearish alert, bears power is said to be halting, consequently an exit or take profit is recommended.
- If the dim gray line of the qqe-histogram custom indicator surge above the zero center line (refer to Fig. 1.1), more bears are said to be exiting their orders, hence a signal to exit or take profit straightaway.
Sell Trade Example
About The Trading Indicators
The ahoora-indicator.ex4 is a technical tool that combines the exponential moving average (EMA), relative strength index (RSI), and average true range (ATR) indicator to offer a simple but right signal trend, which can be used for long-term swing trades.
The QQE within the qqe-histogram.ex4 indicator stands for Quantitative Qualitative Estimator, and it’s comprised of a smoothed Relative Strength Index or RSI indicator, along with two fast and slow volatility-based trailing levels.
The indicator is used to gauge trend.