The Bykov Trend Forex strategy has a strict set of rules for validating the best trend in the market and to trigger accurate buy and sell alerts on any pair of your preference.
Moreover, the strategy makes your trading decisions more consistent and unemotional.
Lets take an in-depth analysis of the strategy, so we can see how to truly make profits off this amazing system.
MetaTrader 4 Indicators: bykovtrend-sig.ex4 (Inputs Variable Modified; RISK=5, SSP=24, CountBars=500000 Colors Width Modified; #0=4, #1=4), ease-of-movement.ex4 (Inputs Variable Modified; EMZPeriod=50)
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 aqua upward pointing arrow of the bykovtrend-sig Metatrader 4 forex indicator gets aligned somewhat below the candlesticks (see Fig. 1.0), price is said to be driven to the upside i.e. a signal to buy the selected currency pair.
- If the dodger blue line of the ease-of-movement custom indicator hovers above the 0.00 horizontal level as illustrated on Fig. 1.0, bulls are said to be driving price higher, therefore a buy alert will suffice.
Stop Loss for Buy Entry: Place stop loss below key support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If while a bullish trend is running, the bykovtrend-sig custom indicator pops up a magenta downward pointing arrow as seen on Fig. 1.0, it is a trigger to exit or take profit at once.
- If the dodger blue line of the ease-of-movement forex indicator dips below the 0.00 level during the course of a bullish signal, more bulls are said to be closing their positions, hence an exit or take profit is recommended.
Sell Entry Rules
Go short if the following setups gets displayed rightly on the activity chart:
- If the magenta downward pointing arrow of the bykovtrend-sig indicator gets aligned slightly above the candlesticks (refer to Fig. 1.1), price is said to be dragged lower i.e. a signal to sell the currency pair of interest.
- If the dodger blue line of the ease-of-movement custom indicator hovers below the 0.00 horizontal level as exemplified on Fig. 1.1, bears are said to be pushing price lower, therefore a sell alert will do.
Stop Loss for Sell Entry: Place stop loss above key 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, the bykovtrend-sig custom indicator pops up an aqua upward pointing arrow as illustrated on Fig. 1.1, it is a trigger to exit or take profit forthwith.
- If the dodger blue line of the ease-of-movement forex indicator surges above the 0.00 level while a bearish trend is on course, more bears are said to be closing their positions, hence an exit or take profit is advised.
Sell Trade Example
About The Trading Indicators
The bykovtrend-sig custom indicator is a technical analysis tool that gauges trends, while taking into consideration an upward pointing aqua and downward pointing magenta arrows when implementing its signals.
The ease-of-movement forex indicator is an oscillator that forecasts future market trends.