Using the CCI MTF Sniper Forex strategy can offer you an immeasurable edge over the losing guy on the other side of the market.
Newbies will be able to quickly grasp the strategy via its distinct entry-exit rules, while professional traders will be able to modify the strategy and attain even greater efficiency with it.
The significance of this strategy is that it essentially signals trends that traders can ride for more pips.
Let’s make sense out of everything we’ve just said.
MetaTrader4 Indicators: cci-mtf-advanced-alerts.ex4 (Inputs Variable Modified; CCIPeriod=36), trend-envelopes-indicator.ex4 (Inputs Variable Modified; MA_Period=16)
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 dark gray line and histograms (deep sky blue & royal blue) of the cci-mtf-advanced-alerts Metatrader 4 forex indicator breaksabove the 0.00 signal level as shown on Fig. 1.0, price is said to be dragged higher i.e. a trigger to go long on the stipulated currency pair.
- If the light blue line of the trend-envelopes-indicator stay aligned fairly below the candlesticks as indicated on Fig. 1.0, the overall market sentiment is said to be bullish i.e. a trigger to go long on the designated forex pair.
Stop Loss for Buy Entry: Place stop loss below the most recent swing low price.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If the dark gray line of the cci-mtf-advanced-alerts custom indicator dips below the 0.00 horizontal signal level while a bullish trend is ongoing (see Fig. 1.0), it is an alert to exit or take profit straightaway.
- If the trend-envelopes-indicator displays an orange line that is positioned above the candlesticks as exemplified on Fig. 1.0, it is a trigger to exit or take profit without delay.
Sell Entry Rules
Go short if the following setups gets displayed rightly on the activity chart:
- If the dark gray line and histograms (pale violet red & coral) of the cci-mtf-advanced-alerts custom indicator break below the 0.00 horizontal level as illustrated on Fig. 1.1, price is said to be pressured lower i.e. a trigger to go short on the currency pair of interest.
- If the orange line of the trend-envelopes-indicator stay aligned somewhat above the price bars as seen on Fig. 1.1, the general market sentiment is said to be bearish, therefore a sell alert will suffice.
Stop Loss for Sell Entry: Place stop loss above the most recent swing high price.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the dark gray line of the cci-mtf-advanced-alerts indicator surges above the 0.00 horizontal signal level during a bearish trend (refer to Fig. 1.1), it is signaling exhaustion in bearish sentiments, thus an exit or take profit will do.
- If the trend-envelopes-indicator displays a light blue line that pops up below the candlesticks while a bearish trend is ongoing, it is a trigger to exit or take profit at once.
Sell Trade Example
About The Trading Indicators
The cci-mtf-advanced-alerts is a modified commodity channel index indicator that reveals when a current price level is far above/below the moving average.
The further the oscillator line goes higher/lower from the zero point, the stronger the price deviation relative to its averaged value.
The trend-envelopes-indicator is a trend-following indicator that is calculated based on a percentage of price change, which it then deploys in determining if a new trend is up or if it stays down.