Consistent Forex Strategy For Better Profits
The consistent Forex strategy for better profits blends a good set of technical indicators together with proper risk implementation to boost your trading profits.
This strategy deploys intraday tactics as an ultimate key to steady long-term profitability.
We try to edge out emotions in a bid to not clog our market judgements.
To increase your odds of success, we’ve done everything possible to keep things simple.
This strategy might just be the missing piece to the puzzle if you stick long enough to go over this piece…
MetaTrader4 Indicators: ChandelierExit.ex4 (Inputs Variable Modified; Range=18), CCI-Histogram.ex4 (Default Setting), Relative Vigor Index.ex4 (Parameters Modified; Period=14)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day, 1-Week, 1-Month
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example: EUR/USD (Euro / US Dollar), M30 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the orange line of the ChandelierExit custom indicator stays somewhat below the candlesticks as shown on Fig. 1.0, price is said to be pushed to the upside i.e. a trigger to buy the designated currency pair.
- If the maroon line plus histograms (dark gray & royal blue) of the CCI-Histogram indicator break and hover above the 0.00 horizontal level as seen on Fig. 1.0, the general market sentiment is said to be bullish, therefore a buy alert is imminent.
- If the red and green lines of the Relative Vigor Index Metatrader 4 indicator break and hover above the 0.00 horizontal level, bulls are said to be driving price higher i.e. a trigger to buy the stipulated currency pair.
Stop Loss for Buy Entry: Place stop loss below the orange ChandelierExit indicator line.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If during the course of a bullish trend, the ChandelierExit indicator displays a magenta line, it is signaling diminishing bulls power, thus a trigger to exit or take profit at once.
- If the maroon line of the CCI-Histogram forex indicator falls below the 0.00 reference level while a bullish trend is running, bulls are said to be closing their market positions increasingly, therefore an exit or take profit is recommended.
- If the green line of the Relative Vigor Index indicator readjust to fall below the zero horizontal level (see Fig. 1.0), it is a trigger to exit or take profit forthwith.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta line of the ChandelierExit custom indicator stays slightly above the price bars as illustrated on Fig. 1.1, price is said to be dragged lower i.e. a trigger to sell the currency pair of interest.
- If the maroon line plus histograms (dark gray & red) of the CCI-Histogram indicator break and run below the 0.00 signal level as depicted on Fig. 1.1, the overall market sentiment is said to be bearish, therefore a sell alert is in the offing.
- If the red and green lines of the Relative Vigor Index indicator break and run below the zero trigger level, bears are said to be driving price lower, as such a sell alert will suffice.
Stop Loss for Sell Entry: Place stop loss above the magenta ChandelierExit indicator line.
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 ChandelierExit indicator displays an orange line, it is pointing to weaning bears power, thus an alert to exit or take profit forthwith.
- If the maroon line of the CCI-Histogram forex indicator spikes above the 0.00 level during the course of a bearish trend, bears are said to be closing their market positions more and more, therefore an exit or take profit is advised.
- If the green line of the Relative Vigor Index indicator breaks above the zero horizontal level while a bearish trend is ongoing (refer to Fig. 1.1), it is a trigger to exit or take profit straightaway.
Sell Trade Example: EUR/USD (Euro / US Dollar), M30 Chart
About The Forex Technical Indicators Used
The ChandelierExit indicator is a Charles Le Beau invention and was originally featured in Alexander Elder’s books, the Chandelier Exit.
It is broadly used for setting up stop-losses during a trend, however, the ChandelierExit can also be used as a trend measuring tool.
The CCI-Histogram indicator is a momentum indicator that is based on a number of patterns made by the Commodity Channel Index (CCI) indicator.
The Relative Vigor Index is a default Metatrader 4 forex indicator that is deployed in gauging the conviction of a recent price action and the probability that it will carry on.
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