EFS stands for easy-forex-system custom indicator and as such the “EFS Forex Trading Strategy” combines three custom indicators to deliver bullish and bearish market signals.
It’s a great FX system for beginners and seasoned traders alike.
Chart Setup
MetaTrader4 Indicators: Fratelli_MACD.ex4 (default setting), Fisher_Yur4ik.ex4 (default setting), easy-forex-system.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Recommended Trading Sessions: Any
Currency Pairs: (USD/CHF, EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, NZD/USD, EUR/CHF)
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Buy Example (click the image for full size):
Fig. 1.0
Strategy
Long Entry Rules:
The following conditions or rules are indicative of a buy signal in the market based on the following indicator/chart pattern(s):
- If the candlestick opens and closes above the blue line of the easy-forex-system custom indicator, it is a pointer that price pressures favors the upside.
- The lime colored histograms of the Fisher_Yur4ik custom indicator forms above the 0.00 level, a pattern that supports a bulls market.
- The formation of lime colored dotted lines of the Fratelli_MACD custom indicator supports a bullish trend.
Stop Loss for Long Entry: Place stop loss below the green line of the easy-forex-system custom indicator in line with personal money management rules.
Exit Strategy/Take Profit for Long Entry
Exit or take profit from position(s) when the following indicator or chart patterns become visible:
- If a bearish candlestick closes below the green line of the easy-forex-system custom indicator, it signals a reversal and exit should be triggered.
- If red histograms of the Fisher_Yur4ik custom indicator forms below the 0.00 mark, it alerts of a reversal and supports the reversal stance in #1.
- If the magenta colored dotted lines of the Fratelli_MACD custom indicator forms, it supports a reversal sentiment and as such an exit is advised.
Sell Entry Rules
Enter a sell order when the following indicator/chart patter(s) are in display:
- If the candlestick opens and closes below the green line of the easy-forex-system custom indicator, it is a pointer that price pressures favors the upside.
- The red histograms of the Fisher_Yur4ik custom indicator forms below the 0.00 level, a pattern that is in favor of a bearish trend.
- The formation of magenta colored dotted lines of the Fratelli_MACD custom indicator supports a bearish signal.
Stop Loss for Sell Entry: Place stop loss above the blue line of the easy-forex-system custom indicator in line with personal money management rules
Exit Strategy/Take Profit for Sell Entry
The following condition will define your exit or take profit strategy for your sell position(s):
- If we see a bearish candle closing above the blue line of the easy-forex-system custom indicator.
- If lime colored histograms forms above the 0.00 level of the Fisher_Yur4ik custom indicator.
- If we see lime colored dotted lines of the Fratelli_MACD custom indicator, an exit should be triggered.
Fig. 1.1
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About The Trading Indicators
The easy-forex-system.ex4 custom indicator deploys three variable sets in determining trends, represented by the red, green and blue line.
The Fisher_Yur4ik.ex4 indicator oscillates between -3.072 and 2.756 extreme readings, and signals are bullish/bearish when above/below the 0 mark.
The Fratelli_MACD.ex4 MT4 custom indicator is built on the widespread MACD (Moving Average Convergence-Divergence) indicator. The indicator is able to offer clues on trend strength and weakness via dotted lines.