The Forex Eclipse strategy for Metatrader 5 is a trading system that is designed to recover your losing trades fast with winners.
You can adopt it as a method that replaces positions in the market that are in the red.
It is a sort of cancel and replace method that ensures higher profits, by lowering prevalent risks.
It is important for us to stay profitable most of the times and maintaining this momentum has always been a challenge for all types of traders.
Sporadic trading has no place in the currency trading world, decisions has to be structured; follow us as we show you an amazing strategic way to achieve this.
Trade Setup
MetaTrader 5 Indicators: Mogalef bands.ex5 (Default Setting), MACD.ex5 (Default Setting)
Trade Style: Scalping, day trading, swing trading
Trading Sessions: London | New York | Tokyo
Currency Pairs: Majors, cross pairs, exotics
Platform: Metatrader 5 (MT5)
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Buy Trade Example: EURUSD, H1 Chart
Fig. 1.0
Trading Strategy Rules For Buy and Sell Trades Explained
Buy Entry
Enter a buy trade if the following trading conditions are met:
- If price closes above the forest green resistance level of the Mogalef bands custom indicator as illustrated on Fig. 1.0, price is said to be pushed to the upside i.e. a trigger to go long on the stipulated forex pair.
- If the silver histograms of the MACD Metatrader 5 forex indicator break above the 0.00 horizontal alert level as depicted on Fig. 1.0, the overall market sentiment is said to bullish, hence a buy stance will suffice.
Suggested Stop Loss for Buy Entry: Place stop loss below key support.
Suggested Exit Strategy/Take Profit for Buy Trade
Exit the buy trade if the following trading conditions are met:
- If during a bullish trend price closes below the crimson support level of the Mogalef bands custom indicator as seen on Fig. 1.0, bulls power is said to be weaning, therefore an exit or take profit should be duly considered.
- If the silver histograms of the MACD forex indicator readjust to form below the 0.00 horizontal level, it is signaling a possible end in bullish momentum, as such an exit or take profit will do.
Sell Entry
Open a sell trade if the following trading conditions are met:
- If price closes below the crimson support level of the Mogalef bands custom indicator as exemplified on Fig. 1.1, price is said to be dragged lower, therefore opening sell order(s) is rightly recommended.
- If the silver histograms of the MACD forex indicator align below the 0.00 horizontal signal level as seen on Fig. 1.1, the general market sentiment is said to bearish, thus representing a nod to go short on the currency pair of focus.
Suggested Stop Loss for Sell Entry: Place stop loss above key resistance.
Suggested Exit Strategy/Take Profit for Sell Entry
Exit the sell trade if the following trading conditions are met:
- If while a bearish trend is ongoing, price closes above the forest green resistance level of the Mogalef bands custom indicator as shown on Fig. 1.1, bears power is said to be diminishing, thus signaling a likely exit or take profit stance.
- If the silver histograms of the MACD forex indicator realigns to appear above the 0.00 horizontal level, a bullish reversal is said to be imminent, thus a trigger to exit or take profit at once.
Sell Trade Example: EURUSD, H1 Chart
Fig. 1.1
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MT5 Trading Indicators Used For This Strategy
The Mogalef bands custom indicator is a technical tool that constantly adjusts its band to the most expected range in which price will move.
Designed by Gerald Appel in 1979, the MACD or Mac D, as it is fondly called is a common and multipurpose tool deployed in identifying and following strong trends while also catching trend reversals.