Forex Quora Strategy

The Forex Quora strategy is designed to help you buy low and sell high in the direction of the prevailing trend.

The strategy combines trend direction and momentum for both entry and exit points.

Deploy it for forex scalping, day trading and swing trading.

Let’s get started!

Chart Setup

MetaTrader 4 Indicators: Quantile_bands_1.3.ex4, Moving Average.ex4 (Parameters Modified; Style=Blue), PUX_CCI.ex4 (Inputs Variable Modified; CCI_Period=60, TCCI_Period=18, Colors Modified; #1=None)

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

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Buy Trade Example: EUR/USD (Euro / US Dollar), H1 Chart

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart pattern gets put on display:

  • If the multi colored (sandy brown, silver & lime green) Quantile_bands_1.3 custom indicator line crosses below the blue 14 SMA Metatrader 4 indicator line in a bottom up manner as shown on Fig. 1.0, the overall market sentiment is said to be bullish, thus a trigger to buy the designated forex pair.
  • If the sienna line plus blue and green histograms of the PUX_CCI custom indicator break and hover above the zero horizontal level (see Fig. 1.0), price is said to be driven to the upside i.e. a signal to buy the currency pair of interest.

Stop Loss for Buy Entry: Place stop loss 3 pips below support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes precedence:

  • If the multi colored (sandy brown, silver & lime green) Quantile_bands_1.3 custom indicator line intersects the blue 14 SMA indicator line while a bullish trend is ongoing, bulls power is said to be weaning, as such an exit or take profit is duly advised.
  • If the sienna line of the PUX_CCI custom indicator dipsbelow the zero horizontal level while a bullish trend is on course (refer to Fig. 1.0), bulls are said to be closing their positions increasingly, thus an exit or take profit stance will suffice.

Sell Entry Rules

Enter a sell order if the following holds true:

  • If the multi colored (sandy brown, silver & lime green) Quantile_bands_1.3 custom indicator line crosses above the blue 14 SMA indicator line in a top downward fashion as illustrated on Fig. 1.1, the general market sentiment is said to be bearish, thus a trigger to sell the selected currency pair.
  • If the sienna line plus blue and red histograms of the PUX_CCI custom indicator break and hover below the zero reference level as illustrated on Fig. 1.1, price is said to be dragged lower i.e. a signal to sell the currency pair of focus.

Stop Loss for Sell Entry: Place stop loss 3 pips above resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  • If the multi colored (sandy brown, silver & lime green) Quantile_bands_1.3 custom indicator line intersects the blue 14 SMA indicator line during a bearish trend, more and more bears are said to be closing their positions, as such an exit or take profit stance is apt.
  • If the sienna line of the PUX_CCI custom indicator spikes above the zero reference level during the course of a bearish signal (check out Fig. 1.1), a bullish reversal is said to be looming,, thus an exit or take profit stance will do.

Sell Trade Example: EUR/USD (Euro / US Dollar), H1 Chart

Fig. 1.1

Free Download

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About The Forex Technical Indicators Used

The 14 period simple moving average is a popular technical analysis indicator that smooths out price data by constantly creating an updated average price over 14 periods.

The Quantile_bands_1.3 is a custom indicator that is designed to take after the Bollinger Band, here its middle line is a combination of the two outer quantiles.

If both outer quantiles are showing the same trend i.e. color, those of the middle quantile is same as those of the other quantiles, else it is undetermined i.e. silver if you deploy the default settings.

The PUX_CCI is a trend momentum that is designed around the Pux CCI indicator.

It is most effective on majors with low spreads.

Easy Installation

Start using this forex strategy in just 5 minutes. Click here to get started now.

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