A lot of the losses that are seen in the forex market are as a result of flawed preparation. Well, such losses can be averted by making adequate preparation.
Obviously, to make money you’ll have to do “something.”
Avoiding most of the losses you take each month is paramount for all market participants.
The Simpler Trend forex trading strategy is designed to help you trade at the right side of the trend, to minimize your trading losses and maximize your trading profits.
MetaTrader4 Indicators: Simpler Trend.ex4 (Default Setting), William36HistogramWallerTest.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart setup get put on display:
- If the green bars of the Simpler Trend custom MT4 indicator gets put on display within the activity chart as seen on Fig. 1.0, price is said to be pushed higher i.e. a trigger to buy the stipulated currency pair.
- If the lime green histograms of the William36HistogramWallerTest custom indicator forms above the 0.00 level as seen on Fig. 1.0, the sentiment in the market is said to be bullish i.e. a trigger to buy the currency pair of focus.
Stop Loss for Buy Entry: Place stop loss 1 pip below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the Simpler Trend custom indicator forms a red bar on the activity chart during a buy signal, the bullish sentiment in the market is said to be weaning, hence an exit or take profit will suffice.
- If the William36HistogramWallerTest custom indicator form a red histogram aligned below the 0.00 level, bulls power is said to be weaning i.e. an exit or take profit will suffice.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the red bars of the Simpler Trend custom MT4 indicator gets put on display within the activity chart as shown on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the forex pair of focus.
- If the red histograms of the William36HistogramWallerTest custom indicator gets displayed below the 0.00 level as illustrated on Fig. 1.1, the sentiment in the market is said to be bearish i.e. a trigger to sell the currency pair of interest.
Stop Loss for Sell Entry: Place stop loss 1 pip above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the Simpler Trend custom indicator forms a green bar within the price chart during a sell signal, the bearish sentiment in the market is said to be halting, hence an exit or take profit will do.
- If the William36HistogramWallerTest custom indicator form a lime green histogram that is aligned above the 0.00 level, price is said to be making a bullish reversal, hence it is recommended to exit or take profit at once.
Sell Trade Example
About The Trading Indicators
With no known author, the William36HistogramWallerTest custom indicator is designed to reveal market trends.
The Simpler Trend custom indicator is a trend indicator that comes along with a default period of 30, but is adjustable in line with the user’s preference.