The NZD/CAD currency pair H1 Forex swing trading strategy is a powerful trend following strategy that delivers profitable signals for any currency pair and MT4 symbol.
This strategy deploys a number of impressive technical indicators to filter and spot price action in the best possible way.
Once a prevailing market direction is spotted, the predefined indicator setup rules must align rightly in order for users to enter a buy/sell trade.
This system has shown steady positive performance with high winning percentages during live trading testing.
Users will be able to exercise this strategy on any time frame chart, thus serving both scalpers and intraday traders.
MetaTrader4 Indicators: Moving Average.ex4 (Parameters Modified; Period=41, Style=Blue), MUV.ex4 (Colors Modified; #1=Magenta), TmaSlope.ex4 (Inputs Variable Modified; eintPeriod=36, atrPeriod=30), Elliot_wave_Oscillator.ex4 (Inputs Variable Modified; FastMa=24)
Preferred Time Frame(s): 30-Minute, 1-Hour, 4-Hour, 1-Day, 1-Week, 1-Month
Recommended Trading Sessions: Any
Currency Pairs: NZD/CAD + any other currency pair
Buy Trade Example: NZDCAD (New Zealand Dollar / Canadian Dollar), H1 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the blue 41 SMA Metatrader 4 indicator line crosses below the magenta MUV custom indicator line in a bottom up manner as illustrated on Fig. 1.0, price is said to be driven to the upside i.e. a trigger to go long on the designated currency pair.
- If the dark gray, green & lime histograms of the TmaSlope forex indicator break and stay above the 0.00 reference level as seen on Fig. 1.0, bulls are said to be taking up more positions, thus a buy alert will suffice.
- If the green & lime histograms of the Elliot_wave_Oscillator indicator stay above the zero horizontal level as shown on Fig. 1.0, the overall market sentiment is said to be bullish i.e. a trigger to buy the currency pair of interest.
Stop Loss for Buy Entry: Place stop loss 3 pips below swing trading support or price consolidation.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the blue 41 SMA indicator intersects the magenta MUV indicator line while a bullish trend is running, bulls power is said to be diminishing, therefore an exit or take profit stance will do.
- If the TmaSlope indicator pops up a dark gray histogram below the zero-signal line, it is pointing to a likely bearish reversal, hence a trigger to exit or take profit immediately.
- If the red histogram of the Elliot_wave_Oscillator indicator breaks out below the 0.00 horizontal level (refer to Fig. 1.0), bulls power is said to be halting, therefore an exit or take profit stance is advised.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the blue 41 SMA indicator line crosses above the magenta MUV forex indicator line in a top downward fashion as depicted on Fig. 1.1, bears are said to be driving price lower i.e. a signal to sell the underlying fx pair.
- If the dark gray, fire brick & red histograms of the TmaSlope forex indicator dip and hover below the 0.00 horizontal line as demonstrated on Fig. 1.1, the general market sentiment is said to be bearish, therefore a sell alert is said to be looming.
- If the red & maroon histograms of the Elliot_wave_Oscillator indicator hover below the zero horizontal level as exemplified on Fig. 1.1, bears are believed to be the dominant market force, hence a trigger to go short on the currency pair of interest.
Stop Loss for Sell Entry: Place stop loss 3 pips above swing trading resistance or price consolidation.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the blue 41 SMA indicator line intersects the magenta MUV indicator line while a bearish trend is on course, bears power is said to be halting, thus a trigger to exit or take profit immediately.
- If the TmaSlope indicator displays a dark gray histogram above the 0.00 horizontal level (see Fig. 1.0), it is signaling a possible U-tun in price action i.e. an exit or take profit stance is imminent.
- If the lime histogram of the Elliot_wave_Oscillator indicator surges above the 0.00 reference level while a bearish trend is running, it typifies a looming bullish reversal.
Sell Trade Example: NZDCAD (New Zealand Dollar / Canadian Dollar), H1 Chart
About The Forex Technical Indicators Used
The 41 SMA (Simple Moving Average) is a technical analysis indicator that smoothens out currency pair price data by constantly creating an updated average price over the last 41 periods.
The MUV custom indicator is a Tom Demark (TD) Moving Average indicator for MetaTrader 4 and defines the logical locations for introducing stop loss orders or closing a trade.
It clearly defines how the creator Tom Demark explains the TD Moving Average indicator.
The TmaSlope indicator is one of the variants of the triangular moving average (TMA), hence it is a double smoothed indicator that shows us possible changes in price action over a specific given number of price bars.
The Elliot_Wave_Oscillator custom indicator is an oscillator that shows the difference of a 35 and a 5 period simple moving average (SMA) of prices illustrated as a histogram aligned above and below a zero level.
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