Trend MTF 60 Min Forex System

Do you know the MTF forex freedom bar indicator? It’s an amazing trend following indicator based on 4 different time periods (15,30,60,240).

I will be using it in the Trend MTF 60 Min Forex System. Here’s how it goes…

Chart Setup

Indicators: MTF_Forex_Freedom_Bar (default settings), Slope Direction Line (default settings)
Preferred time frame(s): 60 minute
Trading sessions: Any
Preferred Currency pairs: Majors

Download

Download the Trend MTF 60 Min Forex System for Metatrader 4.

GBP/USD Hourly Chart

metatrader4-system-with-tma-slope

The chart above shows you a vaild buy entry signal. GBP/USD price trades above the slope line and 3 upper MTF dots are blue colored. Strong buy signal. Click the chart to enlarge.

Trading Rules

Buy Rules:

  • Currency rate above the Slope Direction Line from below (prevailing trend)
  • 3 upper MTF bars have to be blue colored or change from red to blue color (bullish)

Open long buy order at the open of the next candlestick. Place stop-loss 30 pips below the entry price or 1 pip below the previous swing low.
Preferred Targets Levels: Close first half of your position for 45 pips and second half for 60 pips or better.

Sell Rules:

  • Currency rate below the Slope Direction Line from above (prevailing trend)
  • 3 upper MTF bars have to be red colored or change from blue to red color (bearish)

Open short sell order at the open of the next candlestick. Place stop-loss 30 pips above the entry price or 1 pip above the previous swing high.
Preferred Targets Levels: Close first half of your position for 45 pips and second half for 60 pips or better.

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