The William Histogram forex trading strategy is a simple system that is designed to scan the currency markets for bullish/bearish signals in a visually appealing manner.
The trade setups are quite easy to spot, with little or no effort needed.
MetaTrader4 Indicators: William36HistogramWallerTest.ex4 (default setting), YangTraderMain.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 pattern get displayed:
- If the dodger blue upward pointing arrow of the YangTraderMain.ex4 custom indicator pops up somewhat below the candlesticks on the activity chart as depicted on Fig. 1.0, price is said to be pushed higher i.e. a signal to buy the asset of interest.
- If the first lime green histogram of the William36HistogramWallerTest.ex4 custom indicator closes above the 15.00 level (refer to Fig. 1.0), it is a trigger to buy the designated FX pair. If the positions of the lime green histograms hovers above or below the 15.00 level, but remains above the 0.00 level, the bullish sentiment is sustained.
Stop Loss for Buy Entry: Place stop loss 2 pips below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes preference:
- If a red downward pointing arrow of the YangTraderMain.ex4 custom indicator takes up position kind of above the candlesticks as shown on Fig. 1.0, it is a trigger to exit or take profit at once.
- If the William36HistogramWallerTest custom indicator forms a red histogram that takes up space below the 0.00 level, it is an indication of weaning upward surge in price, hence an exit or take profit is advised.
Sell Entry Rules
Take up sell position(s) if the following holds true:
- If the red downward pointing arrow of the YangTraderMain.ex4 custom indicator pops up a bit above the candlesticks on the price chart as shown on Fig. 1.1, price is said to be taken lower i.e. a signal to sell the currency pair of interest.
- If the first red histogram of the William36HistogramWallerTest custom indicator closes below the -15.00 level (refer to Fig. 1.1), it is a trigger to sell the specified forex pair. If the positions of the red histograms hovers above or below the -15.00 level, but remains below the 0.00 level, the overall sentiment still stays bearish.
Stop Loss for Sell Entry: Place stop loss 2 pips above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If a dodger blue upward pointing arrow of the YangTraderMain.ex4 custom indicator takes up position kind of below the candlestick, it is a trigger to exit or take profit at once.
- If the William36HistogramWallerTest.ex4 custom indicator forms a lime green histogram that is seen to form above the 0.00 level during a sell signal, it is a trigger to exit or take profit forthwith.
Sell Trade Example
About The Trading Indicators
The YangTraderMain.ex4 custom indicator is an oscillator which deploys red or blue arrows above or below price bars to reveal bearish or bullish trend respectively.
With no specified author, the William36HistogramWallerTest.ex4 custom indicator is designed to show market trends.