Forex Trend Scanner Forex Trading Strategy

The Forex Trend Scanner forex trading strategy is designed to meet with the demands of today’s currency traders.

Trends are quickly spotted, and the strategy takes into account basic indicators, thereby eliminating fear and uncertainty that an investor might likely harbor while trading.

Chart Setup

MetaTrader4 Indicators: ForexTrendScanner.ex4 (default setting), ForexForecaster.ex4 (default setting), Forex-MT4-Trend-Indicator.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

Download

Download the Forex Trend Scanner Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order if the following indicator or chart pattern gets displayed:

  1. If the blue upward pointing arrow and the candle like bodies of the Forex-MT4-Trend-Indicator custom indicator is spotted on the activity chart (refer to Fig. 1.0), price is said to be on its way up i.e. a bullish signal.
  2. If lime filled candlesticks of the ForexTrendScanner.ex4 custom indicator opens and closes, a buy trigger is instructed on the ensuing candlestick.
  3. If the mostly green line of the ForexForecaster.ex4 custom indicator hovers above the 0.00 level as seen on Fig. 1.0, the market sentiment is said to be bullish, thus a buy alert.

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 center stage:

  1. If the red downward pointing arrow and candle like bodies of the Forex-MT4-Trend-Indicator custom indicator realign to stay above price bars, an exit or take profit will suffice.
  2. If the red or maroon filled candlesticks of the ForexTrendScanner.ex4 custom indicator is seen during a buy alert, an exit or take profit is welcomed.
  3. If the line (possibly red) of the ForexForecaster.ex4 custom indicator breaks below the 0.00 level, we say price is somewhat driving lower, hence an exit or take profit will do.

Sell Entry Rules

Take up sell position(s) if the following holds true:

  1. If the red downward pointing arrow and the candle like bodies of the Forex-MT4-Trend-Indicator custom indicator is spotted on the activity chart usually placed above price bars (refer to Fig. 1.1), price is said to be on its way down i.e. a bearish signal.
  2. If red filled candlesticks of the ForexTrendScanner.ex4 custom indicator opens and closes, a sell trigger is instructed on the ensuing candlestick.
  3. If the mostly red line of the ForexForecaster.ex4 custom indicator hovers below the 0.00 level as seen on Fig. 1.1, the market sentiment is said to be bearish, thus a sell trigger.

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:

  1. If the blue upward pointing arrow and candle like bodies of the Forex-MT4-Trend-Indicator custom indicator realign to stay below price bars, an exit or take profit will suffice.
  2. If the lime or green filled candlesticks of the ForexTrendScanner.ex4 custom indicator is seen during a sell alert, an exit or take profit is welcomed.
  3. If the line (possibly green) of the ForexForecaster.ex4 custom indicator breaks above the 0.00 level, we say price is somewhat driving higher, hence an exit or take profit will suffice.

Sell Trade Example

Fig. 1.1

Free Download

Download the Forex Trend Scanner Forex Trading Strategy

About The Trading Indicators

The ForexForecaster.ex4 is a custom indicator that shifts between red and green to indicate bearish and bullish signal respectively.

The forex-mt4-trend-indicator.ex4 is a trend indicator. Red arrows for sell and blue arrows for buy.

The ForexTrendScanner.ex4 is a chart pattern indicator that replaces the candlesticks with its visually enhanced features, making it easier to spot bulls (lime) or bears (red) market conditions.

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