Vegas Daily Forex Trading Strategy

Understanding the currency markets can be achieved pretty quickly with the right set of market tools, one of such being a reliable trading strategy.

The Vegas Daily forex trading strategy is suited for various market participants, and does deliver well on profits.

Chart Setup

MetaTrader4 Indicators: Vegas_S_P_Daily.ex4 (default setting), vr_moving_average.ex4 (Input Variable modified; Period=40)

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

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Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart pattern gets displayed:

  1. If the thick blue line of the vr_moving_average.ex4 custom indicator crosses the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator bottom up, with price trading slightly above as shown on Fig. 1.0, the sentiment in the market is said to be somewhat bullish, as such a buy entry is duly advised.

During a bullish signal the blue line of Vegas_S_P_Daily.ex4 custom indicator sits below the green line.

Stop Loss for Buy Entry: Place stop loss 1 pip below immediate support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions take center stage:

  1. Watch out when the thick red line of the vr_moving_average.ex4 custom indicator intersects the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator top downward as a signal for possible weaning bulls power in the market, hence it is advisable to exit or take profit without delay.

Sell Entry Rules

Enter a sell order if the following pattern takes shape on the activity chart:

  1. If the thick red line of the vr_moving_average.ex4 custom indicator crosses the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator top downward, with price trading slightly below as illustrated on Fig. 1.1, the sentiment in the market is said to be somewhat bearish, as such a sell order is highly recommended.

During a bearish signal the blue line of Vegas_S_P_Daily.ex4 custom indicator sits above the green line.

Stop Loss for Sell Entry: Place stop loss 1 pip above immediate resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  1. Watch out when the thick blue line of the vr_moving_average.ex4 custom indicator intersects the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator bottom up as a trigger for likely halting bears power in the marketplace, hence it is wise to exit or take profit straight away.

Sell Trade Example

Fig. 1.1

Free Download

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About The Trading Indicators

The vr_moving_average.ex4 is a custom indicator that is basically a modified version of the standard moving average.

The indicator is able to spot patterns and uniqueness in price dynamics which are undetectable to the naked eye.

The Vegas_S_P_Daily.ex4 custom indicator is a trend following indicator that emulates the 24 EMA and 28 EMA crosses in depicting price action.

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