The currency trading market requires solid experience, a characteristic that is irreplaceable, but can be gained when you work yourself up using a trusted and reliable trading strategy.
The CCI Trend Histogram forex trading strategy is grafted to walk through profits and making sure you gain the composure that currency traders seek to stay in the greens.
The obvious use of the ASCTrend_BO.ex4 and CCI-Histogram.ex4 technical indicators to spot when a trend is kicking off and measure when it is due to reverse respectively is enough motivation for any trader to get their hands dirty using this system.
MetaTrader4 Indicators: ASCTrend_BO.ex4 (Inputs Variable Modified; RISK=12, CountBars=2147483647), CCI-Histogram.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 (majors, crosses, exotics)
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the aqua upward pointing arrow of the ASCTrend_BO MT4 indicator gets aligned slightly below price bars as shown on Fig. 1.0, price is said to be taken to the upside i.e. a trigger to buy the designated currency pair.
- If the histograms (dark gray & royal blue) of the CCI-Histogram custom indicator gets aligned above the 0.00 level as depicted on Fig. 1.0, it is an indication of an upward price pressures, as such a buy alert will suffice.
Stop Loss for Buy Entry: Place stop loss 2-5 pips below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If a magenta downward pointing arrow forms fairly above price bars while a bullish signal is ongoing (see Fig. 1.0), it is a trigger to exit or take profit forthwith.
- If the maroon line of the CCI-Histogram custom indicator breaks below the 0.00 while buy orders are running, it is an indication of weaning bulls power, hence an exit or take profit is recommended.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta downward pointing arrow of the ASCTrend_BO MT4 indicator gets aligned marginally above price bars as illustrated on Fig. 1.1, price is said to be driven lower i.e. a trigger to sell the selected forex pair.
- If the histograms (dark gray & red) of the CCI-Histogram custom indicator forms below the 0.00 level as seen on Fig. 1.1, it is an indication of a downward price push i.e. a trigger to go long on the pair of interest.
Stop Loss for Sell Entry: Place stop loss 2.5 pips above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If aqua upward pointing arrow forms somewhat below the candlesticks during a bearish signal (see Fig. 1.1), it is a trigger to exit or take profit immediately.
- If the maroon line of the CCI-Histogram custom indicator surges above the 0.00 while sell orders are ongoing, it is an indication of halting bears power, hence an exit or take profit is advised.
Sell Trade Example
About The Trading Indicators
The ASCTrend_BO.ex4 custom indicator is used to deliver trading signals through the use of its upward and downward pointing arrows.
The CCI_Histogram.ex4 is one of the variants of the Commodity Channel Index (CCI) that gauges the current price level in relation to a mean price level over a specified time period.