Forecaster Q-Bands Forex Trading Strategy
The Forecaster Q-Bands forex trading strategy consists of 2 smart trading indicators to define trade entry and exit signals.
This powerful strategy works on any currency pair and for any timeframe.
MetaTrader4 Indicators: Quantile_bands_1.3.ex4 (Default Setting), ForexForecaster.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 gets put on display:
- If the middle line of the Quantile_bands_1.3 custom MT4 indicator turns lime green as shown on Fig. 1.0, price is said to be taken higher i.e. a trigger to buy the stipulated currency pair.
- If the line of the ForexForecaster custom indicator is seen to hover above the 0.00 level (refer to Fig. 1.0), the overall sentiment is said to be bullish, hence a buy signal is advised.
Stop Loss for Buy Entry: Place stop loss below trading support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions take precedence:
1 If the middle line of the Quantile_bands_1.3 custom MT4 indicator turns sandy brown during a buy signal as illustrated on Fig. 1.0, it is a trigger to exit or take profit at once.
- If while a buy signal is ongoing, the line of the ForexForecaster MT4 indicator dips below the 0.00 level, an exit of take profit is duly recommended.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the middle line of the Quantile_bands_1.3 custom MT4 indicator turns sandy brown as depicted on Fig. 1.1, price is said to be driven lower i.e. a trigger to sell the designated forex pair.
- If the line of the ForexForecaster custom indicator is seen to dip below the 0.00 level (see Fig. 1.1), the general market sentiment is said to be bearish, hence a sell signal will suffice.
Stop Loss for Sell Entry: Place stop loss above trading resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
1 If the middle line of the Quantile_bands_1.3 custom MT4 indicator turns lime green while a sell alert is ongoing, it is a trigger to exit or take profit without delay.
- If while a sell alert is running, the line of the ForexForecaster MT4 indicator rise above the 0.00 level, an exit of take profit is duly advised.
Sell Trade Example
About The Trading Indicators
The Quantile_bands_1.3.ex4 is a custom indicator that is designed to take after the Bollinger Bands, here its middle line is a combination of the two outer quantiles.
If both outer quantiles are showing the same trend i.e. color, those of the middle quantile is same as those of the other quantiles, else it is undetermined i.e. silver if you deploy the default settings.
The ForexForecaster.ex4 is a custom indicator that shifts between red and green to indicate bearish and bullish signal respectively.