Making money day trading currency pairs isn’t difficult at all, the basic market concept remains static i.e. buy low and sell high.
This simple concept is relied upon by all and sundry in the forex market, interestingly, it also remains a strategy that has undesirable implications for a lot of investors.
The Free Silver Trend Forex Trading Strategy is an ultimate market-timing strategy that can help us manage our intraday orders close in the greens.
The SilverTrend_Signal_With_Alert_v3.ex4 and freescalpingindicator.ex4 MT4 indicators are perfect trend finders and volatility confirmation tools respectively.
Let’s see how the mashup plays out as we digress further.
MetaTrader4 Indicators: SilverTrend_Signal_With_Alert_v3.ex4 (Inputs Variable Modified; RISK=27, CountBars=35000000, Colors Width Modified; #0=3, #1=3), freescalpingindicator.ex4 (Inputs Variable Modified; periods=800000000, Colors Width Modified; #0=2, #1=2, #2=2)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour
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 dodger blue upward pointing arrow of the SilverTrend_Signal_With_Alert_v3 custom MT4 indicator gets aligned somewhat below price bars as shown on Fig. 1.0, the overall market sentiment is said to be bullish, hence a buy alert will suffice.
- If the lime histograms of the freescalpingindicator gets placed above the 0.00 level as depicted on Fig 1.0, price is said to be driven to the upside i.e. a trigger to buy the designated currency pair.
Stop Loss for Buy Entry: Place stop loss below short-term 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 gets placed somewhat above the candlesticks (see Fig. 1.0), it is a trigger to exit or take profit at once.
- If a red histogram pops out below the 0.00 level within the freescalpingindicator window, it is a trigger to exit or take profit without delay.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta downward pointing arrow of the SilverTrend_Signal_With_Alert_v3 custom MT4 indicator gets aligned fairly above the candlesticks as seen on Fig. 1.1, the overall market sentiment is said to be bearish, hence a sell alert will do.
- If the red histograms of the freescalpingindicator gets positioned below the 0.00 level as illustrated on Fig 1.1, price is said to be pushed lower i.e. a trigger to sell the selected fx pair.
Stop Loss for Sell Entry: Place stop loss above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If a dodger blue upward pointing arrow gets placed rather below the candlesticks (refer to Fig. 1.1), it is a trigger to exit or take profit straightaway.
- If a lime histogram pops out above the 0.00 level within the freescalpingindicator window, it is a trigger to exit or take profit forthwith.
Sell Trade Example
About The Trading Indicators
The SilverTrend_Signal_With_Alert_v3.ex4 custom indicator is a trend seeking tool that plots a dodger blue and magenta arrows by default to pinpoint bullish and bearish signals respectively.
The freescalpingindicator.ex4 on the other hand is an indicator designed by Karl Dittman and is deployed as a trend following indicator for intraday traders.