iTrend Forex Trading Strategy

Having more winning trades or cutting down your losses means you’ll be making more money in the currency market.

Overtrading is not a guarantee of consistent profits in the market, rather one good trade setup could be worth a considerable amount of money.

The iTrend forex trading strategy offers an easy way to ramp up profits by delivering amazing buy and sell trade setups with take profit (exit the trade) level.

Chart Setup

MetaTrader4 Indicators: Simpler Trend.ex4 (Default Setting), HMA_v2.ex4 (Inputs Variable Modified; HMA_Period=50), iTrend.ex4 (Inputs Variable Modified; Bands_Period=30)

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 iTrend Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart setup gets put on display:

  1. If the green bars of the Simpler Trend custom MT4 indicator get displayed within the activity chart as seen on Fig. 1.0, price is said to be pressured to the upside i.e. a trigger to buy the designated fx pair.
  2. If the light blue dots of the HMA_v2 custom indicator gets aligned below the candles as seen on Fig. 1.0, the sentiment in the market is said to be bullish, hence a signal to go long on the currency pair of interest.
  3. If the blue histograms of the iTrend custom indicator gets placed above the 0.00 level as seen on Fig. 1.0, the prevalent market sentiment is said to be bullish, hence a trigger to go long on the selected fx pair.

Stop Loss for Buy Entry: Place stop loss below the rising dotted line.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes precedence:

  1. If the Simpler Trend custom MT4 indicator displays a red bar within the price chart during a buy signal, it is a trigger to exit or take profit at once.
  2. If the dotted line of the HMA_v2 custom indicator turns tomato during a bullish trend, it is an indication of weaning bulls power, hence an exit or take profit will suffice.
  3. If the blue histograms of the iTrend custom indicator changes to red during a bullish trend, more bulls are said to be exiting their trades i.e. an exit or take profit will do.

Sell Entry Rules

Enter a sell order if the following holds sway:

  1. If the red bars of the Simpler Trend custom MT4 indicator get displayed within the price chart as depicted on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the designated fx pair.
  2. If the tomato dots of the HMA_v2 custom indicator gets placed above price bars (refer to Fig. 1.), the sentiment in the market is said to be bearish, hence a signal to sell the designated forex pair.
  3. If the red histograms of the iTrend custom indicator gets placed above the 0.00 level as illustrated on Fig. 1.1, the prevailing market sentiment is said to be bearish, hence a sell signal is advised.

Stop Loss for Sell Entry: Place stop loss above the falling dotted line.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  1. If the Simpler Trend custom MT4 indicator displays a green bar within the price chart during a sell alert, it is a trigger to exit or take profit forthwith.
  2. If the dotted line of the HMA_v2 custom indicator turns light blue during a bearish trend, it is an indication of halting bears power, hence an exit or take profit will suffice.
  3. If the red histograms of the iTrend custom indicator changes to blue during a bearish trend, more bears are said to be exiting their positions i.e. an exit or take profit will suffice.

Sell Trade Example

Fig. 1.1

Free Download

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About The Trading Indicators

The HMA_v2.ex4 custom indicator displays a dotted line on the chart, wherein the color of the dots are altered in relation to buy/sell signals.

The iTrend.ex4 custom indicator is a modified Bollinger Bands indicator that can also be used to determine changing volatility in the market.

The Simpler Trend.ex4 custom indicator is a trend indicator that comes along with a default period of 30, but is adjustable in line with the user’s preference.