The Major Gator forex trading strategy is a well-built trend following system that uses indicators whose signals will tell you where to place your entries and exits.
The setup from these indicators (ForexMajorTrend and r_Gator) are quite profitable, owing to their ability to spot trend and price reversal respectively.
Chart Setup
MetaTrader4 Indicators: r_Gator.ex4 (Colors Width Modified; #0=2, #1=2, #2=2), ForexMajorTrend.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
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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 put on display:
- If the blue line of the r_Gator custom MT4 indicator cuts across the red and green lines in a bottom up fashion as shown on Fig. 1.0, price is said to be driven higher i.e. a trigger to buy the designated currency pair.
- If the blue vertical bars of the ForexMajorTrend custom indicator is seen within the indicator window (see Fig. 1.0), the overall market sentiment is said to be bullish, and as such a buy alert is recommended.
Stop Loss for Buy Entry: Place stop loss 3 pips below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If price closes below the blue line of the r_gator as depicted on Fig. 1.0, it is an indication of a possible bearish reversal, as such an exit or take profit will do.
- If a red vertical bar is seen within the ForexMajorTrend custom indicator window, it is a signal of weaning bulls power, as such an exit or take profit is advised.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the blue line of the r_Gator custom MT4 indicator cuts across the red and green lines in a top downward manner as illustrated on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the specified forex pair.
- If the red vertical bars of the ForexMajorTrend custom indicator is seen within the indicator window (see Fig. 1.1), the overall market sentiment is said to be bearish, hence a trigger to sell the forex pair of interest.
Stop Loss for Sell Entry: Place stop loss 3 pips above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If price closes above the blue line of the r_gator as seen on Fig. 1.1, it is an indication of weaning bears power, as such an exit or take profit will suffice.
- If a blue vertical bar is seen within the ForexMajorTrend custom indicator window while a sell alert is running, it typifies halting bears power, as such an exit or take profit is recommended.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
R_Gator is an indicator that takes after the Alligator MT4 indicator (since they show comparable values for the MA periods), but the r_gator only produces its signal earlier than the Alligator.
The ForexMajorTrend indicator displays red and blue vertical bars to explain a sell and buy signals in the market.