Metro Trend Candles Forex Trading Strategy

The free Metro Trend Candles forex trading strategy fits a wide array of tradable instruments and is composed of a trend following and oscillator type technical indicator.

It can be used on any forex pair, Bitcoin, metals,.. and works for any timeframe.

Let’s get started with the chart setup:

Chart Setup

MetaTrader4 Indicators: MACD Trend Candles v3.ex4 (Default Settings), METRO.ex4 (Inputs Variable Modified; PeriodRSI=19)

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 + BitCoin + Precious Metals

Download

Download the Metro Trend Candles Forex Trading Strategy

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:

  1. If the lime candles of the MACD Trend Candles v3 custom indicator gets put on display within the activity chart, it is a signal that points to upward price pressures, as such a trigger to go bullish will suffice.
  2. If the orange line of the METRO custom indicator hovers above the magenta line as seen on Fig. 1.0, the prevalent market sentiment is said to be bullish, hence an alert to buy the selected 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:

  1. If the MACD Trend Candles v3 custom indicator displays a red filled candle during a bullish signal, it is an indication of weaning bulls power, hence an exit or take profit is advised.
  2. If the orange line of the METRO custom indicator breaks below the magenta line while a bullish trend is ongoing, price is said to be losing its steam to the upside i.e. an exit or take profit is recommended.

Sell Entry Rules

Enter a sell order if the following holds true:

  1. If the red candles of the MACD Trend Candles v3 custom indicator gets put on display within the activity chart, it is a signal that points to downward price pressures, as such a trigger sell the selected currency pair.
  2. If the orange line of the METRO custom indicator breaks and stays below the magenta line as shown on Fig. 1.1, the prevailing market sentiment is said to be bearish, hence an alert to go short on the designated forex 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 center stage:

  1. If the MACD Trend Candles v3 custom indicator displays a lime filled candle while a sell signal is running, it is an indication of halting bears power, hence an exit or take profit is recommended.
  2. If the orange line of the METRO custom indicator breaks above the magenta line while a bearish trend is ongoing, more bears are said to exiting their positions, hence an exit or take profit is duly advised.

Sell Trade Example

Fig. 1.1

Free Download

Download the Metro Trend Candles Forex Trading Strategy

About The Trading Indicators

The MACD Trend Candles v3 is a modified Moving Average Convergence Divergence indicator that colors the candles to depict market trends.

The METRO custom indicator is an oscillator that shows it values in relation to the RSI (Relative Strength Index) technical indicator.

The RSI indicator is displayed in orange color.

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