Mirror Scanner Signals Forex Trading Strategy

The Mirror Scanner Signals forex trading strategy is multifunctional and determines price volatility, catches profitable trends in their early stages and spot trend reversals.

You can easily find valid buy and sell signals with this strategy for any currency pair and timeframe.

Chart Setup

MetaTrader4 Indicators: Trend_Mirror.ex4 (Inputs Variable Modified; MovingPeriod=30.0, Moving), forextrendscanner.ex4 (Inputs Variable Modified; Sensitivity=2), forexsignals.ex4 (Inputs Variable Modified; Period=14, trendfilter=9, Stoplosses=false)

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 Mirror Scanner Signals 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 bars of the forextrendscanner custom indicator gets aligned within the activity chart (see Fig. 1.0), price is said to be taken higher i.e. a trigger to buy the selected fx pair.
  2. If the yellow upward pointing arrow of the forexsignals custom indicator gets aligned below price bars as depicted on Fig. 1.0, the general market sentiment is said to be bullish, hence a buy trigger is advised.
  3. If the red line of the Trend_Mirror custom indicator break and hover above the blue line as shown on Fig. 1.0, price is aid to be taken to the upside, hence a buy alert is looming.

Stop Loss for Buy Entry: Place stop loss 1-3 pips below trading support.

Exit Strategy/Take Profit for Buy Entry

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

  1. If the forextrendscanner custom indicator displays a red bar during a buy alert, it is indicative of a bearish reversal, hence an exit or take profit will suffice.
  2. If the red downward pointing arrow of the forexsignals custom indicator pops up on the activity chart while a buy alert is running, price is said to be making a U-turn, hence an exit or take profit will do.
  3. If the red line of the Trend_Mirror custom indicator break below the blue line, it I a trigger to exit or take profit at once.

Sell Entry Rules

Enter a sell order if the following holds sway:

  1. If the red bars of the forextrendscanner custom indicator gets aligned within the activity chart (check Fig. 1.1), price is said to be pushed lower i.e. a trigger to sell the forex pair of interest.
  2. If the red downward pointing arrow of the forexsignals custom indicator gets placed above price bars as shown on Fig. 1.1, the general market sentiment is said to be bearish, hence a sell alert is loading.
  3. If the red line of the Trend_Mirror custom indicator break and stay below the blue line as exemplified Fig. 1.1, price is said to be pushed to the downside, hence a sell trigger is imminent.

Stop Loss for Sell Entry: Place stop loss 1-3 pips above trading resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes to the fore:

  1. If the forextrendscanner custom indicator displays a lime bar during a sell signal as illustrated on Fig. 1.1, it is indicative of a bullish reversal, hence an exit or take profit will do.
  2. If the yellow upward pointing arrow of the forexsignals custom indicator pops up on the activity chart while a sell alert is ongoing, price is said to be making a U-turn, hence an exit or take profit is advised.
  3. If the red line of the Trend_Mirror custom indicator break above the blue line, it is a trigger to exit or take profit forthwith.

Sell Trade Example

Fig. 1.1

Free Download

Download the Mirror Scanner Signals Forex Trading Strategy

About The Trading Indicators

The Trend_Signal.ex4 indicator is a trend following indicator that helps find entries and exits.

The Trend_Mirror.ex4 on the other hand is an important custom indicator that delivers buy and sell signals when the red line crosses the blue line.

The ForexTrendScanner.ex4 is a chart pattern indicator that replaces traditional candlesticks with its visually enhanced features, making it easier to spot bulls (lime) or bears (red) market conditions.

The Forexsignals.ex4 indicator is a trend indicator that delivers buy and sell signals via its yellow and red arrows respectively.

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