There are trading strategies that just don’t make sense to us, but quite interestingly, they are able to yield the desired trading results.
The essence of trading is not for the fun of it, but to generate profits and if a trading strategy is able to offer that, then the rest is settled.
The MMR Bands forex trading strategy is designed to get you in and out of the market securely and brings more profits than losses if you follow the trading rules.
MetaTrader4 Indicators: D Donchian Bands.ex4 (Default Setting), Ichimoku Kinko Hyo.ex4 (Parameters Modified; Kijun-sen=52, Colors Modified; Tenkan-sen=None, Chikou-Span=None, Up Kumo=None, Down Kumo=None), MMR.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
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the blue line of the Ichimoku Kinko Hyo MT4 indicator intersects the middle green line of the Donchian Bands custom indicator in a bottom up fashion with price trading slightly above (refer to Fig. 1.0), a buy trigger is said to be looming.
- If the dodger blue line and green histograms of the MMR custom indicator break above the 0.00 level as seen on Fig 1.0, it is an indication of upward price pressures i.e. a trigger to go long on stipulated fx pair.
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 center stage:
- If while a buy signal is running, price closes below the blue line of the Ichimoku Kinko Hyo MT4 indicator, an exit or take profit is advised.
- If the dodger blue line of the MMR custom indicator dips below the 0.00 level, it is a signal to exit or take profit at once.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the blue line of the Ichimoku Kinko Hyo MT4 indicator intersects the middle green line of the Donchian Bands custom indicator in a top downer manner as depicted on Fig. 1.0, a sell trigger is said to be imminent.
- If the dodger blue line and red histograms of the MMR custom indicator break below the 0.00 level as illustrated on Fig 1.1, it is a signal to sell the selected currency pair.
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 center stage:
- If price closes above the blue line of the Ichimoku Kinko Hyo MT4 indicator, an exit or take profit is recommended.
- If the dodger blue line of the MMR custom indicator surges past the 0.00 level, an exit or take profit stance will suffice.
Sell Trade Example
About The Trading Indicators
The MMR is an awesome indicator for technical analysis.
It combines a strategy that is based on MA crossover along with RSI and MACD.
Traders can deploy the indicator in identifying new trends, locating oversold and overbought sessions.
Developed by Richard Donchian, the Donchian Bands custom indicator is as a tool to spot market price volatility.
The Donchian Bands gets narrow when there’s no noise in the market, but rapid movements in price will see the bands widens.
Also known as the Ichimoku Cloud, the Ichimoku Kinko Hyo, is a robust MT4 indicator that describes support and resistance, spots trend direction, measures momentum and provides trading signals.