You must have known by now that maintaining your discipline is a vital part of trading.
This assertion is true, but just how can a trader impose such discipline when your money is at stake in the market?
One of the surest ways of doing this is by having a trading strategy that you can stick to.
The MMR Super Trend forex trading strategy is well-planned and back-tested. All you need do is to follow the rules, thereby helping you maintain your discipline.
MetaTrader4 Indicators: Non_Repainting_SuperTrend.ex4 (Default setting), 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 setup gets put on display:
- If the blue upward pointing arrow of the arrow and dotted line of the Non_Repainting_SuperTrend.ex4 custom MT4 indicator gets aligned slightly below the candlesticks as seen on Fig. 1.0, price is said to be taken higher, hence a trigger to buy the designated currency pair.
- If the dodger blue line and green histograms of the MMR custom indicator aligns above the 0.00 level as shown on Fig. 1.0, a bullish trend is said to be on the horizon i.e. a signal to buy the asset of choice.
Stop Loss for Buy Entry: Place stop loss below the rising blue dotted line.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the Non_Repainting_SuperTrend.ex4 custom indicator forms a red downward pointing arrow that is place somewhat above the candles, more bulls are said to be exiting their positions, hence an exit or take profit will suffice.
- If the dodger blue line of the MMR custom indicator breaks below the 0.00 level as depicted on Fig. 1.0, it is an indication 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 red downward pointing arrow of the arrow and dotted line of the Non_Repainting_SuperTrend.ex4 custom MT4 indicator gets aligned to some extent above the price bars as shown on Fig. 1.1, price is said to be driven lower, hence a trigger to sell the designated forex pair.
- If the dodger blue line and red histograms of the MMR custom indicator breaks/position below the 0.00 level as illustrated on Fig. 1.1, a bearish trend is said to be looming i.e. a trigger to sell the selected fx pair.
Stop Loss for Sell Entry: Place stop loss above the falling red dotted line.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the Non_Repainting_SuperTrend.ex4 custom indicator forms a blue upward pointing arrow that is place slightly below the price bars (refer to Fig. 1.1), more bears are said to be exiting their positions, hence an exit or take profit will do.
- If the dodger blue line of the MMR custom indicator breaks above the 0.00 level, it is an indication of halting bears power, as such an exit or take profit is recommended.
Sell Trade Example
About The Trading Indicators
The Non_Repainting_SuperTrend.ex4 custom indicator was designed by Rajandran – Founder of Marketcalls.
It is a stable version of the SuperTrend indicator.
The MMR.ex4 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.