Octopus Arrows Forex Trading Strategy
The Octopus Arrows forex trading strategy is a well-built trading system that compliments your trading style, offering you the flexibility of trading on all timeframes, as such maximizing your profit outlook.
Two very simple technical indicator i.e. the Octopus_2.ex4 and Arrows_Signal_BO.ex4 are independent deployed to gauge price reversal and overall market trend respectively.
MetaTrader4 Indicators: Octopus_2.ex4 (Default Setting), Arrows_Signal_BO.ex4 (Inputs Variable Modified; dist=36)
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 aqua upward pointing arrow of the Arrows_Signal_BO custom indicator gets aligned somewhat below price bars as depicted on Fig. 1.0, price is said to be taken to the upside i.e. a trigger to buy the stipulated currency pair.
- If the green vertical bars of the Octopus_2 custom indicator gets aligned within the indicator window as seen on Fig. 1.0, price is said to be driven higher i.e. a trigger to buy the designated forex 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:
- If the red downward pointing arrow of the Arrows_Signal_BO custom indicator pops up above the candlesticks as exemplified on Fig. 1.0, bulls power is said to be weaning i.e. a trigger to exit or take profit at once.
- If a red vertical bar forms within the Octopus_2 custom indicator window while a buy signal is running, price is said to be making a U-turn away from its earlier bullish stance, hence an exit or take profit will do.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the red downward pointing arrow of the Arrows_Signal_BO custom indicator gets placed somewhat above price bars as illustrated on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the selected forex pair.
- If the red vertical bars of the Octopus_2 custom indicator gets aligned within the indicator window as shown on Fig. 1.1, the general market sentiment is said to be bearish, as such a sell trigger is looming.
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 to the fore:
- If the aqua upward pointing arrow of the Arrows_Signal_BO custom indicator pops up below price bars as shown on Fig. 1.1, bears power is said to be halting i.e. a trigger to exit or take profit forthwith.
- If a green vertical bar forms within the Octopus_2 custom indicator window while a sell alert is ongoing, price is said to be making a bullish reversal, hence an exit or take profit will suffice.
Sell Trade Example
About The Trading Indicators
The Octopus_2.ex4 is a forex trend indicator, a modification of an earlier version (octopus_1) and forms bars or histograms within its main window.
Green bars are indicative of a buy signal, while red bars indicate a sell signal.
The Arrows_Signal_BO.ex4 is a custom indicator that gauges trends in the market, using its red (bearish signal) and aqua (bullish signal) colored arrows.