The Octopus Arrows Forex trading strategy is a well-constructed trading system that complements your trading style by providing precise entry and exit points.
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.