Most times currency traders just want to spend a couple of minutes in the markets and get over it.
The Power BAR Trend forex trading strategy offers traders the opportunity of spending less time while executing accurate buy and sell trades for any forex pair.
Let’s get started with the chart setup:
Chart Setup
MetaTrader4 Indicators: (T_S_R)-BAR Trend.ex4 (default setting), Bears Power.ex4 (Parameters Modified; Period=26), Bulls Power.ex4 (Parameters Modified; Period=26)
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
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a buy order if the following indicator or chart pattern get displayed:
- If the dark green bars of the (T_S_R)-BAR Trend custom indicator forms on price chart as seen on Fig. 1.0, price is said to be pressured to the upside i.e. a trigger to buy the designated currency pair.
- If the Bears and Bulls Power indicator both have their vertical bars i.e. the fire brick and blue colored bars respectively positioned above the 0.00 level as shown on Fig. 1.0, the sentiment in the market is said to be bullish, as such a buy order will suffice.
Stop Loss for Buy Entry: Place stop loss 1 pip below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes center stage:
- If a magenta filled bar of the (T_S_R)-BAR Trend custom indicator is seen on display during a buy signal (refer to Fig. 1.0), bullish sentiment is said to be weaning, hence an exit or take profit is recommended.
- If the vertical fire brick and blue filled bars of the Bears and Bulls Power indicator respectively readjust to form below the 0.00 signal level, it is an indication that price is making a possible reversal 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 magenta bars of the (T_S_R)-BAR Trend custom indicator forms on price chart as depicted on Fig. 1.1, price is said to be pushed to the downside i.e. a trigger to sell the forex pair of choice.
- If the Bears and Bulls Power indicator both have their vertical bars i.e. the fire brick and blue colored bars respectively placed below the 0.00 level as illustrated on Fig. 1.1, the sentiment in the market is believed to be bearish, as such a sell order will do.
Stop Loss for Sell Entry: Place stop loss 1 pip above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If a dark green filled bar of the (T_S_R)-BAR Trend custom indicator is seen on display while a sell is ongoing (refer to Fig. 1.1), bearish sentiment is said to be halting, hence an exit or take profit is advised.
- If the vertical fire brick and blue filled bars of the Bears and Bulls Power indicator respectively readjust to form above the 0.00 signal level, it is an indication that price is making a possible reversal away from its earlier bearish stance, hence an exit or take profit is appropriate.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
The Bear and Bulls Power indicator can be deployed to measure the strength of the bulls and bears in the market and also offer signals to possible breakout.
The (T_S_R)-BAR Trend custom indicator is a trend indicator that mimics the bar chart and gets displayed somewhat on the activity chart.