Power Update Forex Trading Strategy
The Power Update forex trading strategy delivers accurate B/S signals through gauging trends and strength of bulls versus bears.
It allows you stay afloat with some of most amazing trade setups.
MetaTrader4 Indicators: ForexLine_update_03.ex4 (Inputs Variable Modified; ForexLineColor2=Red), Bear_Bulls_Power.ex4 (Inputs Variable Modified; MyPeriod=42)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any (24 hour trading)
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 ForexLine_update_03 custom indicator gets placed somewhat below the candlesticks as depicted on Fig. 1.0, the overall market sentiment is said to be bullish, as such a buy alert is looming.
- If the green histograms of the Bear_Bulls_Power MT4 indicator gets aligned above the 0.00 level as exemplified on Fig. 1.0, price is said to be taken to the upside, as such a trigger to go long on 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 ForexLine_update_03 custom indicator turns red as shown on Fig. 1.0, bulls power is said to be weaning, as such an exit or take profit will suffice.
- If the Bear_Bulls_Power MT4 indicator displays a red histogram that is aligned below the 0.00 level while a buy trigger is ongoing, it is a signal to exit or take profit at once.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the red line of the ForexLine_update_03 custom indicator gets placed slightly above the candlesticks as seen on Fig. 1.1, the overall market sentiment is said to be bearish, as such a sell alert is imminent.
- If the red histograms of the Bear_Bulls_Power MT4 indicator gets aligned below the 0.00 level as illustrated on Fig. 1.1, price is said to be driven lower, hence a trigger to go short on the selected fx pair.
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 ForexLine_update_03 custom indicator turns blue as depicted on Fig. 1.1, bears power is said to be halting, as such an exit or take profit will do.
- If the Bear_Bulls_Power MT4 indicator displays a green histogram that is placed above the 0.00 level while a sell trigger is running, it is a signal to exit or take profit forthwith.
Sell Trade Example
About The Trading Indicators
The ForexLine_update_03.ex4 is a trend following line indicator that changes color based on the prevalent market trend (blue for bulls and red for bears).
The Bear_Bulls_Power.ex4 custom indicator can be deployed to gauge the strength of the bulls and bears in the market and also offers alert to potential breakout.