The Simple Hull forex trading strategy is designed to offer traders an easy way to get in and out of a trade position quickly and at a good price.
Learn below how to open buy and sell trades with this profitable forex strategy.
Chart Setup
MetaTrader4 Indicators: i_dayrvi_v1_1.ex4 (default settings), hull-moving-average.ex4 (Input Variable modified; period=42)
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
Initiate a buy entry if the following indicator or chart pattern gets displayed:
- If the line of the hull-moving-average custom indicator turns blue as shown on Fig. 1.0, it is an indication that price is being pushed to the upside, hence a trigger to buy the designated currency pair.
- If the red and blue lines of the i_dayrvi_v1_1.ex4 custom indicator break above the 0.00 signal level as illustrated on Fig. 1.0, price is said to be pushed somewhat higher i.e. a signal to buy the asset of interest.
Stop Loss for Buy Entry: Place stop loss 3 pips below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the color of the line of the hull-moving-average custom indicator alters to red during a buy signal, a reversal in price is said to be looming, hence an exit or take profit is highly recommended.
- If the red line of the _dayrvi_v1_1.ex4 custom indicator cuts below the 0.00 level during a buy signal, it is an indication of weaning bulls power, hence an exit or take profit is advised.
Sell Entry Rules
Initiate a sell entry if the following holds true:
- If the line of the hull-moving-average custom indicator turns red as shown on Fig. 1.1, it is an indication that price is being pushed to the downside, hence it is a trigger to sell the specified forex pair.
- If the red and blue lines of the i_dayrvi_v1_1.ex4 custom indicator break below the 0.00 signal level as depicted on Fig. 1.1, price is said to be taken somewhat lower i.e. a signal to sell the asset of interest.
Stop Loss for Sell Entry: Place stop loss 3 pips above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following holds sway:
- If the color of the line of the hull-moving-average custom indicator changes to blue during a sell signal, a reversal in price is said to be forthcoming, hence an exit or take profit is highly recommended.
- If the red line of the _dayrvi_v1_1.ex4 custom indicator breaks above the 0.00 level during a sell signal, it is an indication of halting bears power, hence an exit or take profit is advised.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
The Hull-Moving-Average is a popular trend following indicator that is designed on moving averages with period 21.
It tries to remove lag altogether and succeeds in enhancing smoothing concurrently.
The i_dayrvi_v1_1 custom indicator is an oscillator that is made up of two lines that run above/below the zero signal level, in response to a buy/sell trigger respectively.