Simple Woody Forex Trading Strategy

The Simple Woody forex trading strategy is trend following in nature and consists of 2 technical trading indicators.

This profitable FX strategy can be applied to any currency pair for any timeframe. Let’s take a look below at how to get this free strategy to work:

Chart Setup

MetaTrader4 Indicators: DoublecciWoody.ex4 (Input Variable modified; TrendCCI_Period=14), EMAOsMA.ex4 (Input Variable modified; EmaPeriod=36)

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

Download

Download the Simple Woody Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart pattern gets displayed:

  1. If the gold upward pointing arrow of the EMAOsMA.ex4 custom indicator aligns somewhat below price bars as seen on Fig. 1.0, it is an indication of upward price pressures, as such a trigger to buy the currency pair of interest.
  2. If the dark khaki line and histograms (usually gold and medium sea green colored) of the DoublecciWoody.ex4 custom indicator breaks and hovers above the 0.00 signal level, it is a signal that price is being pushed somewhat higher, as such a buy order is recommended.

Stop Loss for Buy Entry: Place stop loss below support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions take precedence:

1.If the dark green downward pointing arrow of the EMAOsMA.ex4 custom indicator pops up on the activity chart when buy orders are still active in the market, then it tends to reveal a signal of weaning bulls power, hence an exit or take profit will suffice.

  1. If the dark khaki line of the DoublecciWoody.ex4 custom indicator breaks below the 0.00 level while a buy signal is ongoing, it is a signal of a looming downward price push, hence an exit or take profit is advised.

Sell Entry Rules

Initiate a sell entry if the following holds true:

  1. If the dark green downward pointing arrow of the EMAOsMA.ex4 custom indicator aligns somewhat above price bars as shown on Fig. 1.1, it is an indication of downward price pressures, as such a trigger to sell the currency pair of interest.
  2. If the dark khaki line and histograms (usually gold and red colored) of the DoublecciWoody.ex4 custom indicator breaks and hovers below the 0.00 signal level, it is a pointer that price is being pushed somewhat lower, hence a sell order is advised.

Stop Loss for Sell Entry: Place stop loss above resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following holds sway:

1.If the gold upward pointing arrow of the EMAOsMA.ex4 custom indicator pops up on the activity chart when sell positions are still active in the market, then it tends to reveal a signal of halting bears power, hence an exit or take profit will do.

  1. If the dark khaki line of the DoublecciWoody.ex4 custom indicator breaks above the 0.00 level while a sell signal is ongoing, it is a signal of an imminent upward price push, hence an exit or take profit is advised.

Sell Trade Example

Fig. 1.1

Free Download

Download the Simple Woody Forex Trading Strategy

About The Trading Indicators

The EMAOsMA.ex4 is an oscillator moving average used in gauging market trends via the use of its red line (aligning above or below the 0.00 signal level), plus the use of its gold (buy signal) and green (sell signal) arrows.

The DoublecciWoody.ex4 custom indicator is an oscillator that deploys two CCIs in defining the direction of trend.

Share Now!