The forex marketplace is an extremely demanding niche and to be able to survive this stress, one must evolve some of the smartest market approaches.
You’ll need to have some smart trading tools to support such trading initiatives.
The Slope Trend forex trading strategy has a fine blend of trading tools that is designed to churn out profits and limit losses, when applied to live trading.
Chart Setup
MetaTrader4 Indicators: LinearRegSlope_v1.ex4 (Inputs Variable Modified; Length=36), KlannyTrend.ex4 (Default Setting)
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
Download
Download the Slope Trend Forex Trading Strategy
Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Initiate a buy order if the following indicator or chart pattern get put on display:
- If the yellow upward pointing arrow of the KlannyTrend custom MT4 indicator gets placed somewhat below the candlesticks as seen on Fig. 1.0, the sentiment in the market is said to be bullish, hence an indication to go long on the desired currency pair.
- If the sky blue line of the LinearRegSlope_v1 custom indicator break and stays above the 0.00 level as indicated on Fig. 1.0, price is said to be pushed to the upside i.e. a trigger to go bullish on the designated forex pair.
Stop Loss for Buy Entry: Place stop loss below trading support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions holds sway:
- If while a bullish trend is ongoing, the KlannyTrend custom MT4 indicator displays a red downward pointing arrow that is positioned slightly above price bars (refer to Fig. 1.0), bulls power is said to be weaning i.e. a trigger to exit or take profit without delay.
- If the sky blue line of the LinearRegSlope_v1 custom indicator declines to break below the 0.00 level, an exit or take profit on open orders will suffice.
Sell Entry Rules
Initiate a sell entry if the following holds preference:
- If the red downward pointing arrow of the KlannyTrend custom MT4 indicator gets placed somewhat above the candlesticks as seen on Fig. 1.1, the sentiment in the market is said to be bearish, hence a signal to sell the specified forex pair.
- If the sky blue line of the LinearRegSlope_v1 custom indicator break and hovers below the 0.00 level as depicted on Fig. 1.1, price is said to be pressured to the downside i.e. a trigger to go short on the selected forex pair.
Stop Loss for Sell Entry: Place stop loss above trading resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If while a bearish trend is running, the KlannyTrend custom MT4 indicator displays a yellow upward pointing arrow that is positioned slightly below the candles as seen on Fig. 1.1, bears power is said to be halting i.e. a trigger to exit or take profit immediately.
- If the sky blue line of the LinearRegSlope_v1 custom indicator surges to break above the 0.00 level, an exit or take profit on open positions will do.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The LinearRegSlope_v1.ex4 custom indicator is a simple statistical method deployed in spotting the direction and strength of a leading market trend.
Technical traders use this method in technical analysis to define if the market is in an upward or downward trend and also gauge the intensity of surge or decline, in line with the previous trend of prices.
The KlannyTrend.ex4 custom indicator is a trend following indicator that gives traders clues as to the overall trend, using yellow arrows to indicate bullish trend and red arrows to depict bearish trend.