Sunrise Trend Forex Trading Strategy
In order to stay profitable in the forex market, a high level of discipline and a well-formulated strategy is of essence, as this has been proven to help you stay focused, thereby eliminating emotional trading pitfalls , a well-known trait that is very detrimental to any investor’s health.
The Sunrise Trend forex trading strategy is built around the Sunrise trend following indicator and determines when a trend is about to start, pinpoint price reversals and gauge price momentum respective.
MetaTrader4 Indicators: ASCTrend_BO.ex4 (Inputs Variable Modified; RISK=12, CountBars=2147483647), forex_sunrise_indicator.ex4 (Colors Width Modified; #0=2, #1=2), Fisher_org_v12.ex4 (Inputs Variable Modified; Length=36, Price=6)
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 (majors, cross pairs)
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the aqua upward pointing arrow of the ASCTrend_BO.ex4 indicator gets aligned somewhat below price bars as shown on Fig. 1.0, the overall market sentiment is said to be bullish, hence a buy order is appropriate.
- If the blue line of the forex_sunrise_indicator.ex4 gets aligned slightly below the candlesticks as shown on fig. 1.0, price is said to be driven higher i.e. a signal to buy the selected forex pair.
- If the lines (red & blue) of the Fisher_org_v12 custom indicator break above the 0.00 level, a buy trigger is said to be in place.
Stop Loss for Buy Entry: Place stop loss 3 pips 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 a magenta downward pointing arrow pops up on the activity chart during a buy signal (see Fig. 1.0), price is said to be making a U-turn, as such an exit or take profit will suffice.
- If the line of the forex_sunrise_indicator.ex4 turns deep pink while a buy alert is running, an exit or take profit is advised.
- If the lines (red & blue) of the Fisher_org_v12 custom indicator dip below the 0.00 during a buy alert, an exit or take profit is recommended.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the magenta downward pointing arrow of the ASCTrend_BO.ex4 indicator gets placed fairly above price bars as seen on Fig. 1.1, the overall market sentiment is said to be bearish, hence a sell order is fitting.
- If the deep pink line of the forex_sunrise_indicator.ex4 gets aligned slightly above the candlesticks as depicted on Fig. 1.1, price is said to be taken lower i.e. a signal to sell the designated forex pair.
- If the lines (red & blue) of the Fisher_org_v12 custom indicator break below the 0.00 level, a sell trigger is said to be in place.
Stop Loss for Sell Entry: Place stop loss 3 pips above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If the an aqua upward pointing arrow pops up on the activity chart during a sell alert (refer to Fig. 1.1), price is said to be making a U-turn, as such an exit or take profit will do.
- If the line of the forex_sunrise_indicator.ex4 turns blue during a sell signal, an exit or take profit is recommended.
- If the lines (red & blue) of the Fisher_org_v12 custom indicator surges above the 0.00 during a sell signal, an exit or take profit is a sure way to go.
Sell Trade Example
About The Trading Indicators
The ASCTrend_BO.ex4 custom indicator is used to deliver trading signals through the use of its upward and downward pointing arrows.
The forex_sunrise_indicator.ex4 is an adaptable technical study that is based on the moving average and triggers buy/sell alerts in line calculations that are based on support and resistance.
The Fisher_org_v12 custom indicator is an oscillator that consists of two lines, a red and a blue line.
The lines oscillate around the 0.00 signal level.
Price is bullish/bearish when the lines are aligned above/below the signal level respectively.