The Super Keltner forex trading strategy is well-crafted to give market participants accurate buy/sell signals for any currency pair and any trading session.
Learn below how to setup this simple FX strategy in less than 15 minutes.
Chart Setup
MetaTrader4 Indicators: i_daywpr_v1_1.ex4 (default setting), Keltner_Chanel.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 (London, New York, Tokyo)
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 get displayed:
- If price closes above the middle line of the Keltner_Chanel.ex4 custom indicator as seen on Fig. 1.0, after which price is seen to be trading along the upper outer line of the indicator, such a setup is said to be bullish, hence a trigger to buy the asset of choice.
- If the magenta line of the i_daywpr_v1_1.ex4 custom indicator break and hovers above the 0.00 signal level as illustrated on Fig. 1.0, it is an indication of upward price pressures i.e. a trigger to buy the specified 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 are in place:
- If prices close below the middle line of the Keltner_Chanel.ex4 custom indicator during a buy signal, it is a trigger to exit or take profit without delay.
- If the magenta line of the i_daywpr_v1_1.ex4 custom indicator falls below the 0.00 level, it is an indication of weaning bulls power, hence an exit or take profit is recommended.
Sell Entry Rules
Initiate a sell entry if the following holds true:
- If price closes below the middle line of the Keltner_Chanel.ex4 custom indicator as illustrated on Fig. 1.1, after which price is seen to be trading along the lower outer line of the indicator, such a setup is said to be indicative of a bearish signal, hence a trigger to sell the asset of choice.
- If the magenta line of the i_daywpr_v1_1 custom indicator break and hovers below the 0.00 signal level as shown on Fig. 1.1, it is an indication of downward price pressures i.e. a trigger to sell the listed currency 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 holds sway:
- If prices close above the middle line of the Keltner_Chanel.ex4 custom indicator during a sell signal, it is a trigger to exit or take profit straight away.
- If the magenta line of the i_daywpr_v1_1.ex4 custom indicator rises above the 0.00 level, it is an indication of halting bears power, hence an exit or take profit is recommended.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
The i_daywpr_v1_1.ex4 custom indicator is a modified Williams Percent Range indicator in which the indicator’s period is automatically calculated via the number of bars of the current day.
The Keltner_Chanel.ex4 is essentially a double average true range indicator with floating values below and above the 20-day exponential moving average.