Supreme Channel Filter Forex Trading Strategy

The Supreme Channel Filter forex trading strategy is designed to enable you manage your trading expectations better and approach every buy and sell forex trade in a well-defined manner.

The indicators that make up the strategy are the Commodity Channel Index (oscillator) and Forexprofitsupremefilter (trend) indicators.

The CCI indicator does well as either a coincident or leading indicator, while the Forexprofitsupremefilter custom indictor is incorporated to aid in anticipating market trends.

Chart Setup

MetaTrader4 Indicators: Commodity Channel Index.ex4 (Parameters Modified; Period=28), Forexprofitsupremefilter.ex4 (Colors Width Modified; #0=2, #1=2)

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 Supreme Channel Filter Forex Trading Strategy 

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order if the following rules or conditions hold sway:

  1. If the light sea green line of the CCI MT4 indicator surges above the 100.00 level as shown on Fig. 1.0, price action is said to be strong, as such the start of an uptrend is imminent.
  2. If the lime green vertical bars of the Forexprofitsupremefilter custom indicator fills up its window as depicted on Fig. 1.0, price is said to be pushed higher i.e. a signal to buy 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 takes center stage:

  1. If while a bullish trend is ongoing, the light sea green line of the CCI MT4 indicator dips below the -100.00 level, it is a trigger to exit or take profit at once.
  2. If a dark orange vertical bar of the Forexprofitsupremefilter custom indicator gets shown within the indicator window, an exit or take profit is duly advised.

Sell Entry Rules

Enter a sell order if the following holds true:

  1. If the light sea green line of the CCI MT4 indicator dips below the -100.00 level as seen on Fig. 1.1, price action is said to be weak, as such the start of a downtrend is in the cards.
  2. If the dark orange vertical bars of the Forexprofitsupremefilter custom indicator fills up its window as illustrated on Fig. 1.1, price is said to be driven lower i.e. a signal to sell the selected currency 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:

  1. If while a bearish signal is being observed, the light sea green line of the CCI MT4 indicator surges above the 100.00 level, it is a trigger to exit or take profit straightaway.
  2. If a lime green vertical bar of the Forexprofitsupremefilter custom indicator pops up within its indicator window during a buy signal, an exit or take profit is duly recommended.

Sell Trade Example

Fig. 1.1

Free Download

Download the Supreme Channel Filter Forex Trading Strategy

About The Trading Indicators

The Forexprofitsupremefilter indicator is a technical study that is designed to support intraday trading.

Its signal is measured using six indicators and most importantly it was designed for newbies, as such requires little or no experience.

The Commodity Channel Index MT4 indicator is deployed to gauge the difference between a currency pair’s price change and its mean price change.

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