If you possess a trading strategy that has the ability to generate more winning than losing trades, it puts you within an elite group of traders.
The Trend Lord forex trading strategy puts you in a position of advantage where generating profits from trading currency pairs becomes much easier.
Learn below how to generate buy and sell signals from this trend following strategy:
MetaTrader4 Indicators: ADX_MA_BO.ex4 (Input Variable Modified; Ma_Period=40), TrendLord.ex4 (Input Variable Modified; period=74)
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, Currency Crosses, Exotics)
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart setup gets put on display:
- If the blue spherical shaped ADX_MA_BO custom indicator gets aligned somewhat below the price bars as indicated on Fig. 1.0, it is a trigger to buy the stipulated forex pair.
- If the rising steel blue histograms of the TrendLord custom indicator is shown within its indicator window, price is said to be pushed higher i.e. a signal to buy the designated currency pair.
Stop Loss for Buy Entry: Place stop loss 5 pips below the first rising blue sphere.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If while a buy signal is running, the blue rising spherical shaped ADX_MA_BO custom indicator turns red, it is a clear indication of weaning bulls power, hence an exit or take profit will do.
- If the rising steel blue histograms of the TrendLord custom indicator turns crimson as depicted on Fig. 1.0, it is a signal to exit or take profit straightway.
Sell Entry Rules
Trigger a sell order if the following holds true:
- If the red spherical shaped ADX_MA_BO custom indicator gets aligned somewhat above the candles as illustrated on Fig. 1.1, the sentiment in the market is believed to bearish, as such a trigger to sell,
- If the falling crimson histograms of the TrendLord custom indicator is displayed within its indicator window, price is said to be pushed lower i.e. a signal to sell the currency pair of focus.
Stop Loss for Sell Entry: Place stop loss 5 pips above the first falling crimson sphere.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If while a sell signal is ongoing, the red falling spherical shaped ADX_MA_BO custom indicator turns blue, it is a clear indication of halting bears power, hence an exit or take profit will suffice.
- If the falling crimson histograms of the TrendLord custom indicator turns steel blue as seen on Fig. 1.1, price is said to be retracing away from its bearish stance, hence an exit or take profit is duly recommended.
Sell Trade Example
About The Trading Indicators
The ADX_MA_BO.ex4 custom indicator is an enhanced Average Directional Index (ADX) that is trend following with integrated smoothing filter.
The TrendLord .ex4 custom indicator is a trend tool that comes within a separate window and is configured with a period of 50.