Vegas Daily Average Forex Trading Strategy

The Vegas Daily Average forex trading strategy finds signals in any currency pair with the help of the popular free Vegas trading indicator.

This strategy is easy to use and can be very profitable for both beginners and advanced currency traders.

Chart Setup

MetaTrader4 Indicators: Vegas_Currency_Daily.ex4 (Input Variable Modified; Risk Model=2), Var_Mov_Avg.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

Download

Download the Vegas Daily Average Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart setup gets on display:

  1. If price closes above the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator, it is an indication of bullish price pressures, as such a buy order is said to be appropriate.
  2. If the mostly blue dotted line of the Var_Mov_Avg.ex4 custom MT4 indicator intersects the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator bottom up (refer to Fig. 1.0), placing itself above both lines, with price trading somewhat above, the sentiment in the market is said to be bullish. This is a trigger to buy the stipulated currency 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 preference:

  1. If price closes below thicker green and blue filled middle line of the Vegas_Currency_Daily.ex4 custom indicator as illustrated on Fig. 1.0, bulls power is said to be weaning i.e. an exit or take profit is duly advised.
  2. If the somewhat magenta dotted line of the Var_Mov_Avg.ex4 custom MT4 indicator crosses the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator top downward (refer to Fig. 1.0), an exit or take profit is recommended.

Sell Entry Rules

Enter a sell order if the following holds sway:

  1. If price closes below the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator, it is an indication of bearish price pressures, hence a sell order is said to be apt.
  2. If the mostly magenta dotted line of the Var_Mov_Avg.ex4 custom MT4 indicator intersects the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator top downward (refer to Fig. 1.1), placing itself below both lines, with price trading somewhat below the lines, the sentiment in the market is said to be bearish. This is an alert to sell the designated 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:

  1. If price closes above thicker green and blue filled middle line of the Vegas_Currency_Daily.ex4 custom indicator as highlighted on Fig. 1.1, bears power is said to be halting i.e. an exit or take profit is duly recommended.
  2. If the somewhat magenta dotted line of the Var_Mov_Avg.ex4 custom MT4 indicator crosses the thicker blue and green filled middle lines of the Vegas_Currency_Daily.ex4 custom indicator bottom up as depicted on Fig. 1.1, an exit or take profit will suffice.

Sell Trade Example

Fig. 1.1

Free Download

Download the Vegas Daily Average Forex Trading Strategy

About The Trading Indicators

The Var_Mov_Avg.ex4 custom indicator is based on the moving average, but yield more accurate signals based on its advanced noise filter.

It deploys changes in the color of its dotted line to signal trend changes.

The Vegas_Currency_Daily.ex4 custom MT4 indicator is used as a technical tool to create a trading tunnel based on 2 different exponential moving averages.

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