Understanding the currency markets can be achieved pretty quickly with the right set of market tools, one of such being a reliable trading strategy.
The Vegas Daily forex trading strategy is suited for various market participants, and does deliver well on profits.
Chart Setup
MetaTrader4 Indicators: Vegas_S_P_Daily.ex4 (default setting), vr_moving_average.ex4 (Input Variable modified; Period=40)
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
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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 gets displayed:
- If the thick blue line of the vr_moving_average.ex4 custom indicator crosses the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator bottom up, with price trading slightly above as shown on Fig. 1.0, the sentiment in the market is said to be somewhat bullish, as such a buy entry is duly advised.
During a bullish signal the blue line of Vegas_S_P_Daily.ex4 custom indicator sits below the green line.
Stop Loss for Buy Entry: Place stop loss 1 pip below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions take center stage:
- Watch out when the thick red line of the vr_moving_average.ex4 custom indicator intersects the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator top downward as a signal for possible weaning bulls power in the market, hence it is advisable to exit or take profit without delay.
Sell Entry Rules
Enter a sell order if the following pattern takes shape on the activity chart:
- If the thick red line of the vr_moving_average.ex4 custom indicator crosses the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator top downward, with price trading slightly below as illustrated on Fig. 1.1, the sentiment in the market is said to be somewhat bearish, as such a sell order is highly recommended.
During a bearish signal the blue line of Vegas_S_P_Daily.ex4 custom indicator sits above the green line.
Stop Loss for Sell Entry: Place stop loss 1 pip above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- Watch out when the thick blue line of the vr_moving_average.ex4 custom indicator intersects the thin green and blue middle lines of the Vegas_S_P_Daily.ex4 indicator bottom up as a trigger for likely halting bears power in the marketplace, hence it is wise to exit or take profit straight away.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The vr_moving_average.ex4 is a custom indicator that is basically a modified version of the standard moving average.
The indicator is able to spot patterns and uniqueness in price dynamics which are undetectable to the naked eye.
The Vegas_S_P_Daily.ex4 custom indicator is a trend following indicator that emulates the 24 EMA and 28 EMA crosses in depicting price action.