Forex Fakey Pattern Trading Strategy
Forex Fakey Pattern Trading Strategy;
Fakey Pattern Trading System is based on fakey formation. What is Fakey pattern?
Inside Bar + false breakout = Fakey pattern. There is also Pin Bar + false breakout = Fakey pattern, but in this case we have a fakey pattern formed by Inside bar + false breakout.
The Fakey pattern start when we have a Inside Bar that initially breaks out of Inside Pattern but then reverse creating a false breakout of the price action.
This is a trend following strategy, but the interpretation of the fakey pattern can be also other. In this case the fakey pattern is filtered by two moving averages for find the direction of the trend.
Time Frame 5 min or higher.
Currency pairs: EUR/USD, GBP/USD, USD/JPY, USD/CHF, GBP/JPY, EUR/NZD, AUD/USD, EUR/GBP, EUR/JPY.
Exponential moving average 100, period close.
Exponential moving average 200, period close.
Fakey Pattern indicator (this MT4 indicator simplifies the Fakey pattern analysis.)
Trading rules Fakey Pattern Trading System
Buy
EMA100 above EMA200
Fakey Pattern buy arrow
Initial stop loss at the previous low swing.
Make profit discetionary.
Sell
EMA100 below EMA200
Fakey Pattern sell arrow
Initial stop loss at the previous high swing.
Make profit discetionary.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Fakey Pattern Trading Strategy?
- Download Forex Fakey Pattern Trading Strategy.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Fakey Pattern Trading Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
