Forex Profit Wave Trading Strategy
Forex Profit Wave Trading Strategy:
FX profit Wave Strategy is a simple trend momentum system. Time Frame 15 min or higher.Currency pairs: majors.
Metatrader 4 Indicators:
TREND STRENGTH INDICATOR (TSI)
It’s an indicator that
shows the strength of the trend. If Bullish (blue) is over 50, it means the uptrend
is stronger than downtrend. The higher the number, the stronger the trend. If Bearish (red)
is over 50, it means the downtrend in stronger than uptrend.
The TSI indicator will ultimately determine the direction in which we trade.
If it’s showing the Bullish trend, we will be looking to enter the market with Buy trades.
On the other hand, if it’s showing Bearish trend, we will be looking to enter the market
with Sell trades.
ML INDICATOR
This indicator is on the chart and will display a blue line below the candles for the uptrend and
red line above the candles for the downtrend.
If the ML Indicator is showing the blue line below the candles, we will be only looking for buy
trades, while if it’s showing the red line above the candle we will be looking only for sell trades.
Histogram dots
In order to get a valid buy or sell signal, both the Histogram and Dots have to be in alignmen.
For buy trades:
Histogram must be blue and above the Zero Line (dots)
Dot must be green
For Sell trades:
Histogram must be orange and below the Zero Line (dots)
Dot must be white
Trading rules FX Profit Wave Strategy
Buy
1. TSI above 50.
2. ML Indicator blue and below the candles.
3. Histodot must be blue and > 0 level.
4. Histodot must have a green dot drawn.
5. After all the conditions have been met, enter the trade at the close of the signal candle.
6. Set your Stop Loss a few pips below the most recent Swing Low.
7. Set your Take Profit twice the distance away from the entry level as your Stop
Loss or greater. I recommend a minimum of 1:2 Risk/Reward Ratio or greater.
On the following page you can see an example of a Buy trade as per the rules of the system.
For Sell Reverse conditions.
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 Profit Wave Trading Strategy?
- Download Forex Profit Wave 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 Profit Wave 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”.
