Forex Rainbow Pattern Candlestick Trading Strategy
Forex Rainbow Pattern Candlestick Trading Strategy:
Time Frame 15 min or higher.
Currency pairs:any.
Candlestick Patterns with Rainbow Metatrader Indicators:
(EMA’s) Exponential moving averages : 3-4-5-6-7-8-9-10-11-12-13-14-15-16-17-31-32-33-34-35-36-37-38-39-40-41-42-43-44-45-46-47
-48-49-50-51-52-53-54-55-
21 (Rainbow)
Pivot levels (this setting is for intraday trading ).
Pattern recognition Master 7;
Long Entry
If Buy Candlestick Pattern is above of the (rainbow) green exponential moving averages open a buy order at open the next bar.
Short Entry
If Sell Candlestick Pattern is below of the (rainbow) red exponential moving averages open a sell order at open the next bar.
Exit position: (for intraday trading)
Stop loss
for buy 2 pips below the previous swing.
for sell 2 pips above the previous swing.
Profit Target at the Pivot levels or 15-20 pips.
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 Rainbow Pattern Candlestick Trading Strategy?
- Download Forex Rainbow Pattern Candlestick 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 Rainbow Pattern Candlestick 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”.
