Forex Trend Eater Trading System
Forex Trend Eater Trading System:
Components of the System
ProbMeter indicator
Pivot Multi Timeframe indicator : red for resistance and blue for support
ADX indicator : period 14
2. Entry Signal
Buy (Go Long) :
First, wait until ProbMeter says “Probability STRONG UP Trend
Once it is occured, you must check these conditions :
a. NO U.S. BIG NEWS today (Non Farm Payroll, FOMC Meeting, Bernanke’s testimony, etc).
NO EURO ZONE important news in the next ½ hours ahead, if you trade EUR/USD.
NO UK important news ½ hours in the next ½ hours ahead, if you trade GBP/USD.
B Range between the price (when an UP Trend Alert is occurred) must be at least 20 pips away from the NEXT Resistance.
c. ADX (when an UP Trend Alert is occurred) must rise BETWEEN 20 – 40 level.
After all conditions have been fullfilled, just click BUY for your chosen currency pair.
Sell: Viceversa
3. Stop Loss & Take Profit
For Buying Condition :
Set Stop Loss 30 pips (for EURUSD) from your Entry price.
Set Stop Loss 50 pips (for GBPUSD) from your Entry price.
Set Take Profit at 5 pips away from the nearest Resistance level.
Don’t use Trailing Stop to get the maximum gains.
Don’t update your Take Profit even the trading session day has changed.
For Selling Condition :
Set Stop Loss 30 pips (for EURUSD) from your Entry price.
Set Stop Loss 50 pips (for GBPUSD) from your Entry price.
Set Take Profit at 5 pips away from the nearest Support level.
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 Trend Eater Trading System?
- Download Forex Trend Eater Trading System.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 Trend Eater Trading System?
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”.
