Forex Wallaby Powered Trading System
Forex Wallaby Powered Trading System:
KPeriod = 7 Sets %K period for the three Stochastics
DPeriod = 3 Sets %D period for the three Stochastics
Slowing = 3 Sets smoothing average period for three Stochastics
Timeframe1 = 1, Timeframe2 = 5, Timeframe3 = 15 Configures the timeframe used to calculate every Stochastic indicator. Use 60 for 1 hour charts, 240 for 4 hours charts, 1440 for daily charts, 10080 for weekly charts and 43200 for monthly charts.
Based on the classic stochastic oscillator, this indicator has been set to average over three time periods, in an attempt to detect counter trade trades; however, the basic concept is to understand those movements as pullbacks that gave buying opportunities on deeps, favoring the trend trading.
The Stochastic Oscillator is set to 7,3,3 with levels at 20 and 80 to signal extreme readings, and based in short time frames by default. To trade in bigger time frames, the parameters need to be adjusted.
By itself, the indicator should give traders a warning sign of market entry once the price and the Wallaby are divergent, although it needs a filter that in fact generates the buy/sell signal.
Also, and as a classic Stochastic, cross over outside the extremes tend to signal exhaustion conditions and signal a reversal in the current dominant trend, accordingly to the chart under study: take a loot at the following USD/JPY 15 minutes chart.
A bit hard to read and understand at the beginning, yet simple when you dominate it; maybe not revolutionary, yet no doubts another of Rob Booker’s great trading tool.
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 Wallaby Powered Trading System?
- Download Forex Wallaby Powered 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 Wallaby Powered 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”.
