FXForcaster Forex Trading Strategy

The FXForcaster forex trading strategy is simple system that is capable of yielding a sizeable amount of profit if properly utilized. Three easy to understand technical indicators are used in generating buy and sell alerts.

Chart Setup

MetaTrader4 Indicators: ForexprofitsupremeFilter.ex4 (default setting), FXForcaster.ex4 (default setting), Forex Analyzer Pro.ex4 (default setting)

Preferred Time Frame(s): 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours

Recommended Trading Sessions: Any

Currency Pairs: any

Download

Download the FXForecaster Forex Trading Strategy

Buy Example (click the image for full size):

fxforcaster-forex-trading-strategy

Fig. 1.0

Strategy

Long Entry Rules:

Enter a buy position when the following chart or indicator pattern are in display:

  1. The ForexprofitsupremeFilter custom indicator window gets filled with lime colored bars, an indication that a bullish trend is being favored.
  2. The violet bars of the FXForecaster custom indicator sprouts from the black bars and is aligned above the 0.00 level.
  3. The upward pointing green arrow of the Forex Analyzer Pro forms below price bars, an indication that price is pushing higher, as such a buy signal is advised.

Stop Loss for Long Entry: Place stop loss on key S1/S2 levels of the Forex Analyzer Pro.

Exit Strategy/Take Profit for Long Entry

The following conditions will define your exit or take profit strategy:

  1. The ForexprofitsupremeFilter custom indicator window gets filled with dark orange colored bars, an indication that a trend reversal is underway and as such an exit is advised.
  2. The violet bars of the FXForecaster custom indicator sprouts downward below the 0.00 level, indicating that price is about to drop.
  3. If a downward facing red arrow of the Forex Analyzer Pro forms above price bars, it indicates that price is about to slide lower, as such an exit or take profit trigger is appropriate.

Sell Entry Rules

The following rules or conditions are indicative of a sell order:

  1. When the ForexprofitsupremeFilter custom indicator window gets filled with dark orange colored bars, it tells a story that favors the bears in the market i.e. sell order(s) should be triggered accordingly.
  2. When the violet bars of the FXForecaster custom indicator sprouts downward below the 0.00 level, it indicates that price is heading southward and a sell is in order.
  3. If a downward facing red arrow of the Forex Analyzer Pro forms above price bars, it indicates a considerable amount of downward pressures on price.

Stop Loss for Sell Entry: Place stop loss on key R1/R2 levels of the Forex Analyzer Pro.

Exit Strategy/Take Profit for Sell Entry

Ensure that you have the following rules or conditions on display before initiating an exit or take profit:

  1. The filled bars on the ForexprofitsupremeFilter custom indicator color reverts to lime, signaling a reversal in trend.
  2. The violet bars of the FXForecaster custom indicator sprouts upwards above the 0.00 level.
  3. Once the upward pointing green arrow of the Forex Analyzer Pro forms below price bars, it indicates that price is on its way back up and all open sell orders should be exited or closed accordingly.

fxforcaster-forex-trading-system

Fig. 1.1

Free Download

Download The FXForcaster Forex Trading Strategy

About The Trading Indicators

The ForexprofitsupremeFilter MT4 indicator is a technical study that has filled horizontal bars in its indicator window. The color of the filled bars can be lime or dark orange (which are actually the default setting), representing a bullish or bearish signal respectively.

The FXForcaster.ex4 uses violet and black histograms to define its signal system, where a buy signal or sell signal is said to occur when the violet histogram is above or below the 0.00 mark respectively.

Forex Analyzer Pro is one technical study that delivers very simple signals, when the green arrow points upwards and gets aligned below price bars, we enter a buy. However, when the red arrow points downward and is placed above price bars, a sell is in order.

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