How To Trade (Part 7)
“How To Trade (Part 7)” is the seventh strategy publication series on how traders can trade Forex or Volatility Index on the mobile Meta Trader application.
However, the seventh series on how to trade Forex or Volatility Index is also indicator based just like the previous publications.
Traders can as well load the settings on the Personal Computer as well as on the mobile device.
This strategy works fine on all time frames.
Moreover, you can use this strategy to trade VIX assets, Forex, Gold, NAS 100, Step Index, Boom and Crash index.
The strategy is good for scalping profits on smaller time frames (1 minute to 1 hour time frames).
It is also a good scalping strategy that you can use for trend following on higher time frames especially the time frames that are higher than 1hr TF.
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Indicators:
The image below shows the list of indicators that you can install for this strategy setup;
Main Chart:
The image below also shows the list of indicators that you can install for the main trading chart;
You may install the following indicators on the main chart:
- Fractals
- 17 moving average, Linear Weight, color is Grey
- 21 Exponential Moving Average (Red color) and
- 8 moving average, Linear Weight, (Orange color)
How It Works On The Main Chart:
Basically, you simply Sell on the main chart if price cross down and close below all three moving averages.
On the other hand, if price cross up and close below above all three moving averages, then you have Buy signal.
Indicator Window 1:
Install the following indicators on your Indicator window 1 chart:
- MACD, Fast EMA is 12, Slow EMA is 26, and MACD SMA is 9.
- Relative Strength Index RSI period is 14.
- 3 period moving average, Linear Weight, First Indicator’s Data, color is Blue.
- Parabolic SAR, Step is 0.02, Maximum is 0.2, color is Black.
- 1 period moving average, Linear Weight, First Indicator’s Data, color is Red.
How It Works:
On Indicator window 1, when the Red and Blue moving average lines breaks through the Parabolic SAR dots, turning upwards, we have a Buy signal.
For a Bullish scenario, the Red line crosses above the Blue line and stays above it after breaking through the Parabolic SAR dots.
On the other hand, when the Red and Blue moving average lines breaks through the Parabolic SAR dots, turning downwards, we have a Sell signal.
For a Bearish scenario, the Red line crosses below the Blue line and stays below it after breaking through the Parabolic SAR dots.
The image below shows a typical trade progression for a Bullish price development after alignment of signals on the two windows.
Find another image below. It shows a typical trade progression for a Bearish price development after alignment of signals on the two windows.
Allow the alignment of all signals on both the main and Indicator window 1 charts before placing your trade(s) in the direction of signal.
(Try this on a demo account first!)
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