How To Trade (Part 8)
“How To Trade (Part 8)” is the eight strategy publication series on how traders can trade Forex or Volatility Index on the mobile Meta Trader application.
However, the eight 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 great on all Meta Trader time frames.
Moreover, you can apply 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 very good as a 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 place a Sell trade 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 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.
- Bollinger bands period is 340. Deviation is 2.0.
- 200 period moving average, Linear Weight, apply to Close, color is Green.
- 9 period Exponential moving average, apply to Close, color is Red.
- 13 period Exponential moving average, apply to Close, color is Blue.
- 20 period Exponential moving average, apply to Close, color is Orange.
How It Works:
On Indicator window 1, when the Red, Orange and Blue moving average lines cross above the Green line, turning upwards, we have a Buy signal.
For a Bullish scenario, the Red, Orange and Blue lines must be close to the lower Bollinger band as they crosses above the Green line.
On the other hand, when the Red, Orange and Blue moving average lines crosses down below the Green line, turning downwards, we have a Sell signal.
For a Bearish scenario, the Red, Orange and Blue lines must be close to the upper Bollinger band as they crosses below the Green line..
The image below shows a typical trade progression for a Bullish price development after alignment of signals on the two windows.
While on 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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