Forex trading system “Candlestick Trend Trading System”
This strategy is based on Japanese candlesticks. In the MetaTrader terminal, this is the main type of chart. Most traders use them in their work. For traders who understand the meaning of different types of candlesticks, this system can be very useful. Beginner traders can use the system as a visual tutorial on Japanese candlesticks. This strategy is applied to any currency pairs on H4 and D1 timeframes. The “Pattern Recognition Master” indicator helps with routine work by marking candlesticks on the chart with the names of corresponding figures where such a figure is present. All we have to do is see if it’s bullish or bearish. In the upper left corner of the template there is a list of five bull and five bear figures in English. The chart also has a direction hint. Two more indicators serve as filters for determining the direction of travel. The Non Lag MA indicator is a modified moving average. Changing the color of the line to green means a bullish trend, and red means a bearish trend. The Real MACD Colored indicator is a version of the MACD oscillator with parameters 5,15,1. To determine the support and resistance levels in the system there is an indicator “Pivots trading“.
The entry point is easy to determine. Buy if the line Non Lag MA green, bar Real MACD green and there is a bullish figure on the chart.
A Sell trade is opened if the chart has a bearish figure and the indicators Non Lag MA and Real MACD are red.
Stop-loss is set above or below the signal candle. Several options can be applied to close positions, depending on the market volatility. This can be a daytime candle close, beer level or a fixed number. For fixed take-profit, it is recommended:
4H TF- EUR/USD 25, AUD/USD 18, GBP/USD 30, EUR/JPY 30, GBP/JPY 33.
Daily TF-EUR/USD 50, AUD/USD 40, GBP/USD 60, EUR/JPY 60, GBP/JPY 65.
Download system files