Forex trading system “Double Supertrend Trading System”
Very interesting intraday trading system of following the trend. It is based on the famous “Supertrend” indicator. This indicator is calculated from 50-period CCI (Commodity Channel Index) and 5-period ATR (Average True Range). This system uses two indicators “Supertrend” – optimized and normal. “Double Supertrend Trading System” is used only for trading on 15-minute charts. In addition to the main indicators, additional indicators are used. “PL4 Candle Time shows how much time is left before the next candle appears;
“Market Panel display control” displays the instrument name, candlestick closing time, spread, and also highlights the time limits of sessions. The indicators “PFWinner” and “Stochastic Oscillator (5,3,3)” are used to filter the inputs. To determine the support and resistance levels in the system there is an indicator “Pivot Points levels”. Currency pairs to trade in this system: EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/JPY, AUD/JPY. The main rule is to trade only in the direction of the trend.
A buy position opens if both “Supertrend” indicators become green. In addition, the indicator “PFWinner” should be above 0, and the green line of the indicator “Stochastic Oscillator (5,3,3)” should be above red. Stop-loss is set below the nearest minimum. To exit the position, you can set Take Profit at one of the resistance levels or wait for the “Supertrend” indicators to change their color to red.
A sell position opens if both “Supertrend” indicators become red. In addition, the indicator “PFWinner” should be below 0, and the green indicator line “Stochastic Oscillator (5,3,3)” should be below red. Stop-loss is set above the nearest maximum. To exit the position you can set Take Profit at one of the support levels or wait for the “Supertrend” indicators to change their color to green.
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