This strategy is based at MTF BBands_Stop indicator and I have found a trading system based on it. This simple strategy is similiar with "Simplicity" which can be found in my previous post here but this is more precise for short term / intraday trading. It can be used for trending or sideways moment but you must learn to find out the pattern for that first.
- Download the zip file here, extract the files in the indicator folder to your MT4 indicators folder that usually like "MetaTrader/ExpertAdvisor/Indicators". Extract the file in the template folder to your MT4 template folder that usually like "MetaTrader/Template".
- Run your MT4 and open a new Gbp/Usd chart. Click the templates icon in the menu bar and choose "MTF bbstops".
- Change your chart to TF 5 Menit.
- Now, the strategy is ready to use.
- See the attached picture above, find out when 2 or more BBands_stop turn into different color, that is the new beginning of new trend. Open your position and place your SL at the highest price at the latest chart before the first indicator change its color.
- You can close / take profit your position by watching the chart pattern that indicates for retrace, using Trailing Stop or with help of Bolinger Bands indicator.
- Notice when a long candle happens, usually there will be a retrace. You may wait to open your position after the retrace happens.
*update 24/03/2008 : you can download the template for MT4 here
Labels: Forex System