- NO ANSWER
- REQUESTS $
- WHAT TO DO?
- DOES NOT OUTPUT
A very simple forex trading strategy called Elder Momentum. Why such a name? Because the strategy is based on the readings of the standard Momentum indicator, which is installed by default in MT4.
The strategy also includes a moving average. The whole set is installed in the MT4 trading terminal, which you can download from the broker where you work.
Buy and Sell signals
You need to enter the purchase if the candle breaks the MA up (most of the body should be above the MA) or the ideal option is to go beyond the MA and fix on it.
The momentum indicator (in the lower basement) should go above the 100 level (up). Then we open an order for Buy, set Stop loss for the nearest minimum.
For transactions on Sell, everything is the same, just the opposite. We are waiting for the candle to break the MA down, and the momentum to fall below the value of 100 - a sell order is opened.
Take Profit must be determined depending on the volatility of the traded pair. In general, this strategy can work on any pair. The best indicator at the moment is on the H1 chart and for EUR/JPY the minimum move is 50 points, the maximum is 100 points.
Therefore, you can simply measure the approximate move and focus on it.
Here you can download a ready-made template with the settings of this strategy for free. To do this, just comment on the article - share your results on forex trading!