Your price: $18.00
Content: Expert: ForexMorningTrade_EA.ex4 (Unlocked), Indicator: FxMorningTrade.ex4, Template: fx_morning_trade.tpl, UserGuide: ForexMorningTrade_manual.pdf
Forex Morning Trade
The system consists of two essential components:
- Momentum indicator – standard Momentum indicator with 60 period, computed from Typical price
- Commodity Channel Index – standard CCI indicator with 60 period, computed from Typical price
There is also an optional indicator that will help you with the trade:
- FxMorningTrade indicator (optional) – it displays the time when we should enter the trade, plus optional entry price, stop loss and profit target levels
That’s the system. It looks quite simple, right? Let’s now install the various components and then go through the whole system in more details.
As I said earlier, our trading time is 5:30am GMT time. You should get to the computer about 5 minutes before 5:30 and wait until the candle finishes. For indicator values, you should check the chart at a close of 5:15am candle at 5:30am. I use Alpari UK broker, so 5:30am GMT is 7:30am in broker time that you see on the charts.
We will go LONG (buy) if and only if ALL the following conditions are met:
1. Momentum(60) of the 5:15am candle is higher than 100 AND lower than 100,8 (in other words between 100 and 100,8)
2. CCI(60) of the 5:15am candle is higher than 0
Then we will buy at Market price.
We can see that Momentum is above 100 (but below 100,8) and CCI is also above 0, so we enter Long by Market price.
We will go SHORT (sell) if and only if ALL the following conditions are met:
1. Momentum(60) of the 5:15am candle is lower than 100 AND higher than 99,2 (in other words between 99,2 and 100)
2. CCI (60) of the 5:15am candle is lower than 0
Then we will sell at Market price.
We can see that Momentum is below 100 (but above 99,2) and CCI is also below 0, so we enter Short by Market price.