This is a very simple form of spotting trend reversals and entering into trades.
Indicators Used:
14 SMA
Elliott Wave Oscillator (Arrows)
Currency Pair - GBP/CHF (You can choose your favorite)
Time Frame - Works well with 4H
Rules:
Entering Long:
Enter long the moment you see upward pointing blue arrow when the price is below 14 SMA.
Entering Short:
Enter short the moment you see downward pointing red arrow when the price is above 14 SMA.
Note: It is advisable to wait for candle closing. Avoid trading when the price/arrow is close to the 14 SMA.
I have illustrated sample trades in the following snapshot:
I have not been able to emphasize on the exit strategy; I am working on the same. It is advisable to trade with a mix of this technique and support/resistance. This technique is only for educational purpose; use your own additional logic to enter into trades.
PS: Elliott_Wave_Oscillator-Arrows indicator does not belong to me.
Indicators Used:
14 SMA
Elliott Wave Oscillator (Arrows)
Currency Pair - GBP/CHF (You can choose your favorite)
Time Frame - Works well with 4H
Rules:
Entering Long:
Enter long the moment you see upward pointing blue arrow when the price is below 14 SMA.
Entering Short:
Enter short the moment you see downward pointing red arrow when the price is above 14 SMA.
Note: It is advisable to wait for candle closing. Avoid trading when the price/arrow is close to the 14 SMA.
I have illustrated sample trades in the following snapshot:
I have not been able to emphasize on the exit strategy; I am working on the same. It is advisable to trade with a mix of this technique and support/resistance. This technique is only for educational purpose; use your own additional logic to enter into trades.
PS: Elliott_Wave_Oscillator-Arrows indicator does not belong to me.
