Today I would like to present to you the Forex Signal 30 – a very good forex trading strategy. It is much liked and appreciated by traders because it not only generates clear buying and selling signals but also for giving clear hints when to close the trades.
The Forex Signal 30 system is based on the following indicators: ForexSignal 30 Extreme, Signal 2 and Stochastic. It can be traded on M30 to 4H timeframes, however it is recommended to trade 4-hour timeframe.
How to trade using the ForexSignal30 strategy?
Now, let’s take a look on the trading rules of this strategy.
- Open long order (buy trade) with Forex Signal 30 when below conditions are met:
- The candles must touch the lower band – pink channel. (This rule can be ignored, but the trade will be much more risky and high possibility to hit SL!).
- A blue arrow appears below the candles.
- Stochastic is below 20 level (oversold).
- The ForexSignal30 Extreme changes direction and now is pointing upwards (changes the color from red to yellow).
- Place your stop loss just below the recent swing low.
- Take your profit at the opposite (upper) band – pink channel.
- Open short order (sell trade) with Forex Signal 30 when below conditions are met:
- The candles must touch the upper band – pink channel. (This rule can be ignored, but the trade will be much more risky and high possibility to hit SL!).
- A red arrow appears above the candles.
- Stochastic is below 80 level (overbought).
- The ForexSignal30 Extreme changes direction and now is pointing downwards (changes the color from yellow to red).
- Place your stop loss just below the recent swing high.
- Take your profit at the opposite (lower) band – pink channel.
Indicators of ForexSignal30 Trading System
There are four indicators that are ingredients of the ForexSignal30 strategy – arrow, extreme, high low channel and stochastic oscillator.
1. Arrow indicator
The Arrow indicator is used to find a triggering moment when the trend could potentially reverse (i.e. bounce after touching the channel band). This indicator is sometimes repainted to less than 100 pips if extreme indicator signal appears. For responsible trading you should use a maximum of 20% of your funds. The remaining amount can be used to cover the loss of at least 100 pips when the market moves against you. This should not happen if you wait for the other indicators signals to agree.
2. Extreme indicator
The ForexSignal30 Extreme indicator is used to determinate a general market direction, whenever it’s going to be strong move upward or downward. During up trending market conditions, the Extreme indicator is yellow and you should always work with arrows pointing up. During down trending market conditions, the Extreme indicator is red and you should always work with arrows pointing down.
General rule:
Yellow Line = up trend
Red Line = down trend
3. High Low (HL Channel indicator)
The High Low Channel indicator uses the highest high and lowest low of the price to determine the upper and lower bands of the channel. The calculations of channel are based on the given period of calculation and the time frame of the chart used . The channel is self-adjusted, similarly to the Bollinger Bands).
The channel gives the overall direction of the price movement – up or down – and may change from time to time. Specially when it is used with a low timeframe (like 1 minute, 5 minute or 15 minute).
You shoudn’t trade with the HL Channel indicator alone. It doesn’t generate standalone trading entry / exit signals. The HL Channel indicator simply tells you the overall direction of the price trend and the channels with the middle line warn you how much the trend is strong or weak.
4. Stochastic Oscillator
In technical analysis of securities trading, the stochastic oscillator is described as a momentum indicator that uses overbought and oversold levels. Dr. George Lane already promoted this indicator in the 1950s. The term stochastic refers to the location of a current price in relation to its price range over a certain period of time. This method tries to predict price turning points by comparing the closing price of a financial instrument to its price range.
ForexSignal30 Attributes
Currency pairs: any, but majors recommended (EURUSD, GBPUSD, USDJPY, GBPJPY, AUDUSD etc.)
Platform: Metatrader 4
Time frames: M30, H1, 4H
Trading time: New York and London session
In the downloadable archives you will find the following MetaTrader indicators of Forex Signal 30 included:
- #Forexsignal30_01.ex4
- #Forexsignal30_02.ex4
- #Forexsignal30_03.ex4
- #Forexsignal30_04.ex4
- #Forexsignal30_05.ex4
- #Forexsignal30_06.ex4
- Forexsignal30.1.ex4
- Forexsignal30.2.ex4
- Forexsignal30.3.ex4
- Forexsignal30.4.ex4
- Signal2.1.ex4
- Signal2.2.ex4
- Signal2.3.ex4
- Signal2.4.ex4
- # forexsignal30(extreme).tpl
- forexsignal30_no_repaint.tpl
How to install the Forex Signal 30 system on your Metatrader 4 trading platform?
- Download the system by clicking “LINK” button at the bottom of this post.
- Copy and paste the ForexSignal30 indicator files into following folder of your Metatrader 4 platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Copy and paste the template files into following folder of your Metatrader 4 platform: > Templates.
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to run the strategy.
- Right click on your trading chart and hover mouse pointer on “Template”.
- From the list choose Forex Signal 30 Trading System. Your Metatrader will now automatically load the system.
- The system is ready and running on the chart.
ForexSignal30 Trading System free download:
To download the Forex Signal 30 Trading System for Metatrader 4 (MT4) for free just click the button below:
