Forex FTLR Trading System MT4 is of the simplest but effective trend following system among trend based Forex strategies. It detects the trend with its Stochastic Oscillators (Slow & Fast), measures the possible momentum length with Bollinger Bands, plots pivots (Sixth Pivots) to detect upcoming support or resistance levels and Squalou Steve’s Signal to confirm the entry level with up/down arrows. All in all, its developer tried to cover a complete solution for its users.
Forex FTLR Trading Strategy is very simple to read and easy to understand which made trading so comfortable to newbie traders. This strategy can be used for any Forex currency pair trading and can be applied on M15 to any longer timeframe chart.
Forex FTLR Trading Strategy Overview:
Once you you’re done with its installation process load it in your mt4 system, your chart will appear as the following image:
|Time Frame||Currency Pairs||Indicator Factors||Ratings|
|M15 to Any||Any||5||9.8/10|
Forex FTLR Trading Strategy Anatomy:
- Sixth Pivots: It spots market key levels with its horizontal lines which are very useful for future reference and entry/exit purposes. These levels are important because they are plotted based on recent market swing levels.
- Squalou Steve’s Trade Signal: It appears as arrows at the main chart window. It plots possible signals of market entry points. Once this signal appears, you should look for other indicators to match the trade direction.
- Bollinger Bands: This tool uses upper, lower and a middle channel to scale the possible range of the current momentum to determine both entry and exit levels.
- Stochastic Fast: It is used to measure the trend strength. It reads shorter period (14,5,5) of market data to determine the overbought/oversold conditions. Its parameter at 85 signals overbought and at 15 indicates oversold condition respectively.
- Stochastic Slow: Its job is same as Stochastic Fast but it studies longer period (24,9,9) of market data and moves slower than the first one. Its value at 80 indicates overbought and at 20 signals oversold condition of the market respectively
Forex FTLR Trading Strategy: Buy Parameters
- Squalou Steve’s Trade Signal arrow is upwards
- Price turns up from lower Bollinger Bands
- Both Stochastic Slow and Fast turns above from oversold condition at the same time
- Buy triggers when all above conditions are met
- Stop loss below the current swing low and take profit when market reaches overbought condition and Squalou Steve’s Trade Signal arrow is downwards
Also Check: RoboFx Forex Trading System
Forex FTLR Trading Strategy: Sell Parameters
- Squalou Steve’s Trade Signal arrow is downwards
- Price turns down from higher Bollinger Bands
- Both Stochastic Slow and Fast turns down from overbought condition at the same time
- Sell triggers when all above conditions are met
- Stop loss above the current swing high and take profit when market reaches oversold condition and Squalou Steve’s Trade Signal arrow is upwards