Forex Market Open Trend is a trend-following scalping system used to generate trading signals base on both market momentums and price action changes. It uses four different technical tools to identify the market trend as correctly as possible with a combination of current swing or support/resistance levels and momentum indicators.
Forex Market Open Trend can be applied to trade all kinds of forex currency pairs. However, as a scalping and intraday technique, this system works well on shorter timeframe charts like M1 up to H1.
Forex Market Open Trend Overview
After installing Forex Market Open Trend at the MT4 terminal, your trading chart will appear like the following image:
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Forex Market Open Trend Anatomy:
- ArrZZx2: It spots short-term swing levels of the market thus helps traders to enter the market from a suitable position with the potentiality of a better profit margin. It also uses arrow signals to signal the possible direction of the market movement as well.
- Magic Grail 1.6: This tool works as a filter of trend swing signals generated by ArrZZx2. It appears below the price bar indicates the possibility of an upcoming bullish surge and if appears above the price bar then signals a possible bearish thrust ahead of the current market trend.
- Daily-Weekly Open: It plots the dynamic stop level of the current market trend. Price stays above its level signals the bullish trend and holds below the level when the trend is bearish. You can also treat it as the current support/resistance level of the market too.
- Market Watch: Market Watch is best known as the momentum oscillator that signals the market momentums using its colored bars. It turns green with a rising value signals the bullish momentum of the market. On the other hand, it turns red and keeps rising in value signals the bearish momentum of the market.
Forex Market Open Trend: Buy Conditions
- ArrZZx2 appears as yellow along with an upward arrow below the price bar
- Magic Grail 1.6 appears below the price bar
- Price level holds above the Daily-Weekly Open level
- Market Watch bars turn green and keeps rising
- Buy triggers when the above conditions are met
- Set stop loss below the current Daily-Weekly Open level
- Exit long/take profit whenever ArrZZx2 appears above the price bar along with a downward red arrow.
Forex Market Open Trend: Sell Conditions
- ArrZZx2 appears as red along with a downward arrow above the price bar
- Magic Grail 1.6 appears above the price bar
- Price level holds below the Daily-Weekly Open level
- Market Watch bars turn red and keeps rising
- Sell triggers when the above conditions are met
- Set stop loss above the current Daily-Weekly Open level
- Exit short/take profit whenever ArrZZx2 appears below the price bar along with an uppish yellow arrow.
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I see a white ‘x’ occasionally on the template. Any idea what it represents?