MACD Candles V3 Indicator is a trend following forex trading indicator. MACD Candles V3 is a brilliant forex trading indicator which performance is above average. In the backtesting phase, this trend following the forex trading indicator won 76 trades out of 100. I believe it is a very high rate winning rate.
Having a sound risk to reward ratio on every trade you take, this win rate is very good. As the wins and losses are distributed randomly sometimes you might face constant losses but you should not panic.
Once you get a well-tested indicator like this one you should believe in your strategy and indicator. Taking trades with discipline and achieving profit in long term is more important than short-term results.
MACD Candles V3 Indicator Overview
|Name of Indicator
|M15, H1, and H4
|MACD Candles V3
When you install MACD Candles V3 indicator in your trading software, your chart should look like this:
About MACD Candles V3 Indicator
MACD Candles V3 indicator is actually attached with the candlestick bars. The green and red bar that you see in the main chart is the indicator you are looking at. You can see variations in colors; dark red, normal red, dark green, and normal green. Light green candles indicate highly bullish condition while light red color indicates highly bearish condition.
MACD Candles V3 Indicator: Buy Parameters
- Currency pair should be up trending.
- Currency pair should be bouncing from the recent support level.
- MACD Candles V3 indicator should be light green.
- Execute your buy position when above conditions are met.
- Set your stop loss below the recent swing low.
- Take your profit when candlesticks turn red.
You Must Read: The Best Forex Trading Strategy Ever
MACD Candles V3 Indicator: Sell Parameters
- Currency pair should be down trending.
- Currency pair should be falling from the recent resistance level.
- MACD Candles V3 indicator should be red.
- Execute your sell position when above conditions are met.
- Set your stop loss above the recent swing high.
- Take your profit when candlesticks turn green.