You may find Pinkish Trend quite similar to another famous trend following indicator ‘Heiken Ashi’. It defines the market trend based on the current high and low of the market. The signal demonstration of this indicator is so simple that even a newbie trader will be able to apply it for real trading purposes.
This Indicator can be applied to trade any forex currency pair available at the market. Besides, it works on all sort of timeframe charts through the forex MT4 trading platform.
Pinkish Trend Overview
Once you’re done with the installation of the indicator at your MT4 terminal, your chart will appear like the following image:
Pinkish Indicator Anatomy
Pinkish Trend appears as the main price bar. Initially, you’ll need to switch the price bar mode into line chart in order to have a better view of the indicator. The Indicator bar turns yellow when the trend is bullish and turns pink to signal the bearish thrust of the trend. However, we recommend traders to wait for at least three same colors of consecutive bars to have a better confirmation of the trade signals. Although this indicator works on all sort of timeframe charts, we recommend you to try it on the longer timeframes in order to receive signals carrying better accuracy.
Continue Reading: The Need of Objective Trading Strategy
Pinkish Trend: Buy Parameters
- Pinkish Trend turns into yellow
- At least three consecutive yellow bar forms in a row
- Buy triggers when the above conditions are met
- Set stop loss below the current low of the indicator bars
- Exit long/take profit once the indicator bars close as pink
Pinkish Trend: Sell Parameters
- Pinkish Trend turns into pink
- At least three consecutive pink bar forms in a row
- Sell triggers when the above conditions are met
- Set stop loss above the current high of the indicator bars
- Exit short/take profit once the indicator bars close as yellow
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