Snake Trading System MT4 is a trend following scalping forex trading system. This forex trading strategy works best in a trending environment. Snake Trading System should be used for swing trading purpose and scalping purposes. Many signals are generated on the counter trend direction too but they should be ignored. My main purpose of this blog has always been to share the trend following strategies which actually work in the real market. I believe that only the trend following strategies can make money consistently.
Snake Trading System Overview
The picture below is how snake trading system looks like:
|Time Frame||Currency Pairs||Number of Indicators||Ratings|
|M15, H1, and H4||Any||5||9.8/10|
There are more than 5 indicators in this system but I’ve only mentioned the important ones. Based on back testing results, this system is rated as 9.8 out of 10.
Snake Trading Indicators
- Moving Averages
There are two moving averages used in this trading system. One of the moving averages is named “Snake” and another is a simple moving average of period 14. Blue moving average is a shorter moving average and pink is a slower one. Crossover of these two indicators generates buying and selling signal.
You will see pink and blue arrows in the main chart window. Blue arrow is a buying signal while pink arrow is a selling signal.
- Snake in Borders
Snake in borders indicator consists of histogram which moves in positive and negative territory. Positive histogram means buying and vice versa.
Fisher is also another filtering mechanism. Green histogram is an indication of bullish market and vice versa.
This indicator gives the summary of the market trend over various time frame. With the help of this indicator you should make sure that you are in the right direction of the market.
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Snake Trading System: Buying Parameters
- GMACD indicator should indicate Trend/UP signal on the time frame you are watching.
- Blue moving average should cross above the pink moving average.
- A blue arrow should appear below the market.
- Snake in Borders indicator should form positive histograms.
- Fisher indicator should form positive histograms.
- Place your buy position when above parameters are met.
- Place your stop loss below the recent swing low.
- Book your profit when a pink arrow appears above the market.
Snake Trading System: Selling Parameters
- GMACD indicator should indicate Trend/DN signal on the time frame you are watching.
- Blue moving average should cross below the pink moving average.
- A Pink arrow should appear above the market.
- Snake in Borders indicator should form negative histograms.
- Fisher indicator should form negative histograms.
- Place your sell position when above parameters are met.
- Place your stop loss above the recent swing high.
- Book your profit when a blue arrow appears below the market.