Wave Rider Forex Trading Strategy combines EMA (Exponential Moving Average) based CarterMAs of different parameters in order to establish a trend-following trading system that reacts very quickly with the change in price actions with less lagging issues.
This strategy suits all sorts of timeframe charts within the forex MT4 platform. Moreover, you’ll be able to apply it to trade any forex currency pair you like around the financial markets.
Wave Rider Forex Trading Strategy offers great simplicity in trading so that even a newbie trader can execute trend-based market entries using its trade signals. As long as you are a trend-following trader, this strategy helps you all the way to carry out quality trades in the market.
Wave Rider Forex Trading Strategy Overview
Once you’re done with the installation of the strategy at your MT4 terminal, your trading chart will appear like the following image
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Wave Rider Forex Trading Strategy: Explanation
- CarterMAs: You’ll spot 5 different CarterMAs around the price bars at the main chart window. These MAs had been applied based on 8, 21, 50, 100 & 200 EMAs. For bullish trend confirmations the smaller value MAs should be higher than the larger MAs and for bearish trends, larger value MAs should dive below the smaller value MAs.
- Signal Arrows: This tool has been included for a better understanding of the trade signals generated by MA-crossovers. A white upward arrow below the price bar signals for buy entry and a red downward candle above the price bar indicates the sell entry at the market.
Wave Rider Forex Trading Strategy
- Price closes above all the MAs
- CarterMAs with smaller values moves above compared to the larger MAs
- A white signaling arrow appears below a bullish price bar
- Buy triggers when all the above conditions are met at the same time
- Set stop loss below the low of the signaling bar
- Exit long/take profit whenever a red signaling arrow appears above the price bar
- Price closes below all the MAs
- CarterMAs with smaller values moves lower than the larger MAs
- A red signaling arrow appears above a bearish price bar
- Sell triggers when all the above conditions are met at the same time
- Set stop loss above the high of the signaling bar
- Exit short/take profit whenever a white signaling arrow appears below the price bar.