Follow the Candles | Forex Indicator Download - MT4/MT5 Resources

Hey guys! Many traders are reversal traders, always looking for tops and bottoms, trying to enter the market as early as possible, but we know that this is not as easy as it seems. Many times we will encounter false reversals or temporary pullbacks, chasing increases and adding positions, etc., which will only lead to losses in the end.

Now I'm sure most of us have heard the sayings "the trend is your friend", "follow the trend", "trade with the trend", etc., so I gave this question some serious thought and came up with an idea I've been working on for a long time. I know there are probably 1,000 trend-based strategies out there, and maybe mine isn't unique, but it has shown positive results with minimal time and effort. I wanted to create a strategy that was easy to follow and required less charting and screen time (10 minutes max), sort of a "set it and forget it" approach.

So here it goes! The first thing you need is a trend indicator LuXingMod AUD indicator, this is a free indicator I found on FF (thanks LuXing), it just shows all candle pairs direction (if it is green/up or red/down) for each time frame, it's simple. I've attached it to this thread.

Now, what are the admission criteria? When do we open and close positions?

1. First, we will edit the indicator settings to show only H4, D1, W1, MN bars/candles since we are only looking at trends on higher timeframes.
2. When? On Monday night, 1 hour before the close of the first daily candle of the week, we will look for any currency pair where the trends on all 4 timeframes converge.
3. Any currency pair with the same confluence point on all 4 time frames, we will open an order in the same direction.
4. I usually wait until the first daily candle is almost fully formed, so about 1 hour before Monday's daily close.
5. When will profits be made? You can take profits when you are satisfied with your profits, or you can set your own target price in points or %. I set a price target of 5%.
6. What to do about stop loss? Well, this is personal preference, but I set the cap at 10%, so if my account equity reaches -10%, I will close my position this week.
7. Can we set a trailing stop to trail profits? Of course, this would be a good idea after reaching your goal point.
8. The entire process can take up to 10 minutes to find a valid match and place your order.
9. Anything else? No, that's it, simple, right?

This is a very simple strategy guys, not much to it, we are just following the overall main trend of the market. This is a weekly basket approach and we will hold orders for 2-4 days depending on market conditions. This strategy does not take into account fundamentals or high-impact news events, so if you want to be extra cautious, you can exclude any active currency pairs that may be affected by relevant news events this week.

I'm also working on a new weekly setup starting on Tuesday morning and am working on a new daily setup to capture daily trends and be able to trade every day.

If you guys have some ideas on how to improve the strategy, I'm willing to listen, but I won't encourage ideas that completely deviate from the original strategy because it's pretty simple and I don't want to complicate things.

I'm a fan of EAs and think they are great tools if used correctly, so I made an EA for me based on this strategy. I think EA is very simple and should be easy to understand. The EA is also highly customizable, so you can also trade on other sessions and timeframes, you just need to configure the settings accordingly.

I have set the expiration date to December 31, 2023. This is to protect it from being sold or commercialized etc.

*Due to some members' comments, I feel the need to publicly state that Follow Candle EA is free and will always be free! There is no hidden business agenda or plan to sell EA at any time. ! *

Please keep us on topic and try not to stray too far from the original strategy. I will not tolerate any arguments or keyboard warriors, and those who cannot participate in a respectful and friendly manner will be removed.

Green points for everyone! cheers! :-)