Dual trendlord system | Foreign exchange indicator download - MT4/MT5 resources
The Trend Lord indicator is given away for free by Hector (enter version below). It looks a bit like macd and I discovered some interesting things while playing around with it. I'm currently trading on the EURUSD 1 hour chart using trendlines, s/r and ma combined with mtf analysis, it works okay but this looks more interesting again, I will try it out next week and post the results.
The setup is very simple, 1 hour chart of EURUSD, Trend Lord set to 5, Trend Lord set to 150 below. Only trade in the direction of the 150 main trend line and enter a buy/sell market order when the next hourly candle closes in that direction and changes color. (Edit: I should clarify this... when Trend Lord 5 changes colors)
I would use a 30 pip stop loss and break even after a 30 pip move. If there is no stop loss, an exit is when the trend lord 5 changes the color of the trade (whether it is profit or loss).
Attached is a chart with some of the entries labeled. You'll notice that you may get chopped off a bit, but you do capture some really good moves that should more than make up for the loss based on my backtesting.
The red line is the entrance and the blue line is the exit. The green text is the entry price and the red text is the exit price. Of course, you probably won't actually make all of these trades because you probably won't be paying attention to when trades trigger entries or exits, but the theory looks sound, so let's give it a try.
The setup is very simple, 1 hour chart of EURUSD, Trend Lord set to 5, Trend Lord set to 150 below. Only trade in the direction of the 150 main trend line and enter a buy/sell market order when the next hourly candle closes in that direction and changes color. (Edit: I should clarify this... when Trend Lord 5 changes colors)
I would use a 30 pip stop loss and break even after a 30 pip move. If there is no stop loss, an exit is when the trend lord 5 changes the color of the trade (whether it is profit or loss).
Attached is a chart with some of the entries labeled. You'll notice that you may get chopped off a bit, but you do capture some really good moves that should more than make up for the loss based on my backtesting.
The red line is the entrance and the blue line is the exit. The green text is the entry price and the red text is the exit price. Of course, you probably won't actually make all of these trades because you probably won't be paying attention to when trades trigger entries or exits, but the theory looks sound, so let's give it a try.
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