Range Bar Basket System | Forex indicator download- MT4/MT5 resources
I will demonstrate a simple basket trading system. I'm actually using Basket V.6. It works and can be profitable in the short term. If you don't know how to install this indicator, you can read the thread created by Kosmolate. I appreciate his efforts and contributions.
First we have to identify the trend. We can use anything you want, HA, EMA, Ichimoku, etc. I use 21 EMA and Ichimoku (5,10,20).
We only place a buy order when the closing price is higher than the Ichimoku trending bar up.
We only place a sell order when a bar closes below the Ichimoku trend.
Now let's take a look at a special 1h. I call it the range bar. Simple, look at one bar engulfing subsequent bars within its range.
Draw two lines at the low and high of this bar.
In an uptrend: Enter a buy position when price hits the low range bar.
In a downtrend: Enter a sell position when the price hits the high range bar.
Close the partial position at target 1 (the other line of the range). When a bar closes below/above Ichimoku with strong or fixed 1000, 1500…, close the position and rest. point. Everything depends on your MM.
That's all. Simple.
Please see attached chart.
Please forgive my English.
all the best. greeting.
First we have to identify the trend. We can use anything you want, HA, EMA, Ichimoku, etc. I use 21 EMA and Ichimoku (5,10,20).
We only place a buy order when the closing price is higher than the Ichimoku trending bar up.
We only place a sell order when a bar closes below the Ichimoku trend.
Now let's take a look at a special 1h. I call it the range bar. Simple, look at one bar engulfing subsequent bars within its range.
Draw two lines at the low and high of this bar.
In an uptrend: Enter a buy position when price hits the low range bar.
In a downtrend: Enter a sell position when the price hits the high range bar.
Close the partial position at target 1 (the other line of the range). When a bar closes below/above Ichimoku with strong or fixed 1000, 1500…, close the position and rest. point. Everything depends on your MM.
That's all. Simple.
Please see attached chart.
Please forgive my English.
all the best. greeting.
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