THE TRENDRIDER | Foreign Exchange EA Download - MT4/MT5 Resources - MetaTrader 5 Resources
Hello everyone.
I've been enjoying FF for a few years and now it's time to give something back. For several months I have been trading using a system I call the "trendrider". This system won't provide you with 100 signals every month, but it should give you a fair chance of catching the market's biggest moves. About 70% of trades make money – some big, some small – break even on 10 trades – and about 20% of trades get you out (and keep the people you usually take money from alive). My favorite currency pair is USD/CAD, but this system should work well with all major pairs.
I've been trading Forex on and off for about 5 years, and last year's trading dragged me out of the muddy river of chaos. I still have a long way to go to get where I want to be, but every day brings me more experiences that I believe will make you a better trader. I hope this article inspires some people to become better traders. I will try my best to answer any questions. This is my first topic here, so please bear with me.
So, let's get started.
The system is multi-timeframe.
I start with a daily chart. I can easily gauge whether a currency pair is in a daily trend. Plot 1 standard deviation Bollinger Bands and 2 standard deviation Bollinger Bands on the chart. It should look like the first thumbnail attached
As you can see, EURGBP has been in a massive upward trend since October. When price closes at or near a channel, it is defined as a trend. In this case it's an uptrend. Of course, if the candle is bearish and closes outside the channel, I would no longer consider it an uptrend. But if you take December 1st as an example, you'll find it reasonable to give it a definition of an uptrend.
Go to the next part .
I use the 4 hour chart to show the current momentum.
I used a trigger wire, but you can use a regular 5/8 reticle if you prefer. The point is to see the smaller moving average above the larger moving average in the direction of the trend. It tells me that the 4 hour daily trend also has momentum.
Entries
For trading we use the 1 hour chart. We would like price to retrace 2 standard deviations to the lower Bollinger Band. We may then receive entry orders. I would like to see buying pressure at the Bollinger Bands. How do we think about buying? Judging from the price trend. Pinbars, external bars, 2 bar modes, large bars, etc. This is all very basic stuff if you put in the effort to learn it. Read james16's topic and become an expert, or buy the Pring on Price pattern to get an introduction. You can also visit www.james16group.us for some immediate insights.
Back to this example.
After hitting new highs, the price reached BB in dramatic fashion. Prices soared and closed strongly. Some call this pattern a proxy pin, others call it a 2-bar low. Someone obviously bought the shoes, and that's the point. When price breaks the high of the 2-bar pattern and there are at least 2 twitches, I will enter the trade long. In this example, I am long at 0.8494 and I set my stop loss below the low of the bar structure. Approximately 60 ticks are risked in the trade.
Exit-exit-exit.
We want to stay in the trade long enough for it to prove to us that it wants to trend. Therefore, we would expect the pair to make a new high, then pull back, then move higher and make another high. When this happens, you move your stop loss 10 pips below the last low. Sometimes it is indeed possible to place a stop loss after the strong one. No one wants to be stopped out after a trade is up 150 points. It doesn't matter. That's the name of the game.
You keep following the approach until the station is cancelled, sometimes it happens quickly, but occasionally you find yourself sitting on the train for weeks. Every industry has its own life. Sometimes it's okay to take some tables when the pair is completely crazy, and sometimes you want to cash it all out with strong S/R levels. I suggest you let the trends decide.
I'm sure I'm missing some information. But I hope you will look at this with your eyes wide open and that we can move forward with this strategy together. It can make money, but it requires patience and discipline - like any good strategy.
I wish you all a happy holiday
T
I've been enjoying FF for a few years and now it's time to give something back. For several months I have been trading using a system I call the "trendrider". This system won't provide you with 100 signals every month, but it should give you a fair chance of catching the market's biggest moves. About 70% of trades make money – some big, some small – break even on 10 trades – and about 20% of trades get you out (and keep the people you usually take money from alive). My favorite currency pair is USD/CAD, but this system should work well with all major pairs.
I've been trading Forex on and off for about 5 years, and last year's trading dragged me out of the muddy river of chaos. I still have a long way to go to get where I want to be, but every day brings me more experiences that I believe will make you a better trader. I hope this article inspires some people to become better traders. I will try my best to answer any questions. This is my first topic here, so please bear with me.
So, let's get started.
The system is multi-timeframe.
I start with a daily chart. I can easily gauge whether a currency pair is in a daily trend. Plot 1 standard deviation Bollinger Bands and 2 standard deviation Bollinger Bands on the chart. It should look like the first thumbnail attached
As you can see, EURGBP has been in a massive upward trend since October. When price closes at or near a channel, it is defined as a trend. In this case it's an uptrend. Of course, if the candle is bearish and closes outside the channel, I would no longer consider it an uptrend. But if you take December 1st as an example, you'll find it reasonable to give it a definition of an uptrend.
Go to the next part .
I use the 4 hour chart to show the current momentum.
I used a trigger wire, but you can use a regular 5/8 reticle if you prefer. The point is to see the smaller moving average above the larger moving average in the direction of the trend. It tells me that the 4 hour daily trend also has momentum.
Entries
For trading we use the 1 hour chart. We would like price to retrace 2 standard deviations to the lower Bollinger Band. We may then receive entry orders. I would like to see buying pressure at the Bollinger Bands. How do we think about buying? Judging from the price trend. Pinbars, external bars, 2 bar modes, large bars, etc. This is all very basic stuff if you put in the effort to learn it. Read james16's topic and become an expert, or buy the Pring on Price pattern to get an introduction. You can also visit www.james16group.us for some immediate insights.
Back to this example.
After hitting new highs, the price reached BB in dramatic fashion. Prices soared and closed strongly. Some call this pattern a proxy pin, others call it a 2-bar low. Someone obviously bought the shoes, and that's the point. When price breaks the high of the 2-bar pattern and there are at least 2 twitches, I will enter the trade long. In this example, I am long at 0.8494 and I set my stop loss below the low of the bar structure. Approximately 60 ticks are risked in the trade.
Exit-exit-exit.
We want to stay in the trade long enough for it to prove to us that it wants to trend. Therefore, we would expect the pair to make a new high, then pull back, then move higher and make another high. When this happens, you move your stop loss 10 pips below the last low. Sometimes it is indeed possible to place a stop loss after the strong one. No one wants to be stopped out after a trade is up 150 points. It doesn't matter. That's the name of the game.
You keep following the approach until the station is cancelled, sometimes it happens quickly, but occasionally you find yourself sitting on the train for weeks. Every industry has its own life. Sometimes it's okay to take some tables when the pair is completely crazy, and sometimes you want to cash it all out with strong S/R levels. I suggest you let the trends decide.
I'm sure I'm missing some information. But I hope you will look at this with your eyes wide open and that we can move forward with this strategy together. It can make money, but it requires patience and discipline - like any good strategy.
I wish you all a happy holiday
T
📦 Summary of post attachments (3)
Below are all the files (3) shared in the reply.
💡 Featured Recommendations
✍️ Latest by the author
- •
- •
- •
- •
- •
- •
📌 Popular topics
- •
- •
- •
- •
- •
- •
- •
- •
🔗 You May Be Interested In
- •
- •
- •
- •
- •
- •