Colored woodie is a forex trading indicator. Honestly this forex trading indicator is so simple that anyone with basic understanding of forex market can trade with this indicator. The indicator is useful to grab some nice momentums of the market rather than grabbing the whole swing of the trend. This indicator might not be suitable for grabbing the whole trend but it surely is useful to grab those opportunities which have higher momentum. The Colored Woodie Indicator can be used to trade in any time frame and with any currency pairs. But if you seriously want to get good results then do not trade in 1 minute time frame. Actually trading in time frame higher than 5 minute is good unless you are a diehard scalper.
When you install colored Woodie Indicator your chart should look like this:
- Colored woodie indicator
Colored Woodie indicator is a custom made technical indicator. it consists of a histogram that fluctuates in positive and negative territory and it also has an golden oscillator. If you see the golden oscillator you will be more confused. I discovered that if you only look the histogram and ignore the oscillator, it’s fine. When the histograms move to the positive territory form the negative you should buy and vice versa. Before pulling the trigger remember- MARKET SHOULD BE TRENDING.
Buying Conditions Using Colored Woodie Indicator.
- Market should be up trending.
- When the histogram of colored woodie indicator rises to positive from negative, place a buy order.
- Place your stop loss just below the recent swing low.
- Take your profit when the histogram moves in to the negative territory.
Selling Conditions Using Colored Woodie indicator.
- Market should be down trending.
- When the histogram of colored woodie indicator falls to negative from positive, place a sell order.
- Place your stop loss just above the recent swing high.
- Take your profit when the histogram moves in to the positive territory.
Download Free Forex Colored Woodie Indicator
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