Currency Trader is a forex trading strategy. It is a forex trading strategy that is developed for the traders those who are quite known to forex market. New traders might find this Currency Trader strategy quite difficult to understand as it uses many lines and technical tools. However, it doesn’t mean that newbie can’t trade profitably by using this trading system. Its all about your desire and time you invest to learn. It is not that difficult actually. What make this forex trading strategy look quite complex are those automatically drawn trend lines which run in all directions. Currency Trader seems to draw all the possible trend lines that can be obtained from any peaks and bottoms. Remember it is not necessary to go in details about those trend lines. Those trend lines can be used to figure out the reversal point, stop loss, and take profit levels and even the support and resistance levels.
Other indicators are the customized moving averages, FT PDV and customized MACD. Altogether this system consists of five technical indicators. Those trend lines are not included as a technical indicator. When the Currency Trader forex trading system is correctly installed on your trading platform your chart should look like this:
- Moving Averages
In this system there are three moving averages used but they are all customized by the developer of the system. Let’s talk about each of them.
- EMA Set 2: This moving average is white in color and it is the fastest moving average.
- EMA Set 2: There are actually two moving averages under the same name of EMA set 2. This moving average is in golden color and it is the second fastest moving average.
- Gold Bands: This is the thickest (green colored in a bullish market and red in bearish market) moving average you can see on the above chart. It is the slowest moving average of this system.
- Support and Resistance
The real name of the indicator as shown on the trading platform is PVD$Flv1. It sound ridiculous to write such names so I have written it as support and resistance since this indicator does the job of support and resistance. Red indicator shows the resistance whereas blue indicator indicates the support.
- MACD
It is a custom made MACD indicator but its functions are same to the ordinary MACD indicators.
Buying Conditions Using Currency Trader.
- Major trend should be up. I.e. Gold bands (Green moving average) should be up trending.
- White moving average should cross above all the other moving averages.
- A blue support horizontal ladder like indicator should appear below the price chart.
- MACD should be in positive territory.
- Place your stop just below the recent swing low.
- Take your profits when the white moving average touches the golden moving average.
Selling Conditions Using Currency Trader.
- Major trend should be down. I.e. Gold bands (red moving average) should be down trending.
- White moving average should cross below all the other moving averages.
- A red resistance horizontal ladder like indicator should appear above the price chart.
- MACD should be in negative territory.
- Place your stop just above the recent swing high.
- Take your profits when the white moving average touches the golden moving average.
Open demo account to test this system.
Download Free Forex Currency Trader
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