This is a strategy that was developed to help traders do their intraday trading with a lot of ease. It is recommended for use on the 15 minutes timeframe. The system developers also developed it in such a manner that it could be used on almost all the currency pairs according to the taste of the traders.
The system uses several Metatrader4 indicators that include the PL4 candle Time, Market Panel Display Control, SuperTrend indicator, Pivot Point Levels, PFWinners, Stochastics Oscillators and the Supertrend cleared v.3 indicator. Each of these indicators is of a significant use in the system and they all add up to give the right trading signal.
Fig.the componenets of Double Supertrend Trading System.
Form the chart above you can see the various indicatoprs weel labeld.
The Parket Panel Display Control displays the spread of the market prices and the monthly quqoatations. This is espetially helpful since when opening a trade the spread is of paramount importance. You may note that immediately you open a position it is negative due to the spread. depending on the ammount of cash that you have in your account you may not be allowed to open oders in some of the currency pairs since they have very large spreads meaning that if you were to open a trade the negative due to the spread is more than the aount of money in your account.
If you look at the top right corner you will notice the pivot point level s are all given in a summary method. So you will be able to pin point the value at which the resistances and the supports are without having to pereuse the chart having to look for the surpprts and resisatance.
The SuperTrend and the SuperTrend cleared v.3 indicators are the one that mainly give the selling and buying signals.then the signals are confirmed usoing the PFWinner and Stochastic indicators.
Trading with the Double Supertrend System
1. Buy position opening.
This is done when the SuperTrend Indicator line turns green. Also the SuperTrend cleared v.3 indicator have to be green. Then when these to indicators give a go ahead to place a buy do a final confirmation with the PFWinner and the Stochastic Indicator. The PFWinner has to be above the zero line for the buy to be valid. Then the Stochastic indicator has to cross upward.
Fig.openning an closing buy trades using Double Supertrend System
2. Buy position opening.
This is done when the SuperTrend Indicator line turns to maroon color. Also the SuperTrend cleared v.3 indicator have to turn to red. Then when these to indicators give a go ahead to place a buy do a final confirmation with the PFWinner and the Stochastic Indicator. The PFWinner has to be below the zero line for the buy to be valid. Then the Stochastic indicator has to cross downwards.
Once the trades are inserted they are closed when an opposite signal is given. For example if you had opened a sell position and the SupperTrend indicator turns green then you ought to close your sell order.
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