BMI long is a forex trading indicator. The BMI long indicator is located at the bottom of the chart. The BMI long indicator consists of four oscillators but you do not need to monitor all those four oscillators. The BMI Long indicator is really a very simple technical indicator. New beginner as well as experienced traders can use this technical indicator to generate impressive consistent gain in forex market.
There are certain rules to buy and sell. These rules should be kept in mind and they should never be broken. If you break the rules, you will be unable to make any money trading with BMI long indicator.
When you install BMI long indicator in your metatrader, your chart should look like this:
- BMI long
BMI long indictor has green, blue, orange, and pink oscillator. The crossovers of these oscillators might generate a nice buy/sell signals. The BMI long is designed to trade in the trending market environment. Therefore, remember to pick the market which are trending. The BMI long indicator can be confusing sometimes to the beginner traders but it will be handy after few days of practice. It is recommended to trade in higher time frames than 15 minute. The idea is to buy when the market is up trending and it is in correction mode. We should enter in an end of the correction of the up trending market.
Buying Conditions Using BMI long.
- The market should be up trending.
- The histogram of the BMI long indicator should be in positive territory.
- The oscillators of the BMI long indicator should be in positive territory.
- Place your long position as soon as above conditions are met.
- Place your stop loss just below the recent swing low.
- Take your profit when the histogram moves in negative territory.
Selling Conditions Using BMI long indicator.
- The market should be down trending.
- The histogram of the BMI long indicator should be in negative territory.
- The oscillators of the BMI long indicator should be in negative territory.
- Place your short position as soon as above conditions are met.
- Place your stop loss just above the recent swing high.
- Take your profit when the histogram moves in positive territory.
Download Free Forex BMI Long Indicator
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