This indicator is designed for use by the Forex scalpers. It is one of the simplest scalping indicator that there is as compared to most of the other that are generally complex. This indicator is made very friendly especially to the forex beginners who would like to use scalping strategy.
This indicator only requires your eyes and a click of your mouse. It gives all the necessary information for entering the trades.
JJN-Bee indicator is responsible for displaying arrows, dots and the type of signal text. The type of signal text is displayed on the top left-corner together with the level at which the order should be placed. Actually this is the main signal to watch for when trading. The arrows that are generated are either orange or pale yellow in color. The orange arrows that points downwards indicates that there is a down trend while the pale yellow arrows that points up indicates that there is an upward trend.
Fig.1. The JJN-Bee indicator.
Once a signal is given, the indicator goes ahead and provides the trader with the stop levels. These are the dots that are displayed on either side of the candlestick on which the signal is given. The indicator calculates the level of the stop loss and that of the take profit. These two level are never the same and the levels given for one signal are not similar to those given for another signal. The orange dots represent the level of the take profit while the pale yellow dots represent the level of the stop loss. Although it may seem as if the stop loss is not necessary since it is rarely hit, it is always good to place both stops as a way of risk management.
How to use the JJN-Bee indicator to place orders
There are some rules that the trader has to adhere to when using this indicator to trade. These rules include:
- Orders are only placed after the price crosses the entry level. This is the level that is indicated below the signal text on the top left corner. For example if a signal text of BUY appears, the trader should wait until the market price crosses the entry level upward.
- You have to first recognize the overall trend. You should only sell in overall downtrend trend and only buy in overall uptrend trend.
Selling: the trader should place a sell order when the signal text displayed on the top left corner is ‘SELL’ and an orange downward arrow is displayed.
Buying: the trader should place a buy order when the signal text displayed on the top left corner is ‘BUY’ and a pale yellow downward arrow is displayed.
NB: All the trades opened should have a stop loss and a take profit.
Fig.2. Placing orders using the JJN-Bee indicator.
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