Momods Open Canal System

Momods Open Canal System is a very simple strategy which is designed to trade in the forex market. It is a trend following strategy.  This system works best in a trending market and it doesn’t work well in a flat or sideways market. You should not try to enter in the countertrend direction. When testing this system on the past chart history I was amazed to see the results. It generated very accurate signals regardless of what time frame you use and what currency pair you trade. However, you might not get the better results using this system if you do not practice complete self discipline and follow the rules. Probably you may not success with any system if you do not train your mind. You should have the winner’s mindset not losers. Losers always blame the system, broker, platform, market while winners understand that the problem is they themselves so they try to correct themselves instead of blaming others.

This system uses only two types of indicators.

• Signal Bars: signal bars indicator appears on the top right of your main chart window. It shows the market conditions in six different time frames including M1, M5, M15, M30, H1 and H4 using three popular technical indicators; MACD, STR and EMA. The main idea of this system is that if you are looking for a buy position on an hourly chart, these all indicators should show a green signal on the signal bar indicator.  It is best to long on the hourly chart if the signal bar indicator show the green on daily chart because it is always good to follow the bigger picture.  Signal bars also show you the spreads, pips to open, hi to low and daily average of the market.

• Trend Alert: Trend Alert indicator appears on the indicator window of your main chart window. It is a collection of three lines that moves up and down below and above the mid line zero. When these trend lines are above the zero level it indicates the bullish market whilst when these trend lines are below the zero level it indicates the bearish market.

Buying Conditions Using Momods Open Canal System.

1. Decide which time frame to trade and see the currency pairs which are trending upward in that time frame. Suppose if you want to trade USD/JPY in a 4 hour chart you should see the green signals generated by MACD, STR and EMAs by signal indicator on the 4 hour chart of USD/JPY.
2. The trend alert signal should cross above the zero level. You should buy as soon as these conditions are met.
3. You should set your stop loss just below the recent swing low.
4. You should take profits as soon as that trend alert indicator touches the zero level.

Selling Conditions Using Momods Open Canal System.

1. Decide which time frame to trade and see the currency pairs which are trending downward in that time frame. Suppose if you want to trade AUD/USD in a 4 hour chart you should see the red signals generated by MACD, STR and EMAs by signal indicator on the 4 hour chart of AUD/USD.
2. The trend alert signal should cross below the zero level. You should sell as soon as these conditions are met.
3. You should set your stop loss just above the recent swing high.
4. You should take profits as soon as that trend alert indicator touches the zero level.

Open demo account to test this system.

Download Free Forex Momods Open Canal System