The Attack of the Viper Forex Trading System is a forex trading system. Without any doubt this is a trend following system. To be honest, this forex trading system is so simple that even the newbie traders can grab its concept within some few minutes. Although the system is very simple, it is very reliable too. However, simple and reliable systems do not guarantee success in forex trading until you are a disciplined trader. Discipline is everything when it comes to trading. Even the best system in the world can’t generate profit for you if you don’t have a proper trading plan.
You should not jump in to the trade simply because the system generated the signal. You should use your commonsense as well. You should also look for the fundamental events which may impact your trade. Figure out in which the market is heading in long run and enter only in the direction of that trend.
The Attack of the Viper Forex Trading Systemconsists of nothing more than groups of several moving averages on the main chart window. In the indicator window, there is CCI indicator which becomes red when the market is overbought and it becomes blue when the market is oversold.
When the The Attack of the Viper Forex Trading Systemis correctly installed on your trading platform your trading chart should like this:
- Moving Averages
You can see groups of green moving averages on the above chart. The main idea here is to open a buy position when the price crosses above these moving averages. Simply put, we make our trading decisions on the basis of crossovers of these moving averages and the price.
CCI stands for commodity channel index. Our main goal will be to buy, only when the momentum is above the level of 100 and to sell, only when the momentum is below -100.
Buying Conditions Using The Attack of the Viper Forex Trading System.
- Price should cross above the group of green moving averages.
- The CCI indicator should be above the level of 100.
- Place your long positions as soon as above conditions are met.
- Place your stop loss just below the recent swing low.
- Take your profit when the price crosses below the group of moving averages.
Selling Conditions Using the Attack of Viper Forex Trading system.
- Price should cross below the group of green moving averages.
- The CCI indicator should be below the level of -100.
- Place your short positions as soon as above conditions are met.
- Place your stop loss just above the recent swing high.
- Take your profit when the price crosses above the group of moving averages.