Forex Pro Shadow Indicator
Platform: MT4 Type: Market Levels Last update: July 27, 2024The Forex Pro Shadow Indicator recognizes tops and bottoms of the market, therefore you can successfully use it for swing trading. You can call it a “smiley” indicator as it provides trading signals with “face” marks. Both beginners and advanced forex traders can try that Forex Pro Shadow Indicator.
How does it work? How to apply in trading?
Trading Rules Explanation
Generally speaking, the Forex Pro Shadow Indicator falls into the category of buy/sell arrows forex indicators. However, in this particular case, arrows are replaced with faces. Detailed instructions are provided below.
Buy Signal
Follow these steps for a long trade:
- Forex Pro Shadow indicator displays blue face
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last swing low of the market
- Take profit or exit whenever the Forex Pro Shadow indicator provides opposite signal or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Forex Pro Shadow indicator displays red face
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last swing high of the market
- Take profit or exit whenever the Forex Pro Shadow indicator provides opposite signal or use your own method of trade exit
