Introduction to the Forex Reversal System
The Forex Reversal System is, as the name suggests, a trend-reversal trading strategy.
It consists of three indicators: buy sell dots placed directly on the chart, trend filter located below the main chart, and informational dashboard displayed in the top left corner.
This system fits all kinds of timeframes and currency pairs.
Must-see: Forex Reversal Indicator
How does it work? How to apply in trading?
Trading Rules Explanation
Buy Entry: Look for long trade, after blue dot appears on the chart. In the same time trend filter should be blue. Place your stop loss a few pips below last swing low.
Sell Entry: Look for short trade, after red dot appears on the chart. In the same time trend filter should be red. Place your stop loss a few pips above last swing high.
Exit Trade / Take Profit: Close your open position when the trend filter stops colorizing bars, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
How to set up the Forex Reversal System in MT4?
- Forex Reversal System.tpl
Copy and paste indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Similarly, copy and paste template file to the Templates folder.
Now, right-click on the chart, hover over Templates. You will have displayed a list of available systems, left-click template name you want to run.
Click the link below:
The Forex Reversal System is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions.