Forex Stryder Strategy
Platform: Trading Systems Last update: August 16, 2024The Forex Stryder Strategy is a trend-following trading system that is based on the Stryder Signal (main signal line) and the Rate of Change (ROC) indicator. That ROC indicator examines the true changes in price actions. Besides defining the market trends, this forex strategy also provides information about the current support and resistance of the market and, most importantly, the best potential entry points for trades marked with buy/sell arrows.
How to trade with the Forex Stryder Strategy?
The Forex Stryder Strategy consists just two indicators, which are the following:
- Stryder Signals: this is a core element of the strategy as it defines trend direction. It is just a main trend line and two bands representing the short-term overbought/oversold area of the market. It automatically changes its colors when a change in the trend takes place. Additionally, it plots signals as buy/sell arrows triggering the potential market entries.
- Stryder Rate of Change: this indicator watches up to 20 currency pairs and keeps calculating the rate of changes in the instruments. It turns green when there is a positive change (bullish) in the price of the asset and turns red in the case of a negative change (bearish) in its price.
Buy Signal
Follow these steps for a long trade:
- Stryder Signal turns blue
- An upward arrow is placed
- Stryder ROC shows a positive change in price action
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the triggering arrow
- Take profit or exit trade whenever the opposite arrow is plotted or use your own preferred method of trade exit
Sell Signal
Follow these steps for a short trade:
- Stryder Signal turns red
- An downward arrow is placed
- Stryder ROC shows a negative change in price action
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the triggering arrow
- Take profit or exit trade whenever the opposite arrow is plotted or use your own preferred method of trade exit
