Introduction to the Great Forex Trader System
The Great Forex Trader System is a custom trend-following strategy.
It is made of the following indicators: dots, double line, MACD, trend strength and simple moving average.
This system fits all kinds of timeframes and currency pairs.
How does it work? How to apply in trading?
Trading Rules Explanation
Open long trade when the following conditions are met:
- Dots indicator (GreatTrader_NLD) is blue and above 60 SMA (yellow line);
- Double Line Indicator (GreatTrader_TLSM) is blue and above 60 SMA (yellow line);
- MACD Indicator (GreatTraderMACD_Color) is blue;
- Trend Strength (GreatTrader_PW) is light blue (normal trend) or dark blue (strong trend);
- Place your stop loss a few pips below last swing low.
Open short trade when the following conditions are met:
- Dots indicator (GreatTrader_NLD) is red and below 60 SMA (yellow line);
- Double Line Indicator (GreatTrader_TLSM) is red and below 60 SMA (yellow line);
- MACD Indicator (GreatTraderMACD_Color) is red;
- Trend Strength (GreatTrader_PW) is light red (normal trend) or dark red (strong trend);
- Place your stop loss a few pips above last swing high.
Exit Trade / Take Profit
Close your open position when the opposite signal appears, 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 Trend & Breakout System in MT4?
- Great Forex Trader 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 Great Forex Trader 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.