TradersElite team is doing a relaunch after 4 years of successful forex trading. As a part of their relaunch they will be giving away a few things free that you should download and go through. Today is the first day of the relaunch. Download this 24 page Trend Catcher Trading Strategy PDF and go through it.
In the above screenshot, you can see a trade that made 295 pips. This 24 page Trend Catcher Trading Strategy PDF has been written by Michael Nurok. Michael Nurok is the head of the Traders Elite team. He has been trading successfully for the last 15 years and developed a number of successful sophisticated trading systems.
Today Traders Elite have 7000 members. You should go through this 24 page PDF. In it you will find how you can catch both short term as well as long term trends. Trend Catcher Trading Strategy uses the moving average crossover and MACD. Two moving averages EMA 7 and EMA 21 are used for the moving average crossover. Once the crossover takes place and the price closes above the cross we look for a confirmation signal. This confirmation signal is in case of a buy signal, MACD should be above the zero line and in case of a sell signal, MACD should be below the zero line. The settings of MACD used in this strategy is 5,13,7. 5 is the FastEMA, 13 is the SlowEMA and SignalEMA is 7.
If you have read my previous posts, then you must have read my post on how to use trailing stop loss to maximize profits. In that post I had pointed out that it is always a best strategy to choose a reward/risk ratio as your profit target. For example, if the stop loss is 50 pips, it is a good idea to choose 2:1 reward/risk and set take profit target of 100 pips. You can also use my MACD Signal Line Trailing Stop Loss EA to trail the stop loss order.
In the last part of the 24 page post, Michael Nurok explains how you can trade trends within trends. For example suppose there is an up trend on daily timeframe. You can wait for the retracement on H4 chart and enter when an up trend starts. The important thing that you should keep in mind is to enter the trend with low risk. Always try to catch the big moves in the market with low risk. So it is a good idea to first let the trend develop on the higher timeframe. Then wait for a retracement on the lower timeframe. Then use the end of that retracement to make an entry in the direction of the main trend on the higher timeframe.