Forex X Code Indicator
- Forex Robots PRO
- May 8, 2018
- 2 min read
Updated: Jun 18, 2024
Forex X Code Indicator - Simple Forex Trend Indicator
Description: Forex X Code is a straightforward forex trend indicator recommended for use as part of a primary trading system. It excels in strong and volatile market conditions but may be less effective during quiet market movements. It is best applied to major currency pairs during the active European and American trading sessions.
Characteristics of Forex X Code Indicator:
Type of Strategy: Trend Following
Platform: Metatrader 4
Currency Pairs: Major pairs
Trading Time: European and American sessions
Timeframe: Recommended M15 or higher
Forex X Code performs optimally on M15, H1, and H4 timeframes, where trends are clearer.
Rules for Opening a Long Position:
Major Trend: Confirm that the major trend is upward, indicated in the top right corner of the main chart window.
Forex X Code Indicator: Light blue color indicates a buy signal.
Stop Loss: Place your stop loss just below the recent swing low to protect against downside risk.
Exit Strategy for Long Position:
Take profit when the Forex X Code indicator turns red, indicating a potential reversal.
Rules for Opening a Short Position:
Major Trend: Confirm that the major trend is downward, indicated in the top right corner of the main chart window.
Forex X Code Indicator: Red color indicates a sell signal.
Stop Loss: Place your stop loss just above the recent swing high to protect against upside risk.
Exit Strategy for Short Position:
Take profit when the Forex X Code indicator turns light blue, suggesting a potential reversal.
Note: If the indicator draws a horizontal line, it indicates a weak market, and it is advisable to avoid trading.
Forex X Code provides a simple yet effective method for identifying trends in the forex market. It's essential for traders to adhere strictly to the rules and apply appropriate risk management strategies to maximize trading success.
You may buy this awesome Forex X Code Indicator just only for 6.45$.
RISK DISCLAIMER:
The application shown on this page does not consider your personal circumstances and trading objectives. Therefore, it should not be seen as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, methods, expert advisors (EAs), scripts and/or indicators will lead to profits or prevent losses.