First of all , thanks to Almighty, winning the contest gives a boost to my trading passion.
Strategy I Used:
Description of indicator: This strategy is based upon on a combination of Alligator(setting 13,8,5) and DMI (parameter setting 14) a well known indicator.
i use the default parameters for both the indicators. lets start with what these indicators are?
The Williams Alligator indicator is a technical analysis tool that uses smoothed moving averages. The indicator uses a smoothed average calculated with a simple moving average (SMA) to start trading.It means it is a trending indicator
The directional movement indicator(also known as the directional movement index or DMI) is a valuable tool for assessing price direction and strength.
This indicators is extremely useful for the traders to assess the trending market and sideways market.
As you can see that both Alligator and DMI are considered best in finding a new trend in intraday market . Alligator identifies in which direction the price of an asset is moving and DMI helps to avoid the sideways Market conditions.
Time frame: This strategy works better in 30 minute time frame. Currency pair: To get signals you need a trending market so the currency pair I used is GBPJPY. GBPJPY is considered the most trending pair with high liquidity
Method of traded Volume: I used a fixed volume of 5 lot amount to trade with as risk management is the key in Forex trading.
Take profit and stoploss: Initial take profit is set at 50 and stoploss is 125. However ,every-time when TP is reached 21, it will set stoploss to -10 to minimize the loss if market reverse.
Buy Trade Example
it creates a buying position when a new candle opens above alligator jaw and adx is rising above 21.
Stop Loss
Sell Trade Example:
It creates a Selling position when position when a new candle opens below alligator jaw and adx is rising above 21.
Stop Loss
Another thing i used in this strategy is the use of Custom Trailing Stop of 10 pips .
Both the indicators I used in this strategy works well in a trending market so that's why it doesn't give proper result in a sideways market. So use it on your own risk in live accounts only when you are sure the market is trendy.
Happy Pips to all!
Strategy I Used:
Description of indicator: This strategy is based upon on a combination of Alligator(setting 13,8,5) and DMI (parameter setting 14) a well known indicator.
i use the default parameters for both the indicators. lets start with what these indicators are?
The Williams Alligator indicator is a technical analysis tool that uses smoothed moving averages. The indicator uses a smoothed average calculated with a simple moving average (SMA) to start trading.It means it is a trending indicator
The directional movement indicator(also known as the directional movement index or DMI) is a valuable tool for assessing price direction and strength.
This indicators is extremely useful for the traders to assess the trending market and sideways market.
As you can see that both Alligator and DMI are considered best in finding a new trend in intraday market . Alligator identifies in which direction the price of an asset is moving and DMI helps to avoid the sideways Market conditions.
Time frame: This strategy works better in 30 minute time frame. Currency pair: To get signals you need a trending market so the currency pair I used is GBPJPY. GBPJPY is considered the most trending pair with high liquidity
Method of traded Volume: I used a fixed volume of 5 lot amount to trade with as risk management is the key in Forex trading.
Take profit and stoploss: Initial take profit is set at 50 and stoploss is 125. However ,every-time when TP is reached 21, it will set stoploss to -10 to minimize the loss if market reverse.
Buy Trade Example
it creates a buying position when a new candle opens above alligator jaw and adx is rising above 21.
Stop Loss
- the strategy will set the stop loss of 125 pips
- the Strategy will close the trade for a predetermined profit target of 50 pips.
Sell Trade Example:
It creates a Selling position when position when a new candle opens below alligator jaw and adx is rising above 21.
Stop Loss
- the strategy will set the stop loss of 125 pips
- the Strategy will close the trade for a predetermined profit target of 50 pips.
Another thing i used in this strategy is the use of Custom Trailing Stop of 10 pips .
Both the indicators I used in this strategy works well in a trending market so that's why it doesn't give proper result in a sideways market. So use it on your own risk in live accounts only when you are sure the market is trendy.
Happy Pips to all!