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Forex Trend Surfing Ribbon
Rules:
Markets trend only 25-30% of the time. This indicator is for use when the market is trending.
Add ATR 14 indicator to this as well
Prep:
On the Daily, 4 Hour and 1 Hour charts, look for a nicely fanned out EMAs, with no cross overs and all fanning in the same direction on every TF
Rules for long entry (on 1 hour chart):
Wait for pullback to the 21 EMA (the black line in the middle)
The entry is valid as long as there is not a close outside of the 60EMA (the outer black line). Price can wick below and the setup still be valid, however the candle cannot close below.
When you get a retest of the 21, place a buy stop above the recent swing high + 14 ATR
Place your stop below 60 EMA - 14 ATR
Pullback MUST touch the 21 EMA
Once you get an entry, move your stop to the new 60 EMA + 14 ATR
Exit Signals:
TP1 1:1 sell 50% of your position and move your stop to break even
TP2 2:1 sell another 50% of your position and set a trailing stop below the 21 EMA
Stay in the remainder of the trade until stop gets hit
Markets trend only 25-30% of the time. This indicator is for use when the market is trending.
Add ATR 14 indicator to this as well
Prep:
On the Daily, 4 Hour and 1 Hour charts, look for a nicely fanned out EMAs, with no cross overs and all fanning in the same direction on every TF
Rules for long entry (on 1 hour chart):
Wait for pullback to the 21 EMA (the black line in the middle)
The entry is valid as long as there is not a close outside of the 60EMA (the outer black line). Price can wick below and the setup still be valid, however the candle cannot close below.
When you get a retest of the 21, place a buy stop above the recent swing high + 14 ATR
Place your stop below 60 EMA - 14 ATR
Pullback MUST touch the 21 EMA
Once you get an entry, move your stop to the new 60 EMA + 14 ATR
Exit Signals:
TP1 1:1 sell 50% of your position and move your stop to break even
TP2 2:1 sell another 50% of your position and set a trailing stop below the 21 EMA
Stay in the remainder of the trade until stop gets hit
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