Forex Channel Trading Strategy For MT4
The Forex Channel Trading Strategy For MT4 is based on trend lines and trend channels that you can draw based on the price action of a trend.
The strategy requires a good portion of discretion from the trader but if applied correctly, then you will have a solid strategy that makes a lot of sense during trending market conditions.
First you need to detect a trend. Then you draw a trend line. You can now copy this trend line and move it parallel to the original trend line so the the complete price action of the trend is between these two trend line.
In case of an upward trend you have now produced a trend channel which you can use to anticipate the position of the next swing low of the upward trend. And after the upward trend continued you can estimate where the next upward swing could end. This zone can be used as a good exit area.
In an upward trend you can use the correction (the small downward trend against the main upward trend) to draw a wedge or flag. As soon as the wedge or flag is broken to the upside then you can initiate a buy trade.
As mentioned above you can use the upper boundary of the trend channel of the main upward trend to pinpoint good exit price levels.
Download the complete system description and the files here: