Lazy Trade Forex Trading Strategy Version 3 For MT4
The Lazy Trade Forex Trading Strategy Version 3 For MT4 is a specially designed strategy for the intermediate traders. Some of you don’t know how to find the key swing high and low in the chart.
In this strategy, we will discuss the perfect way to find the swing point and trade the Fibonacci retracement levels. For this, we will be using the Heiken Ashi smoothen indicator that focuses on price deviation and creates a new series of Heiken Ashi candles with blue and red colors.
The transition of the colors in the Heiken Ashi candles is the place where the key swing takes place. If the candles changes from red to blue, it is the significant swing low of the market. The transition from blue to red points of the significant high or swing high. In an uptrend, draw the bullish retracement level from swing low to high. For the downtrend, you have to draw the retracement level from significant-high to low. Though the Fibonacci tool has various retracement level, we are just going to use the 50%, 38.2%, and 61.8%. Look for the price pattern at those level or you can even set pending orders if your selected time frame is daily or weekly.
The long trades are taken when the price hits the 38.2% Fibonacci retracement level. Those who set pending orders have to set the stop loss below the 61.8% retracement level. But those who rely on price action patterns can us the candlestick to use the tight stop loss. The short traders are taken in a similar process but the stop loss will be placed just above the 61.8% retracement or the candlestick pattern.
Managing the risk in the trade is a bit tricky when you use 61.8% as the reference stop loss point. To solve this issue, always set the take profit at the key swing level. Please note that, before the trade, the Heiken Ashi candle will change its color. And if the trade is correct, it will again turn into the color of the current trend. If not, you might get stopped from the trades.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
