Bintang Stochastic Double Cross Autosignal Forex System For MT4
Table Of Contents:
- Bintang Stochastic Double Cross Autosignal Forex System For MT4
- The Bintang stochastics System – Long positions
- The Bintang Stochastics system – Short positions
- Pros and cons of trading with the Bintang stochastics system
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The Bintang Stochastic Double Cross Autosignal Forex System For MT4 comprises of multiple technical indicators. The system incorporates a semi-automated system which also gives you assistance in terms of when to go long or to go short.
The Bintang Stochastics system is ideally suited for trading on the 4-hour or one-hour chart time frames. Thus, you can incorporate a bit of swing trading as well.
Given the fact that there are so many indicators in play, this opens the possibility of trading with the Bintang Stochastics system in a number of ways. In this article, we will take a look at one such method which is relatively easy for use for beginners.
To begin with, you will have to download all the indicators in this system including the template file. Load up all the indicators by simply loading the Bintang MT4 template file. If you want to use custom indicator settings, then you can do that as well and overwrite the template file.
If you are using the Bintang Stochastics trading system for the very first time, you might find it a bit intimidating. There is also a bit of a learning curve that is involved here. So let’s take a look at how you can trade with the Bintang Stochastics trading system.
The Bintang stochastics System – Long positions
The primary signal is generated by the semaphore indicator. Thus, once you see a low being confirmed, the system will automatically tell you to go long. However, it is prudent that you wait for more confirmation of the indicators.
In the above chart, on the extreme left side you can see that the semaphore indicator has plotted a low. This triggers the option to go long. But wait for price action to close and trade above the moving averages. It is also important to look at the information in the oscillator window.
The multiple stochastics indicators are the trigger. Wait for the stochastics to move from the oversold levels and then go long.
You can set your stop loss to just a few pips below the low that was indicated by the semaphore indicator. To refine your trade entries, you can also look to the second sub window where the GMACD indicator is modified to show you the trend. Once the trend shows that it is up, then you open your long position.
For your take profits, look to the semaphore indicator. Once you see a high forming and price retracing, it is time to start booking profits. Of course, you can also include risk management to ensure that you are booking profits at a regular basis.
The Bintang Stochastics system – Short positions
The idea behind short positions is also the same as the long positions. For starters, wait for the semaphore indicator to plot a high and wait for price to retrace. After a considerable distance, the indicator will signal to you that it is time to go short.
Wait for price action to trade below the moving average line and then look to the Stochastics oscillator window for the indicator to move to overbought levels. When all these three conditions are met, it is time to go short.
Set your stop loss a few points above the previous high formed by the semaphore indicator. Then, for your take profit levels, you can begin with a fixed risk to reward set up. Alternately, wait for a low to be confirmed by the semaphore indicator and then continue.
As mentioned earlier, you can also look to the GMACD indicator to ascertain whether the trend is indeed up or down. This will enable you to reap huge rewards especially if the trends are strong.
Pros and cons of trading with the Bintang stochastics system
The Bintang stochastics system, as mentioned is somewhat difficult to use. For traders who prefer pure price action based strategies, the number of indicators on your chart can seem a bit cluttered. Therefore, this trading system is not recommended for everyone.
Secondly, due to the fact that the Bintang stochastics system is suited for trading on the one hour and up to four hour chart, it requires a bit of chart watching. Again, if you do not have the time then this system might not be ideally suited for you to trade with.
The Bintang stochastics trading system works on forex currency pairs. But the best rewards come when trends are strong. Thus, it is also ideal to use the Bintang stochastics trading system on commodity CFD’s such as gold, silver and oil which can trend strongly.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
