The Black Diamond Forex represents a multi-timeframe intraday trading system created for MT4 platforms.
It follows a trend-based forex trading strategy that involves advanced moving averages, support/resistance indicators, and additional trade assisting tools.
This system applies Price Channel Stop V1 to show the trendline support/resistance. Besides, the system’s developer has attached the FX Sniper LSMA for confirming the current trend status. Both of these indicators offer immediate confirmations about the market trends.
Once we determine the trend condition, we need to identify the possible trend entry levels based on how the price reacts at Pivot Points MTF levels. Finally, before executing an order, use the advanced trend signals from the Madro Golden Filter for filtering highly probable trade setups.
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Buy Signal Generation with Black Diamond Forex Trading System
The Price Channel Stop line appears below the candlestick low, with the FX Sniper LSMA turned yellow to indicate a bullish trend. Once you confirm an uptrend market, ensure the price has found support at the Pivot Points MTF level. Finally, enter long after the Madro Golden Filter bars turn blue. Exit long whenever the FX Sniper LASMA shows up in yellow color.
Sell Signal Generation with Black Diamond Forex Trading System
When the Price Channel Stop line appears above the candle high, and the FX Sniper LSMA turns red at the exact moment, we consider it as a bearish market trend. In such a condition, the price might get rejected from resistance or break below support. You may enter short for either case once the Status Monitor bars turn red.
The Black Diamond Forex implements a flexible trading approach that works on all sorts of currency pair’s charts. It works on multi-timeframes allowing you to go for both short-term and long-term entries simultaneously. Besides, its unique features like MBi+HB Panel and market session clocks offer great technical assistance during busy trading hours.