Forex Moon has been designed especially for the newbie trend following traders who struggles with complex trading strategies and seeks simplicity in trading operations. This system has been formed with the collaboration of two trend-oriented indicators used to closely monitor the market momentum and produces the trade signals as well.
Forex Moon is a versatile kind of trading system that works on all sorts of timeframe charts within the Metatrader 4 trading platform. Furthermore, this system can be applied to trade all kinds of forex currency pairs around the market.
Forex Moon Overview
Once you’re done with the installation of Forex Moon at the MT4 terminal, your trading chart will appear like the following image:
Forex Moon Explanation
- Bands Stop: It doesn’t appear as the traditional B.Bands but only plots the signals that point the possible areas of trend changes. A blue moon below the price bar means the beginning of a possible bullish trend thus, the buy signals. On the other hand, a red moon above the price bar represents a bearish switch of the market trend and a possible opportunity to go for the short entry.
- Trend Filter: This indicator examines the trend signal generated by the B. Bands Stop and filters them in order to maintain the signal accuracy at a steady level. Trend filter bars turn blue whenever it turns positive in value. Such an event is considered as a confirmation of the buy entry signals. The bars turn red whenever Trend Filter value drops below the zero levels to validate any selling opportunity defined by the B. Bands Stop.
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Forex Moon: Trading Rules
- B, Bands Stop plots a blue moon below a bullish price bar
- Trend Filter turns blue carrying a positive value
- Buy triggers whenever the high of the respective bullish bar is broken by the following candles
- Set stop loss below the current B. Bands Stop level
- Exit long/take profit whenever B. Bands Stop plots a red moon above a bearish price bar
Forex Moon: Trading Rules
- B, Bands Stop plots a red moon above a bearish price bar
- Trend Filter turns red carrying a negative value
- Sell triggers whenever the low of the respective bearish bar is broken by the following candles
- Set stop loss above the current B. Bands Stop level
- Exit short/take profit whenever B. Bands Stop plots a blue moon below a bullish price bar
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