The GRAB Candles Forex System combines candle long/short signals with GRAB Candles Range to spot high potential trading setups in MT4 charts.
This trading system weighs more on pullback areas of the price so that traders can anticipate correct price retracement levels and place buy/sell entries accordingly. For scalpers and intraday traders, the GRAB Candles Forex System suits each timeframe available within the MetaTrader platform.
GRAB Candles Forex System Introduction
GRAB Candles tell everything you need to know about the current market trend. The yellow candle indicates long, and the red one signals short opportunities. Besides, the blue candle hints at price consolidations or flat trends.
The GRAB Candles Range shows potential price retrace levels after correcting current market trends. We’ll determine trend conditions depending on the price position compared to the dynamic trend channel.
For instance, the price exceeding the peak of the GRAB candle range indicates the price is in a bullish trend, and it’s time to look for buy signals.
In the above USD/JPY H4 chart, the price plots a large bullish candle rejecting the dynamic support and indicating a bullish market bias. Once the signal candle turns yellow, we place a long entry following the current uptrend.
While considering a long entry, it is ideal for placing the stop loss limit below the lowest band of the GRAB candles range. The minimum profit target should be 2R compared to the SL budget.
We’ll only consider a selling opportunity when the price breaks below the GRAB Candles Range. Like the above GBP/USD H4 chart, once the candle dropped below the channel’s low, the price candle turned red, indicating short opportunities.
Each time you go short, consider setting up SL limits above the GRAB price channel’s high. Also, hold your positions until the trade hits a 2R profit.