Price Action Channel Binary System applies only two simple price action-based trading indicators in order to establish a trading strategy that fits with all sorts of timeframe charts. Moreover, this system can be applied to trade all kinds of forex currency pairs around the financial markets.
Price Action Channel Binary System offers simplicity in trend-following trading activities and offers advantages, especially to the newbie traders who struggle to define proper trend directions along with the trade signals with the higher probability of success.
Price Action Channel Binary System Overview
After the installation of the System at the MT4 platform, your trading chart will appear like the following image:
Price Action Channel Binary System Anatomy
- Price Channel: This indicator plots price envelopes in order to define the possible breakout levels of the price movements. Price breaks above the upper band are considered as the bullish breakouts. For a bearish breakout sell setup, you must wait until price successfully breaks below the lower band of the Price Channel.
- Color CCI: It is a Commodity Channel Index based momentum indicator that works as a trade setup/signal filter of this system. Color CCI bars turn green and positive in value means the confirmation of going for the long entry. Contrarily, its bars turn yellow carrying a negative value is considered as the validity for short entries.
Price Action Channel Binary System: Buy Setup
- A bullish bar successfully closes above the upper band of the Price Channel
- Color CCI bars turn green in color and positive in value
- Buy triggers when the above conditions are met
- Set stop loss below the lower band of the Price Channel
- Exit long/take profit whenever Color CCI turns negative and yellow
Also Read: Green Wave Forex System
Price Action Channel Binary System: Sell Setup
- A bearish bar successfully closes below the lower band of the Price Channel
- Color CCI bars turn yellow in color and negative in value
- Sell triggers when the above conditions are met
- Set stop loss above the upper band of the Price Channel
- Exit short/take profit whenever Color CCI turns green and positive in value
