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MA Candles Channel Forex Trend Following Strategy
MA Candles channel trading is a trend following forex strategy based on the two moving averages and Ma Candle channel (price action indicator). This works on a 30 minute or higher timeframe. This system is applicable on any currency pairs.
Forex Indicators:
- 233 simple moving average;
- 56 simple moving average;
- MA Candles Channel (9, 34) price action indicator;
- Stochastic histogram (14, 3, 3).
Long Entry:
- Green candle (MA Candles Channel indicator) is above the upper56 channel and above the 233 upper channel.
- Stochastic histogram green candle.
Short entry:
- Red candle (MA Candles Channel indicator) below the lower 56 channel and below the 233 lower channel.
- Stochastic histogram red candle.
Exit position:
Place stop loss at 20 pips below (for buy) or above (for sell) at the 56 EMA white line.
Profit Target ratio 1:1.2
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