Woody Half Development Foreign exchange Buying and selling Technique

Trading the forex market could come true. However, many traders who are new to the field find it difficult to trade. This is because traders often have no idea which direction the market is most likely to go. Although there are many different ways to determine the market direction, one of the easiest ways to identify the market direction with a high probability that you will choose the right direction is to trade with the trend. Trend following strategies are probably one of the easiest trading methods because the trading configurations that are made are in line with the trend, not against it.

The Woody Half Trend Forex trading strategy is a trend following strategy with a relatively high degree of success rates. This is due to the indicators used, which are stand-alone indicators with a high probability. Taken together, these indicators offer an even higher probability of trading, which could result in high returns.

Half the trend indicator

The Half Trend Indicator is a very popular custom trend following indicator. This is due to its high level of accuracy and its tendency to get high return trading configurations.

The Half Trend Indicator is based on a modified moving average that focuses on the highs and lows. This allows the indicator to identify the trend direction fairly accurately.

This indicator prints a line above the price chart based on its modified moving average calculation. The line then expediently shows the trend direction by the color of its line and by the direction of the vertical lines attached to it. During a bullish market situation, the Half Trend indicator prints a royal blue line with vertical lines below it. In bearish market conditions, the line will then change to red and the vertical lines will then be placed above the half trend line. The Half Trend Indicator also conveniently places an arrow that points in the direction of the trend when a change in trend direction is detected.

Double CCI Woody indicator

The Double CCI Woody Indicator is a custom indicator based on the Commodity Channel Index (CCI). The standard CCI indicator uses a simple moving average (SMI) and its mean deviation to determine the depth of price fluctuations. It then draws a line around a center line at zero that swings up and down. The price is usually considered overbought when the IHK rises above 200 and oversold when it falls below -200. Hence, traders typically use this indicator as a medium reversal indicator that shows likely trend reversals.

However, the Double CCI Woody indicator prints two modified CCI lines. One is a longer period CCI line with histograms painted on its body. Whenever the histograms are positive, the market is considered bullish. When the histograms are negative, the market is considered bearish. The second line is then superimposed on the body of the slower CCI line and a much faster parameter is used, indicating a shorter trend. It is also slightly different from the standard CCI indicator as its extremes are set to +/- 250.

Trading strategy concept

Although the standard CCI is usually used as a medium reversal indicator, we use the Double CCI Woody indicator as a trend following indicator. It is used as a trend direction filter due to its slower line and histograms. This indicator is very suitable as a trend following indicator because it changes color depending on the strength of the trend. Whenever a strong upward trend is detected, the indicator prints mid-sea green histograms. Whenever a strong bearish trend is detected, a red histogram is printed. However, when the market trend begins to reverse, a dark khaki histogram is printed, which is then followed by a gold histogram indicating an impending reversal. The trend direction based on the slower Double CCI Woody indicator line will be our main filter. As such, we will remove the faster CCI line that is usually overlaid on the slower line and the histograms.

Then we wait for the input trigger based on the half trend indicator. Once the Half Trend indicator changes color and prints an arrow in the direction of the trend indicated by the Double CCI Woody indicator, we will start trading.

Indicators

  • HalfTrend-1.02
  • Doublecci Woody

Time window: preferably 1-hour, 4-hour and daily charts

Currency pairs: Major and minor pairs

Trading session: Meetings in Tokyo, London and New York

Buy (Long) Trade Setup

entry

  • The Double CCI Woody indicator should print positive histograms, shown as Mediterranean green, indicating a strong upward trend
  • When the half trend ad changes to royal blue and an up arrow prints, place a purchase order

Stop loss

  • Set the stop loss under the Half Trend indicator

output

  • Close the trade as soon as the Double CCI Woody indicator prints a gold histogram indicating a likely trend reversal

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Sell ​​(Short) Trade Setup

entry

  • The Double CCI Woody indicator should print negative histograms that are painted red, indicating a strong bearish trend
  • When the half trend indicator turns red and a down arrow prints, enter a sell order

Stop loss

  • Set the stop loss above the half trend indicator

output

  • Close the trade as soon as the Double CCI Woody indicator prints a gold histogram indicating a likely trend reversal

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Conclusion

This strategy enables trading configurations that achieve a relatively high return. Trading configurations can typically run from 2: 1 to 4: 1, depending on the strength of the trend.

This strategy should be used in a market that is typically trending strongly. Avoid trading this strategy in a market that is sometimes choppy.


Forex Trading Strategy Installation Instructions

Woody Half Trend Forex Trading Strategy is a combination of Metatrader 4 (MT4) indicator (s) and template.

The essence of this forex strategy is to transform the accumulated history data and trading signals.

The Woody Half Trend Forex trading strategy provides the ability to spot various peculiarities and patterns in price dynamics that are invisible to the naked eye.

Based on this information, traders can assume further price movements and adjust this strategy accordingly.

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Click here for the step-by-step XM Trading Account Opening Guide

How do I install the Woody Half Trend Forex Trading Strategy?

  • Download Woody Half Trend Forex Trading Strategy.zip
  • * Copy mq4 and ex4 files to your Metatrader directory / Experts / Indicators /
  • Copy the tpl file (template) into your Metatrader directory / templates /
  • Start or restart your Metatrader client
  • Select the chart and timeframe in which you want to test your forex strategy
  • Right click on your trade chart and hover over "Template".
  • Move right to select Woody Half Trend Forex trading strategy
  • You will see that Woody Half Trend Forex trading strategy is available on your chart

* Note: Not all forex strategies come with mq4 / ex4 files. Some templates are already built into the MT4 indicators of the MetaTrader platform.

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