You can now download the DSS Wave Forex Trading Strategy for free on AtoZ Markets indicators gallery.
In the forex market, you would notice that the market moves in waves. Amidst the chaos of the market, price does go up and down on a somewhat rhythmic pattern. Many traders have somehow learned to observe and understand these patterns and have made a fortune out of the market through them. However, predicting the peaks and troughs of these waves are quite difficult especially for beginners.
Using DSS Wave Forex Trading Strategy, you will trade possible reversals based on the reversal signals that are on the overbought or oversold market conditions. We will be buying the market when a blue dot appears below 20 and selling when a red dot appears above 80.
This entry should also be in confluence with an additional indicator that gives entry signals based on fractals – the SHI_SilverTrendSig. However, the dot colors are on the reverse with this indicator. Red dots indicate the lows of the fractals, which could also mean a possible bullish reversal, while blue dots indicate the highs of the fractals, which could also be a bearish reversal.
Timeframe: 1-minute, 5-minute, and 15-minute charts
Session: London, New York, and Tokyo session
Currency Pair: any major pair
How to Trade with DSS Wave Forex Trading Strategy?
Buy Trade Setup
- On the Robby_DSS indicator, a blue dot should appear below the 20 line to signify a possible bullish reversal on an oversold market condition.
- A red SHI_SilverTrendSig dot should appear on the price chart.
- Enter a buy market order on the close of the candle with a confluence of both indicators
- Set the stop loss at the swing low below the entry candle
- A red dot appears on the Robby_DSS indicator.
- A blue SHI_SilverTrendSig dot appears on the price chart
Sell Trade Setup
- On the Robby_DSS indicator, a red dot should appear above the 80 line to signify a possible bearish reversal on an overbought market condition.
- A blue SHI_SilverTrendSig dot should appear on the price chart.
- Enter a sell market order on the close of the candle with a confluence of both indicators
- Set the stop loss at the swing high above the entry candle
- A blue dot appears on the Robby_DSS indicator.
- A red SHI_SilverTrendSig dot appears on the price chart
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the top right corner of the screen.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “DSS Wave Forex Trading Strategy” template to apply it on the chart.
Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.