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RG Light Forex Trading Strategy

Amandeep Sonewane | May. 6, 2019
RG Light Forex Trading Strategy

You can now download the RG Light Forex Trading Strategy for free on AtoZ Markets indicators gallery.

With RG Light Forex Trading Strategy, traders can explore an entry indicator that seems to work well and seems to be based on momentum. This indicator is called arrows and curves, however, for this strategy, we won’t be using the curves or the channel of this indicator. Instead, we will be trading the arrows alone. These arrows seem to be working well. If you’d observe it closely, price usually goes the direction that the arrow is pointing for several candles, enough to allow traders to profit from it.

RG Light Forex Trading Strategy works well on 15M, 30M, 1H, and 4H time frames and any currency pair.

How to trade with RG Light Forex Trading Strategy?

This indicator seems to point the direction of the bias of the market based on the RSI indicator. A shift in the direction pointed usually occurs only when a spiking RSI going the opposite direction occurs.

So, we have an indicator that points the bias of the direction of the market and an indicator that pinpoints the exact entry that you should take. Plus, both indicators conveniently displays green bars and arrows for buy entry and red bars and arrows for sell setups - thus it was named as RG Light Forex Trading Strategy, where "R" stands for red, while "G" signifies green. 

Buy (Long) Trade Rules

Entry

  • RSI Filter indicator should be printing green bars indicating a bullish market bias.
  • Enter a buy market order at the close of the candle as soon as a green arrow pointing up is printed on the chart.

Stop Loss

Set the stop loss below the arrow

Take Profit

Set the take profit target at 2x the risk on the stop loss

Sell (Short) Trade Rules

Entry

  • RSI Filter indicator should be printing red bars indicating a bearish market bias.
  • Enter a sell market order at the close of the candle as soon as a red arrow pointing down is printed on the chart.

Stop Loss

Set the stop loss above the arrow

Take Profit

Set the take profit target at 2x the risk on the stop loss

How to download and install an indicator?

In order to install the indicator on your MT4 platform, you need to follow these steps:

  1. Click on “Download Indicator” button located at the top right corner of the screen.
  2. Save the file to your computer.
  3. Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
  4. Restart your Metatrader platform.
  5. Navigate to “Indicators.”
  6. And select “RG Light 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.

 
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.