Cool system! - page 48
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I'll repeat myself with a description. Found it on the Internet.
Trading indicators of the strategy
Indicator 1-2-3 Pattern MTF v3.1 - it shows the trend direction from the high timeframe:
- Green line - the trend is ascending. Behind the green line, there is always a yellow line, which is not used in trading.
- The red line - the downtrend. Behind the red line is always a blue line, do not pay attention to it, it is not used in trading.
Indicator IBFX - CPR - an informative indicator, which shows which pattern on a given timeframe was last found, then it displays Place a sell or by order depending on the pattern and puts the pattern icon on the chart. This indicator also shows the recommended Stoploss and Takeprofit, simultaneously marking these levels on the chart with horizontal thick lines - red and blue. Besides, it shows the latest detected patterns on different timeframes for your information.
The TRO_InsideBar_Plot2 indicator - shows two horizontal lines - red and green, at breakdown of which one should buy or sell, depending on the situation.
Rules of operation according to the strategy
A buy order is opened, when:
1. The green pattern icon appears on the chart;
2. The IBFX - CPR indicator at the bottom will indicate that a pattern has been found, and a Place an order with the recommended Stoploss and Takeprofit;
3. Looking at the indicator 1-2-3 Pattern MTF v3.1 on H4, H1 and M30: if the trend is up on all three timeframes, that is in confirmation of our emerging pattern, we look for an entry point to buy at the breakdown of the horizontal green line and place Stoploss and Takeprofit.
An order to sell is opened under opposite conditions.