Awesome Oscillator Indicator Forex Trading Strategy

The Awesome Oscillator Indicator Forex Trading Strategy as the name says is based on the MT4 indicator called the awesome indicator.

The Awesome Oscillator is a momentum indicator  and what it does is reflect changes in the market driving force which helps traders to identify the trend’s strength up to the points of formation and reversal.

 

Now, lets get straight to the buy and sell trading rules but before I get to that, you have to refer to this chart below for the buying and the selling rules of this trading system:

Awesome Oscillator Indicator Forex Trading Strategy Buy and Sell Setup

Buying Rules Awesome Oscillator Indicator Forex Trading Strategy

  1. Awesome oscillator crosses 0.0 level from below and goes up. You this is your first signal to to buy.
  2. The awesome indicator changes its color from Red to Green. This is your second signal to buy as well.
  3. On the high of the candlestick that corresponds to what happens in step 1 & 2, you place  a buy stop order at least a minimum of 2 pips above that candlestick’s high.
  4. Place your stop loss 2-5 pips below the low of that candlestick but if you see that the stop loss may be prematurely stopped out, then its better to place it a bit far away from the entry price as possible and the best way to do that is look for the nearest swing low and use that.
  5. For take profit target, use the previous swing high or aim for risk to reward ratio of 1:2 or more.

Selling Rules of  the Awesome Oscillator Indicator Forex Trading Strategy

  1. Awesome oscillator crosses 0.0 level from above and goes down. You can sell based on this, this one of the selling signals.
  2. The second selling signal is when the awesome indicator changes its color from Green to Red.
  3. On the low of the candlestick that corresponds to to what happens in step 1 & 2, you place  a sell stop order at least a minimum of 2 pips below that candlestick’s low.
  4. Place your stop loss 2-5 pips above the high of that candlestick but if you see that the stop loss may be prematurely stopped out, then its better to place it a bit far away from the entry price as possible and the best way to do that is look for the nearest swing high and use that.
  5. For take profit target, use the previous swing low or aim for risk to reward ratio of 1:2 or more.
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