A 15-minute timeframe is used to trade CAD/JPY with the trend trader strategy indicator. One follows the MFI indicator and receives confirmation signals for buying and selling trades. The video concludes with a call to like, share, and subscribe to the channel.

Simple Indicator Trading Strategy: A Step-by-Step Guide

Are you a trader looking for an uncomplicated yet highly effective trading strategy? If yes, then you’re in the right place. In this article, we’ll guide you through an easy-to-understand indicator-based trading strategy using the TradingView platform.

Step 1: Open the CAD/JPY chart in the 15-minute time frame

The first step is to open the CAD/JPY chart and switch to the 15-minute time frame. This timeframe is often used by traders to capture short-term trends.

Step 2: Utilize the Trend Trader Strategy Indicator

Next, we’ll be using the Trend Trader Strategy Indicator, which is available in TradingView’s library. Once you add it to your chart, modify some of the settings according to our trading strategy.

Step 3: Use the MFI Indicator

Now, we’ll add the Money Flow Index (MFI) Indicator to the chart. It’s a momentum oscillator that helps traders identify potential areas of trend reversal. For this strategy, we need to adjust the MFI’s settings.

Step 4: Identifying Buy Signals

When the MFI indicator breaks the 70 level line upwards, we’ll be seeing a buy signal. This means that there’s potential for an uptrend in the market, and we should enter a buy trade.

Step 5: Confirming the Buy Signal

Once we identify the buy signal, we need further confirmation. We’ll be looking for an extra confirmation candle that’s colored in red within the black Trend Trader Strategy Indicator. If we see the confirmation and the other conditions are met, we’ll enter a buy trade.

Step 6: Placing the Trades

To enter a buy trade, we’ll place our stop loss below the previous low point and set the profit target to 1:1. In other words, our profit target is equal to our risk amount. If the market reaches our profit target, we’ll win the trade.

Step 7: Identifying Sell Signals

When the Trend Trader Strategy Indicator is black, and an extra confirmation candle shows a red color, we’ll see a sell signal. This indicates that there’s potential for a downtrend, and we should enter a sell trade.

Step 8: Confirming the Sell Signal

Similar to the buy signal, we need to do more checks to confirm our sell signal. We’ll be looking for an extra confirmation candle that’s colored in red within the black Trend Trader Strategy Indicator. If we see the confirmation and the other conditions are met, we’ll enter a sell trade.

Step 9: Placing the Trades

To enter a sell trade, we’ll place our stop loss above the previous high point and set the profit target to 1:1. If the market reaches our profit target, we’ll win the trade.

Step 10: Finishing the Strategy

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Conclusion

Trading doesn’t have to be challenging. With this simple trading strategy, you can quickly enter and exit trades with high accuracy. Implement the strategy in your trading plan, and let us know how it has worked out for you. Happy trading!