Martin Trend Line Candles & Colour Change Alerts Strategy (MTLCC)
Hello fellow Martin Traders, this is how I use the MTLCC and as you can see and I think you will agree it works really well,
I like to use it on GBPJPY as this pair tends to trend well, have a look and do some back testing on any pair, I think you will like the results you find.
Long Entry Point 1 Rules
- Candles turn Green - You receive alert - Enter Trade - Place stop loss at Trendline
Exit for Entry 1
- This trade stays open until Colour change
Long Entry Point 2
- Confirm Candles are still Green - Stochastic lines are at the Bottom curling up (below 50%) with Green Background - Trend Meter has minimum 2 Green Bars - Enter Trade - Place stop loss at Trendline
Exit for Entry 2
- Stochastic is at the top and starts to curl down or Candles change colour
ONCE IN A TRADE - MANAGE SL
- Every 4 hours move SL to the Trendline (this where the candles will change colour when the price hits)
You don’t have to enter 2 trades; you can just enter from colour change to colour change
I find this works best on the 4 Hr time frame
Get these 3 indicators for the Martin Trendline Candles & Colour Change Alerts Strategy
Hi guys, I have been trading this for a couple of weeks now and I have had a few losses during ranging periods, I have analysed the losses and added 2 conditions to reduce the losing trades.
When you receive the alert for the colour change:
1. Ensure the STOCHASTIC LINES are heading the direction of trade, above the bottom line but below 50% line (Back Ground colour doesn't matter but perfect if same colour). 2. Ensure the TREND METER has at least 2 green bars (if 3 then the lines can be just over the 50% but not near the top line).
Wait for the 1st candle to close to confirm these conditions.