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    Forex Trading Guide 2021: Trading strategy “Momentum Elder”

    Trading strategy “Elder’s Momentum” is one of Elder’s strategies, based on just two simple indicators: Momentum and the usual Moving Average. It is important for the strategy to strictly adhere to the rules for opening and closing a position. The strategy is multicurrency and is suitable for most currency pairs. We recommend the H1 timeframe for trading.

    Set the necessary indicators on the chart:

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    1. Available in MT4 exponential moving average with a period of 19, built at the closing prices.

    2. Momentum indicator with a period of 18, apply to close prices and set a level of 100.

    The basic rules of the “Momentum Elder” strategy:

    -We follow the hourly chart of the currency pair of interest. We look forward to the appearance of the first signal when Momentum (18) crosses the value 100.

    – When the hourly candlestick closes completely above the average EMA (19) or at least 85% (in the case when the candlestick is several times larger than the previous candles), then open a long position at the moment of opening the next candle.

    – Stop loss is set according to the following algorithm: we determine the closest moment on the chart, where Momentum (18) was below its own level 100 and we find the minimum price value for the selected period.

    -Take profit: we fix the profit in one and a half to two times more than the set stop loss.

    -In addition, it is imperative to exit the position if the indicator crosses the 100 level in the opposite direction.

    Opening short positions is the opposite.

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