Introducing the chandelier forex technical trading indicator. This indicator system is one of a kind simple to use trend following trading indicator. When the chandelier indicator is used properly, it can be a very profitable tool, but no exceptions you need to stick to the rules and trade accordingly. Due to the simplicity of this indicator, it can be used by traders at all levels including beginning traders. Trading experts and well-experienced technicians also prefer this indicator due to its ability to alert you to the potential entry and exit signals quick. To use this indicator effectively you need to follow the trend and trade according to the buy/sell rules.
Install Chandelier indicator, your platform should look like this;
The chandelier indicator is a trend following indicator which looks like moving averages. It changes direction as per trend direction of the market, whenever you see color orange you should know the market is trending bullish and when you see the purple color the market is trending bearish. When this indicator is below the market prices you should look to buy and when it is above market prices you should always look to sell.
Conditions for buying using Chandelier Indicator.
- The market should be up trending.
- The Chandelier indicator should appear below the market.
- Place your long position as soon as above conditions are met.
- Place your stop loss just below the recent swing low.
- Take your profit when the Chandelier indicator appears above the market.
Conditions for selling Using Chandelier indicator.
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- The market should be down trending.
- The Chandelier indicator should appear above the market.
- Place your short position as soon as above conditions are met.
- Place your stop loss just above the recent swing high.
- Take your profit when the Chandelier indicator appears below the market.
Download Free Forex Chandelier Indicator
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