Introducing the closing price reversal forex technical trading indicator. This is a very simple indicator and you don’t need any basic knowledge about forex to use this tool. Even though you don’t need basic knowledge, you might want to consider combining this indicator with other indicators for it to work wonders. The closing price reversal indicator generates signals which are insufficient for precise decision making. To use it effectively on its own, you need to be familiar with the concept of the trend, which deeps in your discipline as a trader. Technical indicators rarely make money for an undisciplined trader.
Install the closing price reversal indicator, your charting platform should be like this;
The closing price reversal indicator is nothing more than just dots, they appear in two different colors; red and green. The green dots indicate buy signals and the red dots indicate selling signals. Your success rate will increase significantly if you only buy in an up trending market and only selling in a down trending market.
Conditions for buying Using Closing Price Reversal Indicator.
- The market should be up trending.
- The market should be bouncing from recent swing low.
- A green dot 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 red dot appears above the market.
Conditions for selling Using Closing price Reversal.
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- The market should be down trending.
- The market should be falling from recent swing high.
- A red dot 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 red-green appears below the market.
Download Free Forex Closing Price Reversal Indicator
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