Introducing the original colored woodie Forex technical indicator. I have been worried for not publishing this indicator earlier, to be honest, this is one of the simplest forex indicators of all time and anyone with the basic understanding of forex can make huge sums of money with this indicator. This indicator works perfectly for capturing the momentum of the market rather than swinging the whole trend. This indicator might perform poorly if you want to capture the whole swing, however, it works wonderfully for grabbing big momentum scalps. The main benefit of using this indicator is that it can be used to trade in any timeframe on any currency pair. In general though, if you really want to make money in forex you should avoid the 1-minute timeframe especially when using this indicator, in fact, the most profitable timeframe are those higher than the 5 minutes timeframe, unless of course, you’re a much-focused scalper.
Install Colored Woodie Indicator, your chart should look like this;
The colored Woodie indicator is a customized technical indicator. Just below the main window, it contains a histogram that fluctuates in the negative and positive territory and it also contains a gold-colored oscillator. The golden oscillator is more confusing according to my source, so the recommendation is that you only look at the histogram and ignore the oscillator and everything will do just fine. When the histogram moves to the positive territory from the negative you should look to buy, and when the histogram moves to the negative territory from the positive you should look to sell. Always remember to make sure the trend is bullish before buying and bearish before selling.
Conditions for Buying Using Colored Woodie Indicator.
- The market should be up trending.
- When the histogram of colored woodie indicator rises to positive from negative, place a buy order.
- Place your stop loss just below the recent swing low.
- Take your profit when the histogram moves into the negative territory.
Conditions for selling Using Colored Woodie indicator.
- The market should be down trending.
- When the histogram of colored woodie indicator falls to negative from positive, place a sell order.
- Place your stop loss just above the recent swing high.
- Take your profit when the histogram moves into the positive territory.
Download Free Forex Colored Woodie Indicator
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