Forex Goiler
Somehow the Indicators section is empty. I will gradually fill in the gaps :-)
Today we will look at "Forex Goiler," a signal indicator widely known in narrow circles. It is not a grail, but the signals are very, very accurate.
What do we have? An indicator based on the principles of Gann analysis (for more about Gann, see Google) that gives buy/sell signals once a day, as well as take-profit and stop levels.
So, we install it (see How to install an indicator in MT4) and attach "Forex Goiler" to the daily (D1) EURUSD chart (the indicator can work on any other pair as well, but it shows the best results on EURUSD).
We get a similar picture (click to enlarge):
Every day, at 00.00 according to the MetaTrader server time, Goiler gives a buy or sell signal, as well as profit-taking points and stop-loss placement points.
Strategy
- At the opening of a new candle, we get an entry point (Entry_1, the white line). If the light green line is above the white one, it means a buy signal; if it is below, a sell signal. We open a position on the white line, place a stop-loss at the red line level (SL), and a take-profit at the light green line level (TP1).
- If the price moves in the direction of our position and the take-profit is triggered, we close the order with a profit and wait for a new signal.
- If the price moves against our position and reaches the orange line, then at that level (Entry_2) we open one more order in the same direction as the previous one (for example, if we had a buy, then we open another buy) and move the take-profit of both orders to the white line. The stop-loss of both orders is still located at the red line level (SL).
- The TP_2 level can be used to close the position in parts. For example, we place a take-profit at the green line level for 70% of the position, and leave the remaining 30% in case the price continues moving in our direction. At the same time, the stop-loss for the remaining part of the position should be moved to the opening level.
Note 1: It is not recommended to open positions at the close of trading on Friday or at the open on Monday.
Note 2: Like any indicator, Goiler should not be used alone. Additional filters are needed.
Note 3: For automatic entry at the orange line level, pending orders can be used.
Important! Nuances of installation in new builds of Metatrader 4
Today we will look at "Forex Goiler," a signal indicator widely known in narrow circles.