Level Trading 123 Forex Trading Strategy
Level Trading 123 Forex Trading Strategy
At first it may look a bit complex at first, but it is suitable for advanced and beginner forex traders.
It performs well in all intraday forex timeframes but is also practical in the Daily, Weekly, and Monthly mt4 price charts.
A closer look at the Level Trading 123 Forex Indicator
That forex indicator plots two types of indicator lines on charts.
Short-term upward movement is marked as a blue color trend line. Similarly, short-term downward movement is shown as a red trend line.
Additionally, the end of each trend momentum is marked as a cross sign – red is the end of a bearish trend, and blue is the end of a bullish chart trend. After its placed on the forex chart, one can expect a price reversal.
A very important element of the Level Trading 123 Forex Indicator is support and resistance lines drawn as a grey color dotted and solid horizontal lines. The best entry signals occur when the price reacts at these levels, and a cross mark is placed near them.
Buy Entry Signal
Long trade signal explanation and rules
In the beginning, recognize the chart’s most recent red cross mark. That cross sign is aligned with the support line in the best scenario.
Now, a forex trader can take an opportunity for long trade entry. The direction of the current trend should be considered bullish.
Set stop loss(SL) a few pips below the support level.
Secure the position with a good risk-reward ratio.
Sell Entry Signal
Short trade signal explanation and rules
For a start, find the most recent blue cross mark on the chart. That cross sign is aligned with the resistance line in the best scenario.
Now, a forex trader can take an opportunity for short trade entry. The direction of the current trend should be considered bearish.
Set stop loss(SL) a few pips above the resistance level.
Secure the position with a good risk-reward ratio.
Level Trading 123 Forex Trading Strategy download link
