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The Trend Pullbacks indicator is a trading tool that can be used as an entry confirmation in trading trend pullbacks. This custom indicator is designed to predict potential price pullbacks with the trend. This is a non-repainting indicator and has been developed to run on the 5 minute chart only. This indicator uses two sets of conditions. It collects trend data from the higher time-frames as a condition combined with probable pullbacks levels on the 5 minute chart. It generates a potential buy signal (up arrow) when price crosses a specific pullback level while in a upward trend and a potential sell signal (down arrow) when price crosses a specific pullback level while in a downward trend.
This indicator may be used as a forex scalping strategy or to determine probable entry points in forex trend trading.
This ‘Trend Pullbacks Arrow Alert Indicator’ consists of 2 pullback method types built into two separate indicators. Both methods produce probable pullback signals with the trend however have been tweaked differently using both trend and oscillating based methods.
Trend Pullbacks 1 Alert (White Arrows):
This method is set to a higher pullback level with a less weighted trend condition.
Trend Pullbacks 2 Alert (Blue Arrows):
This method is set to a balanced pullback level with a slightly higher weighted trend condition.
Suggested Take Profit and Stop Loss levels (Optional):
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The Trend Pullbacks Alert Indicator includes a built-in option for suggested TP and SL levels. These levels are calculated using current average true range multipliers and can be manually adjusted in the indicator input settings to suite a specific user preference. This method calculates and positions the suggested ‘TP and SL’ levels according to current price volatility unique to each currency pair. Each TP and SL level is calculated to a standard risk to reward ratio as a default setting and can be adjusted to a specific user preference in the indicator input settings. This is an optional feature which can be turned on or off in the indicator input settings. As an alternative users may also choose to use support and resistance levels as preferred TP and SL positions.
Download Package includes:
- Trend Pullbacks 1 Alert Indicator.v1
- Trend Pullbacks 2 Alert Indicator.v1
- Fast Trend Histogram Indicator.v1 (To be used with the 5 minute pullback scalping strategy)
- Trend Pullbacks MT4 Template
- Installation Instructions Manual (pdf)
Fast Trend Histogram Indicator v1:
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This indicator displays a trend histogram based on faster moving averages. This indicator is used as part of the 5 minute pullback scalping strategy as an added confirmation of the trend direction.
5 minute Trend Pullback Scalping Strategy for forex trading:
Please have a look at our simple 5 minute pullback scalping strategy for higher probability scalping signals.
The Trend Pullbacks indicator should only be used with a reliable, consistent strategy. It is highly recommended that the user trading with this tool be knowledgeable in price action, understanding higher-highs, higher-lows, lower-lows, lower-highs and an understanding of convergence and divergence.
Notes and recommendations: Avoid trading 15-20 minutes before and after high impact news or opening hour of major market sessions. Only trade with a Demo trading account until proven consistent. Practice proper money management and take caution during NFP (Non-farm payroll) news releases or avoid trading during the NFP day/week.
Read more and download it on the Download Page.
