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Donchian Bands Momentum Forex Trading Strategy
Momentum trading can be one of the fastest ways to grow your account when trading the Forex market. This is because momentum trading is fast-paced by nature. When the market moves with strong momentum, the price moves very quickly. Prices can go up or down significantly in a short period of time. A trader who is able to trade in the right direction will gain so much on a single trending market move.
However, momentum trading also comes with certain risks. Momentum means that traders should wait until the market is clearly moving in one direction and the momentum is strong before entering the market. This means that the price has moved a considerable distance from the swing point. Contrarian traders or mean reversal traders who trade on lower time frames will see this as an overbought or oversold price condition and will trade in the opposite direction.
This can sometimes lead to an immediate price reversal, leaving many momentum traders in buy trades at the top or sell at the bottom. This is called a whip saw.
Many momentum traders feel guilty for chasing price. However, momentum traders should also accept the fact that there is some chance that these scenarios will materialize. Instead, traders should look for opportunities to trade rules-based momentum trade setups with a relatively high probability of profit rather than a wash.
The Donchian Bands Momentum Forex Trading Strategy is a systematic momentum trading strategy that uses a confluence from several indicators to qualify trade setups.
Donchian Band
Donchian Bands is a trend following indicator, which is a band or channel type technical indicator. It draws three lines forming a channel or band based on the range of price changes over n periods.
The Donchian Bands have three lines. The upper line is the highest high within an n number of periods. The lower line is the lowest low within the same number of periods. The middle line on the other hand is basically the median between the upper line and the lower line. This creates a channel like structure that should usually envelope price action.
The upper line could serve as a resistance line, while the lower line could serve as a support line. However, breaches beyond these lines with strong momentum could also be indicative of a strong momentum breakout from a market contraction phase.
Stochastic Oscillator
The Stochastic Oscillator is a momentum indicator which is part of the oscillator family of technical indicators. It is one of the more popular and more widely used oscillators.
It is arrived at by comparing the closing price of a tradable security with its historical price range or average price movement over a period of time.
EMA Crossover Signal
EMA Crossover Signal is a trend reversal signal indicator which is based on the crossing over of two Exponential Moving Average (EMA) lines.
One of the most popular ways traders identify a potential trend reversal is by using the crossover of two moving average lines as a signal. The EMA Crossover Signal is based on this concept. However, instead of plotting two lines in a price chart, this indicator plots arrows signaling the occurrence of the trend reversal and pointing the direction of the trend reversal. This simplifies and systematizes the process of identifying potential trend reversal signals. Traders can then enter trend reversal setups based on the signals provided by this indicator.
Trade Setup
This trading strategy is a momentum strategy which is based on the confluence of all three indicators mentioned above.
The Donchian Bands act as the main momentum signal indicator. Momentum signals are generated whenever a momentum candle closes strongly above the upper Donchian Band or below the lower Donchian Band.
The Stochastic Oscillator is used mainly as a trend direction filter. Trend direction is based on how the faster Stochastic Oscillator line overlaps the slower line. Both lines should also cross over the midline to confirm the direction of the trend.
The EMA Crossover Signal serves as a confluence between a trend reversal signal and the momentum signal. Momentum signals using the Donchian Bands that occur after a recent trend reversal signal coming from the EMA Crossover Signal signifies that momentum in the new trend direction is picking up.
Indicators:
- Donchian Bands
- EMA Crossover Signal
- Faster EMA: 10
- Slower EMA: 20
- Stochastic Oscillator
- %K Period: 19
- %D Period: 6
- Slowing: 9
- Preferred Time Frames: 15-minute, 30-minute, 1-hour, 4-hour and daily charts
- Currency Pairs: FX majors, minors and crosses
- Trading Sessions: Tokyo, London and New York sessions
Buy Trade Setup
Entry
- The faster Stochastic Oscillator line should be above the slower line.
- Both Stochastic Oscillator lines should cross above 50.
- The EMA Crossover Signal indicator should plot an arrow pointing up.
- A bullish momentum candle should close above the upper Donchian Bands.
- Enter a buy order on the confirmation of these conditions.
Stop Loss
- Set the stop loss on the support level below the entry candle.
Exit
- Close the trade as soon as the EMA Crossover Signal indicator plots an arrow pointing down.
Sell Trade Setup
Entry
- The faster Stochastic Oscillator line should be below the slower line.
- Both Stochastic Oscillator lines should cross below 50.
- The EMA Crossover Signal indicator should plot an arrow pointing down.
- A bearish momentum candle should close below the lower Donchian Bands.
- Enter a sell order on the confirmation of these conditions.
Stop Loss
- Set the stop loss on the resistance level above the entry candle.
Exit
- Close the trade as soon as the EMA Crossover Signal indicator plots an arrow pointing up.
Conclusion
Momentum trade setups based on a momentum candle breaching the Donchian Bands is a strong entry setup in itself. It signals a strong momentum breakout coming from a contracted phase.
The addition of the Stochastic Oscillator and EMA Crossover Signal indicator as a trend filter adds another layer of confluence which greatly increases the likelihood of a successful momentum breakout.
- Traders can easily use this strategy to gain profit from the market.
Forex Trading Strategies Installation Instructions
- Donchian Bands Momentum Forex Trading Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.
- The essence of this forex strategy is to convert accumulated historical data and trading signals.
- The Donchian Bands Momentum Forex Trading Strategy provides an opportunity to discover various peculiarities and patterns in price dynamics that are invisible to the naked eye.
- Based on this information, traders can predict further price movements and adjust this strategy accordingly.
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How to install Donchian Bands Momentum Forex Trading Strategy?
- Download Donchian Bands Momentum Forex Trading Strategy.zip
- Copy the mq4 and ex4 files to your metatrader directory /experts/indicators/
- Copy the tpl files (templates) to your metatrader directory /templates/
- Start or restart your Metatrader client
- Select the chart and timeframe on which you want to test the Forex strategy
- Right click on your trading chart and hover over "Templates".
- Move right to select Donchian Bands Momentum Forex Trading Strategy
- You will see Donchian Bands Momentum Forex Trading Strategy available on the chart
Note: Not all Forex strategies come with mq4/ex4 files. Some templates are already built into the MT4 indicator for the MetaTrader platform.
Click below to download
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