In this post I will be reviewing the Elastic Trader manual forex trading strategy. The name of this particular forex trading strategy makes me chuckle. This is a manual trading strategy that must be used with strong trading discipline and money management principles.
One of the primary points of the Elastic Trader is that it focuses on simplicity. Too many traders try to over complicate things with an overload of indicators and poor money management techniques.
Elastic Trader works on currencies, stocks and other instruments. It can be used on any time frame, thus making it very flexible (no pun intended!). It is very easy to follow with clear entry and exit signals.
I would personally use it on higher time frames such as the 1 hour, 4 hour and even daily time frame as they tend to filter out the noise from the lower time frames. You do not have to worry about trade frequency as there will always be trading opportunities on some instruments.
Elastic Trader Trading Strategy
The Elastic Trader gives you clear colour coded and arrow signals for entries at price extremes as it looks to catch the market bouncing in the opposite direction, hence the name. Green arrow/zone means buy and red arrow/zone means sell, it is as simple as that! Any trader can use it, just ensure that you use a suitable money managment strategy for your goals.
Elastic Trader can be used stand alone as a scalping system, intraday or long term strategy. You can even implement it into your existing trading strategy for an additional filter. Another key feature is that it does not repaint.
Elastic Trader Summary
The Elastic Trader is a trading strategy for finding reversal trades. You may want to improve it further with additional filters such as a moving average trend filter or oversold/bought oscillators but in saying that it can be used as a standalone strategy provided that you use sensible money management as you should with any manual forex trading system. It is developed for the MetaTrader 4 trading platform and comes with detailed instructions, indicators, full support and a money back guarantee.