In this post I will be reviewing the Forex Firebrand Strategy. This is a manual forex trading system that consists of a combination of technical indicators and chart template for the popular MetaTrader 4 (MT4) platform. Hopefully, this Forex Firebrand Strategy Review will help you to decide if this is a forex trading strategy that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade. If not, you can always wait for the next opportunity to come along.
What is the Forex Firebrand Strategy?
The Forex Firebrand Strategy conducts market analysis behind the scenes using the built-in algorithm in order to try and find buy and sell entry signals into trends.
The changes in market sentiment are indicated by a change in colour of line.
The indicators will display a cyan line if it believes there is a buy market and a purple line if it deems there to be a sell market.
You can take the signals as they are for entries and exits or you can add your own additional technical, fundamental, sentiment and price action analysis to filter the signals.
The Forex Firebrand Strategy can be used on any chart time frame thus it is suitable for scalping, swing trading and day trading. I prefer to trade on the larger time frames (1hour+) as I find that they tend to pick up some of the bigger trend movements and it also means I have to spent less time studying the charts.
You can use the Forex Firebrand Strategy on any forex currency pair or other trading instruments including stocks, commodities, cryptocurrencies, previous metals, energies, etc. I usually trade major currency pairs such as the EURUSD and GBPUSD as they can have some of the most liquidity and tighter spreads, especially when using an ECN forex broker.
The Forex Firebrand Strategy can be set to send you alerts when it finds a trading signal which is useful if you cannot or don’t want to be sat at your computer all of the time. The trading signals can be sent via email, SMS and platform pop-up alerts.
How to use the Forex Firebrand Strategy?
The Forex Firebrand System has been developed to run in the MT4 platform. It comes as a trading template along with built-in indicators that you can apply to your chosen chart symbols and timeframes. You can use the default settings or adjust them according to your own needs. I would certainly practice on a forex demo account to begin with and only use this manual forex strategy as supplementary indicators to my own market analysis.
If you haven’t already, you can download the MT4 platform and open a trading account from most online forex brokers. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
I always prefer to use an ECN forex broker as I find that they have some of the best trading conditions possible including tight spreads, low commissions and reliable executions speeds.
You can even open a demo trading account with virtual funds to practice using the Forex Firebrand Strategy in MT4.
Breakout Trading
The Forex Firebrand System is primarily a forex breakout strategy. Breakout trading is an attempt to enter the market when the price moves outside a defined price range (support or resistance). However, a genuine breakout needs to be accompanied by increased volume.
Breakouts are a core focus of traders, as they typically signal impending volatility and the possibility of significant price trends. Breakouts occur in any type of market and can be tracked with breakout trading indicators such as flags, triangles and head and shoulders patterns, along with conventional channel breakouts.
Most new day traders think of a breakout as a move to a new high or low on an intraday chart (such as a one-minute or five-minute chart) or when the price moves out of a well-defined price range. This is typically viewed as a trading opportunity: Buy when the price breaks higher, or sell when the price breaks lower. Sometimes this approach works, but often it won’t. Trading breakouts of this type and in this way frustrates many traders.
When identifying breakout opportunities, it’s generally advisable to look at assets with well-defined support and resistance levels. Pre-breakout pressure — or a price action squeeze — is another common identifier of potential breakouts. This occurs when higher lows are formed when resistance is being pushed, or lower highs where support levels are concerned.
Forex Firebrand Strategy Summary
The Forex Firebrand Strategy is a flexible and user-friendly manual trading system that can be adapted to suit the needs of different types of trader.
Its success rate can depend on the money management and filtering used when considering the trading signals that it produces.
As a general rule of thumb, I would be looking to take trades that offer a favourable risk to reward ratio of at least 1:3 so a winning trade would be at least 3 times that of a losing trade.
As always, I would ensure my trading discipline is in check and only trade when my mind set is on point.
The Forex Firebrand Strategy comes with detailed instructions, full support and free updates.
Overall, I think that Forex Firebrand is a basic forex strategy, and I do not think it is much different from a trading strategy template that you could build yourself in the MetaTrader platform by simply using the default technical indicators and drawing objects that are included within the platform free of charge. If you want to learn more and get the Forex Firebrand Strategy download you can visit the website by using the link below.
Forex Firebrand Strategy
$37
Pros
- Manual Trading System
- Signal Alerts
- Technical Indicators
- Versatile Forex Strategy
- Any Chart Time Frame
- Any Trading Instrument
- Detailed Instructions
- Full Support
- Free Updates
Cons
- MetaTrader 4 Only
- Takes Time To Learn How To Use
- Requires Some User Initiative
- Not Very Innovative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
