Forex Gunduro Angle Indicator

The Forex Gunduro Angle Indicator is a straightforward but effective trend-following forex indicator. The signals are presented in a very simple format with the aid of lines and dots. Signal line crossovers with corresponding dots positions reflects bullish and bearish market circumstances. It is suitable for both novice and experienced forex traders.

What is the Forex Gunduro Angle Indicator?

The Forex Gunduro Angle indicator tries to inform the trader on where and when to enter a forex deal. It is a multi-purpose forex indicator that may be used for scalping, day trading, or swing trading. The indicator is directly displayed on the main trading chart. The input tab allows you to change the default parameters directly. Feel free to play around with the settings and parameters to suit your needs.

Setting up the Forex Gunduro Angle Indicator
Setting up the Forex Gunduro Angle Indicator

Forex Gunduro Angle Strategy

The Forex Gunduro Angle Strategy is quite easy to comprehend and implement. Green/red lines with yellow dots are displayed by the Gunduro Angle forex indicator. When the red line crosses the green line, you could search for short trades. When the red line is positioned below the green line, however, you could seek for long trades. It is appropriate for all timeframes and currency pairs.

Buy Signal

The following could be your checklist for a buy trade:

  • When the green indicator line crosses above the red indicator line.
  • When the indicator dot appears below the candlesticks.

Once these events occur:


  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when the green indicator line crosses below the red indicator line.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Forex Gunduro Angle Indicator Buy Setup
Forex Gunduro Angle Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the green indicator line crosses below the red indicator line.
  • When the indicator dot appears above the candlesticks.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when the green indicator line crosses above the red indicator line.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Forex Gunduro Angle Indicator Sell Setup
Forex Gunduro Angle Indicator Sell Setup

Forex Gunduro Angle Pros & Cons

Pros

  • Forex Gunduro Angle Indicator can be used with any trading system for additional confirmation of trading entries or exits for day trading and intraday trading.
  • This indicator helps inform the trader on trend direction and possible entry and exit points.

Cons

  • Forex Gunduro Angle Indicator may not be very suitable for a narrow-ranging market on smaller timeframes.
  • This indicator may require additional knowledge of price action to utilize optimally.

Conclusion

The Forex Gunduro Angle indicator may be worth adding to your trading arsenal but keep your expectations in check. It, like any other technical analysis tool, is not capable of generating 100% correct indications. As a result, this forex indicator occasionally generates erroneous signals. Its performance will be highly variable depending on market conditions. You are free to create your own trading method based on it.

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