In this post I will review the Forex Hydra Strategy for MetaTrader 4. Forex Hydra Strategy is a manual forex trading system that uses a combination of technical indicators to produce trading signals which the user can then use to spot potential trading opportunities.
The indicators provided can be used standalone or they can be implemented within your own existing trading strategy to further filter the signals that the system generates.
In order to use this forex system, you will need a trading account with a forex broker. 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.
Forex Hydra Strategy
The Forex Hydra Strategy can be used for trading with the trend and also for counter-trend trading. Thus, this gives it ample opportunity to spot what it deems to be valid entry signals which you can choose to take as they are or verify them first. Whether you are a scalper, day trader or swing trader, you can use these indicators to fit within your own trading style.
Forex Hydra Strategy will generate trading signals based on predefined settings. The UP and DOWN signals will notify you of each new trading setup as defined in the indicator’s settings.
In addition to big arrows drawn on the charts the signals can be delivered as a small pop up window with a sound alert (as seen in image), email message, or a push notification sent to your mobile device such as phone or tablet.
Once the trend indicator is installed and running you will be able to receive free trading alerts continuously without any monthly fees.
The pop-up alerts will notify you of each Forex Hydra signal – conditions defined by the Forex Hydra indicator and/or the user.
You will no longer need to stay glued to your monitor screen for hours waiting for a possible setup.
The strategy can be used on any currency pair and any time frame. I usually always prefer to use major currency pairs such as the EURUSD and GBPUSD as I find that they tend to have some of the lowest spreads and plenty of liquidity which means I can catch some decent moves.
I also would trade manually primarily on the hourly charts and above as I feel these time frames filter out noise that can occur in shorter time frames. You may choose any currency pair and time frame that you feel most comfortable with and what fits into your schedule.
This makes the Forex Hydra Strategy very flexible to cater to the differing needs and goals of various traders.
Forex Hydra Strategy Summary
I personally think Forex Hydra Strategy is a basic trading system that would require the user to filter the signals and have good money management along with trading discipline.
I would use it to try and catch long term trends although it is very flexible so can be adjusted to any trading style. It is also very easy to use with clear colour coded trading signals and alerts.
The Forex Hydra Strategy includes easy to follow setup instructions, full support and free updates.