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.
What is the 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.
How to use the Forex Hydra Strategy?
The Forex Hydra Strategy 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.
In order to use Forex Hydra System, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some ideas, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
Buy Signal
When appearing green arrow with the green color line, enter to buy trade if is confirmed by green momentum indicator below the chart.. Exit from the trading with target profit pips. otherwise, exit with the opposite signal. Also, you can use a trailing stop to exit from the trades. Place stop loss for lower low level or nearest support line
Sell Signal
Red arrow with the red color line, enter to buy trade if is confirmed by red momentum indicator below the chart. Exit from the trading with target profit pips. otherwise, exit with the opposite signal. Also, you can use a trailing stop to exit from the trades. Place stop loss for lower low level or nearest support line.
Forex Hydra Strategy Summary
The Forex Hydra Strategy uses signals from multiple technical indicators to enter the market, such as trend trading, countertrend trading and others. This increases the chances of sustained growth and reduces exposure to a single pair or individual operations. The risk is very controlled.
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.
Overall, this 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 Hydra Strategy download you can visit the website by using the link below.
Forex Hydra Strategy
$37
Pros
- Manual Trading System
- Versatile Forex Strategy
- Technical Indicators
- Easy To Use
- Any Chart Time Frame
- Any FX Currency Pair
- Forex Signals
- Full Support
- Free Updates
- Detailed Instructions
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Takes Time To Learn How To Use
- Requires Some User Initiative
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.
