Forex Profit Launcher is a trend-following breakout trading strategy designed to assist traders in identifying breakout trade setups within the current trade direction, thus increasing the probability of trading success. This trading system combines simple yet effective indicators to guide traders through the trading process. It can be applied to trade any forex currency pair and is compatible with various timeframe charts, making it suitable for traders of all lengths. In this review, we will delve into the components of the Forex Profit Launcher Trading System and explore its parameters for both buying and selling.
Components of the Forex Profit Launcher Trading System
1. Forex Profit Launcher: This indicator signals potential swing areas of market momentum. By using swing levels and paths, traders can identify the right momentum at the right time and determine the trade direction accurately. This feature helps traders capture profitable trading opportunities.
2. MP-Hook Break: Acting as a trend indicator similar to Heiken Ashi, the MP-Hook Break changes the color of the price bar to signify market trends. A blue bar indicates a bullish momentum, while a red bar indicates a bearish momentum. This indicator provides traders with visual cues to understand the prevailing market sentiment.
3. Pivot Levels: Pivot Levels identify key market levels or event areas. Traders should closely monitor the market when the price reaches these levels, as they act as horizontal support/resistance zones. By recognizing these areas, traders can make more informed trading decisions.
4. Auto Trend Line: The Auto Trend Line automatically plots potential trend lines based on price actions. This feature is particularly beneficial for novice traders, as it helps them identify possible trendlines that indicate the current trend’s direction. By leveraging these trend lines, traders can align their trades with the prevailing market direction.
5. FPL SR: FPL SR acts as a temporary support/resistance level detector based on price action changes. These levels can also be treated as potential swing areas of the market. When the price breaks out of these levels in the trend direction, it creates potential breakout trade opportunities. Traders can use FPL SR to enhance their trading strategies and capitalize on price movements.
Parameters For A Buy Trade
– When the Forex Profit Launcher is plotted below the price bar.
– When the Price is supported by Pivot Levels or Auto Trend Lines, preventing it from moving further down.
– When the MP-Hook Break turns blue, indicating a bullish market sentiment.
– You could enter a buy trade when the price breaks above the FPL SR level.
– You could set your stop loss below the low of the respective signaling candle.
– You could take profit or exit the long position when the Forex Profit Launcher is plotted above the price bars.
Parameters For A Sell Trade
– When the Forex Profit Launcher is plotted above the price bar.
– When the Price is resisted by Pivot Levels or Auto Trend Lines, preventing it from moving further up.
– When the MP-Hook Break turns red, indicating a bearish market sentiment.
– You could enter a sell trade when the price breaks below the FPL SR level.
– You could set your stop loss above the high of the respective signaling candle.
– You could take profit or exit the short position when Forex Profit Launcher is plotted below the price bars.
The Forex Profit Launcher Trading System offers traders a comprehensive set of indicators and parameters to identify breakout trade setups and improve their trading success rate. By combining indicators such as Forex Profit Launcher, MP-Hook Break, Pivot Levels, Auto Trend Line, and FPL SR, traders can gain valuable insights into market trends, support/resistance levels, and potential trading opportunities. Whether you are a beginner or an experienced trader, this system can be applied to any forex currency pair and timeframe chart. However, it is essential to thoroughly test and practice the system in a demo account before using it with real funds. As with any trading strategy, risk management and adherence to proper money management principles are crucial for long-term success.
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.