The Super Signals Indicator for MetaTrader is a Forex trading tool for tracking market trends. When trend reversals tend to occur, this signal indicator is good in detecting them. This indicator is a completely automated technical tool that is combined with numerous market trend-following features. It automatically analyzes the market’s continually changing price dynamics, compares the data to previous history, and generates a trading signal.
What is the Super Reversal Signal Indicator?
The Super Reversal Signal Indicator is a nice tool for technical analysis which tries to eliminate the need for constant technical research. It may also increase the confidence of the trader while entering a trade, especially when the signal corresponds to the trader’s setup. Furthermore, the indicator’s signal is very simple to comprehend, making it easy for beginners to operate. Experienced traders, on the other hand, will find the Super Signals indicator useful (particularly as a confluence) in their everyday trading. In addition, the indicator can be used by all types of traders, including scalpers, day/intraday traders, and swing traders.
Super Reversal Signal Strategy
The Super Reversal Signal Strategy is a technical trading technique that can help technical traders in the Forex market. It can be combined with other trading indicators or price action. A BUY/SELL signal is represented by Super Signal as a Blue/Pink circle respectively. A PINK circle indicates a potential bearish move, while a BLUE circle indicates a potential bullish move. You could buy when the blue circle emerges and sell when the pink circle appears.
Before buying the asset, you could wait for the blue circle to appear, then look for a bullish engulfing candlestick pattern. You could wait for a pink circle as well as a bearish engulfing candlestick pattern to develop on your chart before going short. It should be noted that the stop loss is up to the trader, although you can set it below or above the circles, as the case may be. When the opposing circle comes, you can also take profit.
Buy Signal
The following could be your checklist for a buy trade:
- When a blue circle appears under the candlesticks.
- When a bullish engulfing candlestick pattern forms.
Once these two events occur:
- You could open a buy position after the blue circle pops up and you get your signal confirmation.
- 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 a pink circle appears above the candlesticks.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Sell Signal
The following could be your checklist for a sell trade:
- When a pink circle appears above the candlesticks.
- When a bearish engulfing candlestick pattern forms.
Once these two events occur:
- You could open a sell position after the pink circle pops up and you get your signal confirmation.
- 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 a blue circle appears below the candlesticks.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Super Reversal Signal Pros & Cons
Pros
- The Super Reversal Signal Indicator helps the trader predict possible reversal zones in a trending market.
- This indicator could serve as a good confluence tool for traders in addition to price action.
Cons
- The Super Reversal Signal Indicator, with the aid of the signal circles, may sometimes identify a trend correction as a trend reversal.
- This indicator may not meet the trader’s expectations if used on smaller timeframes.
Conclusion
The Super Reversal Signal Indicator may assist traders in detecting and capitalizing on trend reversals as they occur. The indicator is also user-friendly and does not clog up your chart. This indicator can be used with any forex trading system or strategy to confirm trading entries or exits. As with all forex strategies, you will need to have good money management in place to get the most out of the indicator.
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