The DFC Forex Channel Entry Signal indicator for Metatrader 4 offers a great opportunity to benefit from easy Fibonacci channel trading.
You could earn a lot of daily pips with this special Fibonacci based channel indicator because you have the possibility to enter and exit trades multiple times a day.
The rules to enter and exit the Forex market with the DFC indicator is easy to understand, even for newbie traders.
There are ways to improve the number of winning trades with another 15%, for example with the use of price action techniques.
Overall, the indicator should work pretty well for any currency pair and time frame.
- A rising channel represents a bullish trend. Look for long entries here.
- A falling channel represents a bearish trend. Look for short entries here.
- Works the best for scalping and day trading opportunities.
Feel free to explore the DFC Forex Fibonacci Channel Entry Signal indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Example Chart (EUR/USD M15 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The DFC Forex Fibonacci Channel Entry Signal MT4 Indicator
Buy Signal: Open a buy trade when the channel is rising (bullish trend) and the candlestick touches the lower channel line (long trade entry).
Place stop loss 2 pips below short-term support, or use your own favorite SL method.
Exit the buy trade when price touches the upper channel line, or use your own favorite take profit method.
Sell Signal: Open a sell trade when the channel is declining (bearish trend) and the candlestick touches the upper channel line (short trade entry).
Place stop loss 2 pips above short-term resistance, or use your own favorite SL method.
Exit the sell trade when price touches the lower channel line, or use your own favorite take profit method.
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Fibonacci channel period, ratio, set all bars, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: signals
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.