Description
This Trend Indicator is entirely manual. The indicators produce the signals, but any decisions to enter the market and set protection or profitable exit stops will depend on the trader. Therefore, the trader must be familiar with the principles of risk and reward and use initial support and resistance areas to set entries and exits.
You can set the TakePropips Donchian Trend PRO free forex Indicator to send you a signal alert via E-Mail, Mobile Notifications, or platform pop-ups. This is helpful as it means you do not need to stare at the charts all day waiting for signals to appear, and you can monitor multiple charts all at once.
TakePropips Donchian Trend PRO Trading System can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc. You can also use it on any time frame that suits you best, But it works best on M5, M15, and M30.
Trading Rules for this Trend Indicator
Remember to tighten your Stop Losses around High Impact News Releases or avoid trading at least 15 minutes before and after these events when using this Trend Indicator.
As always, to achieve good results, remember about proper money management. To be a profitable trader, you must master discipline, emotions, and psychology. It is crucial to know when and when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility, beyond major sessions, exotic currency pairs, wider spread, etc.
Trade Analysis: Wait for the TakePropips Donchian Trend PRO alert and then dive in. But for a better success probability, ensure the success rate is 70% or above before making a move.
Take Profit Strategy: The tool offers three potential take profit levels. Traders can either:
Take profit at TP1
Partially secure profit at TP1 and continue with TP2 or TP3
Employ an opposite signal for profit-taking and ride the trend.
Stop Loss Strategy: While the stop loss price is auto-calculated, traders can either:
Adhere to the given stop loss price
Rely on an opposite signal for trade exit, eliminating the need for a stop loss.
