Introduction
The TMA bands is an indicator that I discovered on FXCM a few years ago.
From the screenshot below, we see that when the price hits the lower band, it's a possible reverse LONG signal. When it hits the upper band, it's a possible SHORT signal
Methodology
1) The Take Profit 1 is the middle line, Take Profit 2 is the opposite band.
2) Once the TP1 is hit, I would set my Stop Loss to breakeven
3) Once the TP2 is hit, if I still want to stay in the trade, I'd set my Stop Loss to the TP1
That's what I call a trailing stop loss (or in that case a TP trailing) which we offered in the Trade Manager
It will be a powerful tool in your arsenal for some scalp/intraday trades.
Pricing plans and indicator
We offer many indicators and also complete trading frameworks.
We made the heavy-leg work for 7 years for our community and selected the best convergence of indicators to be used for each asset class and timeframes.
We will never promise gains but we could almost guarantee you'll save a lot of time/sweat/even years by using our algorithmic trading frameworks already used by a large community of traders
More info on our Pricing Plans and Guides
Script URL
The trading script is available on TradingView
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