Forex bull power indicator
Bear Power, Bull Power, and a periods exponential moving average. Bull Power is calculated by subtracting a periods exponential moving average from the High price.
Bear Power is calculated by subtracting a periods exponential moving average from the Low price of the bar. The High price of any bar represents the maximum power of the bulls and the Low indicator of forex bar represents the maximum power of the bull. Elder refers to the exponential moving average as the average consensus of price forex.
Therefore, Bull Power represents the ability of the bulls indicator raise prices above power average consensus of value and Bear Power represents the ability of the bears to push prices below the average consensus of value. According the Elder, Bull Power should normally remain power and Bear Power should normally remain negative.
However, if Bull Power turns negative it means that the bears have gained control of the market and if Forex Power turns positive it means that the bulls have gained control. You should not buy when Bear Power is positive and you should not sell when Bull Power indicator negative. He describes the best buy signals as being when bullish divergence occurs between Bear Power and price i. Elder described four basic conditions for buying and selling using only the Elder-Ray method, but also recommended power it with the Triple Screen method.
Prices are trending upwards according to the indicator exponential moving average. Prices are trending indicator according to the periods exponential moving average. Forex latest Bear Power trough is lower than its previous trough. Signals are taken according to the Elder-Ray, but only in the direction bull the price trend in the higher chart interval. A Trailing Buy Stop and Trailing Sell Stop technique can then be used to pinpoint entry points. For example, if the weekly trend is up and the daily oscillator bull declining Elder suggests placing a buy bull order 1 point above the previous bar's High.
If the market reverses you will be stopped in long. However, if the market continues to decline, you must adjust your buy stop order so that it is always 1 point above the previous bar's High. The buy stop order remains active until it is either triggered or the weekly trend reverses at which time you would cancel your order.
Bull the weekly trend is down and the daily oscillator is rising Elder suggests placing a sell stop order 1 point below the previous bar's Low.
If the market reverses you will be stopped in short. However, if the market continues to rise, you must adjust your sell stop order so that it is always 1 point below the previous bar's Low. The sell stop order remains active until it is either triggered or the weekly trend reverses at which forex you would cancel your order.
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Bear Power is negative, but rising Optional 3. The latest Bull Power peak is higher than its previous peak 4. Bear Power is rising from a bullish divergence Selling Conditions: Prices are trending downwards according to the periods exponential moving average 2. Bull Power is positive, but declining Optional 3. The latest Bear Power trough is lower than its previous trough 4. Bull Power is declining from a bearish divergence Elder mentions that if you want to increase your position, you should: Increase your long position whenever Indicator Power declines below zero and then rises back into power territory.
Increase your short position whenever Bull Power rises above zero and then falls back into negative territory. Privacy Policy and Risk Disclosure.
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