The Naked Forex Kangaroo Tail is an MT4 Indicator developed for Forex trading, but also applicable to other financial markets like stocks, indices, futures, commodities, and cryptos. This tool is designed to recognize and display the Kangaroo Tail patterns, a price action-based strategy that is effective and simple to trade.
Understanding the Kangaroo Tail Pattern
This multi-bar pattern is not a stand-alone buy or sell signal. Instead, it serves as a notification system, alerting the trader of potential market turning points. This is the point where other elements of a traderโs strategy like trend, momentum, support/resistance, volatility, daily bias, and other forex indicators come into play to confirm the signal and place a trade. The Kangaroo Tail pattern is, therefore, a starting point for further market analysis and decision-making in Forex trading.
Features of the Kangaroo Tail Indicator
The Kangaroo Tail Indicator comes with several input options. These include โDistanceโ, which adjusts the distance in pixels relative to the top or bottom of a candle to display the arrow symbol. โMaxBarsโ is another input that sets the number of bars back used to calculate the indicator. โTradeDirectionโ filters signals for buy and sell, while โCandleSizeโ filters signals depending on the size of the candle. Other inputs include โUsePreAlertsโ, โPreAlertsSecondsโ, โUseConfirmedSignalsโ, โPopAlertsโ, โEmailAlertsโ, โPushAlertsโ, โSoundAlertsโ, and โSoundFileโ.
Trading Rules for Kangaroo Tail Indicator
For a Buy order, wait for a bullish Kangaroo Tail to print on a support zone after a down trend. Wait for the price to break high of the Kangaroo Tail candle and immediately enter in the trade once high is broken. Stop Loss should be placed below the low of the Kangaroo Tail candle.
For a Sell order, wait for a bearish Kangaroo Tail to print on resistance zone after an up trend. Wait for the price to break the low of the Kangaroo Tail candle and immediately enter in the trade once low is broken. Here, the Stop Loss should be placed above the high of the Kangaroo Tail candle. If the order is not triggered in the next candle, then the trade is invalidated and should be canceled.
Versatility of the Kangaroo Tail Indicator
The Kangaroo Tail indicator is versatile and can be used with any time frame and any class of assets, including Forex, Stocks, Indices, Futures, Commodities, and Cryptos. This makes the tool a useful addition to any traderโs collection of trading tools.
FAQs
Where can I watch independent testing of the Kangaroo Tail Indicator?
Independent testing of the Kangaroo Tail Indicator can be viewed on the forexroboteasy.com website. Subscription to updates on the results of testing this product is also available on the same website.
How can I share my experience of using the Kangaroo Tail Indicator?
We invite all users of the Kangaroo Tail Indicator to share their experiences and feedback. This helps in creating a community of traders who can learn from each otherโs experiences.
This is an independent product review of the Naked Forex Kangaroo Tail Indicator for MT4. Your experiences and feedback are valuable to the trading community and potential users of this tool. Remember, trading is not as simple as following the up and down arrows, but with the right strategies and tools, success is achievable.
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