Vince Vora's Our Favorite Trade Setup, is a simple and powerful system now available only on MetaStock. Get all the benefits of Vince's most-popular system, expertly crafted and completely automated for your convenience. Our Favorite Trade Setup is a simple system that has proven to be very effective.
In evaluating trades Our Favorite Trading Setups looks to trade in the direction of the overall trend. It uses the Slope of the 7 period moving average to identify the trend and measure its strength. With MetaStock, Vince Vora uses a proprietary calculation to determine if the trend is rising, falling or moving sideways. This is indicated on the chart using the trend ribbon. This system will only look to take trades in the direction of the overall trend.
Once the slope of the trend has been determined, OFTS will move on to further analyse the symbol. For Long Trades it looks for Bulling Engulfing signals with a positive slope. For a Short trade it looks for a Bearish engulfing signal with a negative slope.
To further define a Bullish Engulfing pattern we will look for a Candle that open lower than the Previous Bars Body and closes above. For clarity, we are comparing the bodies of the candles and not looking at the wicks.
A Bullish engulfing pattern during an uptrend would be considered a Setup Bar. in this case a Green Triangle is dispalyed under a valid setup bar. The expert commentary will tell you the exact price of your entry of the bar and the price of your initial stop.
Vince Vora is a senior trader at TradingWins.com. Over the last three decades, he has been trading professionally and developing his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. Mr. Vora's systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, forex, and futures.