Pip or A point in price, is the standardized measure of change in a currency pair in forex market. It is the smallest unit of measurement by which a currency quote can change. It is the increment that will be referred when the price chance.

Author Topic: Pips Generator Forex Trading Strategy - Forex Trading System for MT4  (Read 249 times)

Dinnil

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Pips Generator Forex Trading Strategy - Forex Trading System for MT4



Pips Generator Forex Trading Strategy - Forex Trading System for MT4

This forex trading strategy is an amazing trading strategy that is designed to scalp the market for profits.

It combines two basic indicators to deliver a simple, but yet rich system that scalpers can rely on any time of the day, regardless of the market session.

Chart Setup

MetaTrader4 Indicators: Limiteddonchianchanel.ex4 (default setting), KVO.ex4 (Input Variable modified; FastEMA=44, SlowEMA=65, SignalEMA=23)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute

Recommended Trading Sessions: Any

Currency Pairs: Any pair


Strategy

Long Entry Rules

Enter a buy signal if the following indicator or chart pattern gets displayed:

    If price opens and closes above the dark khaki dotted line of the Limiteddonchianchanel.ex4 custom indicator as shown on Fig. 1.0, price is said to be pushed to the upside, hence a buy trigger for the selected currency pair. Notice price trading around the upper green line of the Limiteddonchianchanel.ex4 custom indicator during a buy market.

    If the silver histograms of the KVO custom indicator takes up space above the 0.00 signal level as illustrated on Fig. 1.0, price is said to be pushed higher, hence a buy signal for the asset of focus.

Stop Loss for Buy Entry: Place stop loss 1 pip below immediate support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions take precedence on the activity chart:

    If price closes below the dark khaki dotted line of the Limiteddonchianchanel.ex4 custom indicator during a bullish trend, it is an indication of weaning bulls power in the market, hence an exit or take profit is highly recommended.

    If a silver histogram of the KVO custom indicator pops up below the 0.00 signal level as illustrated on Fig. 1.0, bulls power is said to be halting, hence an exit or take profit should be considered right away.

Sell Entry Rules

Enter a sell if the following holds true:

    If price opens and closes below the dark khaki dotted line of the Limiteddonchianchanel.ex4 custom indicator as shown on Fig. 1.1, price is said to be pushed to the downside, hence a sell trigger for the selected currency pair. Notice price trading around the lower bottom red line of the Limiteddonchianchanel.ex4 custom indicator during a bears market.

    If the silver histograms of the KVO custom indicator takes up space below the 0.00 signal level as depicted on Fig. 1.1, the sentiment in the market is said to be bearish, hence a sell signal for the asset of focus.

Stop Loss for Sell Entry: Place stop loss 1 pip above immediate resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following indicator or chart pattern takes center stage on the activity chart:

    If price closes above the dark khaki dotted line of the Limiteddonchianchanel.ex4 custom indicator during a bearish trend, it is an indication of weaning bears power in the market, hence an exit or take profit is highly recommended.

    If a silver histogram of the KVO custom indicator pops up above the 0.00 signal level as depicted on Fig. 1.1, bears power is said to be weaning, hence an exit or take profit should be considered right away.


About The Trading Indicators

The Limiteddonchianchanel.ex4 indicator for MetaTrader4 is a modified Donchian Channel deployed to spot price breakouts below or above recent price history.

The Klinger Oscillator or KVO is a custom indicator developed by Stephen Klinger and is based on turnovers.

It shares a whole lot of similarities with the traditional MACD, but differs in the display of real-time imbalances between buying and selling pressures.

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Glencore

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