Pro4x Forex Trading Strategy

The Pro4x forex trading strategy is a well-grounded fx strategy that combines the 3 simple to read technical analysis indicators in defining buy and sell instances in the currency market.

Chart Setup

MetaTrader4 Indicators: Pro4x pivot Lines.ex4, FXprime_V2 Final-JE.ex4, RainbowMMA_07.ex4

Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours

Recommended Trading Sessions: London Open | New York Open

Currency Pairs: Majors + currency cross pairs

Download

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Buy Example (Click the image for full size)

pro-4x-forex-trading-strategy

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy position when the following chart/indicator patterns forms on chart:

  1. If the lines of the RainbowMMA_07 custom indicator intersect and a bullish candle opens and closes above the lines, it signals a bull market.
  2. The FXprime_V2 Final-JE custom indictor forms a LimeGreen horizontal bar within the indicator window, an indication of an upward price pressure i.e. buy signal.
  3. Watch price reaction to the support and resistance levels on the FXprime_V2 Final-JE indicator, if price breaks a resistance level after conditions 1 & 2 have been met, it further supports the bullish sentiment.

Stop Loss for Long Entry: Place stop loss S1 of the FXprime_V2 Final-JE custom indicator levels.

Exit Strategy/Take Profit for Long Entry

Exit or take profit if the following conditions are in place:

  1. If a bearish candle closes below the lines of the RainbowMMA_07 custom indicator and if at the same time it closes below a support level, an exit or take profit will be appropriate at this point.
  2. Watch for a crimson colored horizontal bar within the FXprime_V2 Final-JE indicator window, it indicates that price is ranging and the market could break in either direction – an exit will suffice.

Sell Entry Rules

The following rules will determine a sell entry:

  1. If RainbowMMA_07 custom indicator lines intersect and bearish price bar opens and closes below the lines, it signals downward pressures, hence a sell.
  2. If the FXprime_V2 Final-JE custom indicator forms FireBrick horizontal bars within its window, it indicates sellers’ pressure in the market.

Stop Loss for Sell Entry: Place stop loss R1 of the FXprime_V2 Final-JE custom indicator levels.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit on position(s) when the following gets spotted on the chart:

  1. If a bullish candle closes above the lines of the RainbowMMA_07 custom indicator and if at the same time it closes above a resistance level, an exit or take profit will do.
  2. If the FXprime_V2 Final-JE custom indicator bar color turns lime, it is a sign of price reversal, as such an exit is fitting.

pro-4x-forex-trading-system

Fig. 1.1

Free Download

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About The Trading Indicators

The Pro4X Pivot Lines indicator is a wide-ranging MT4 indicator that is designed to automatically plot critical support and resistance levels on any chart as well as timeframes.

The FXprime_V2 Final-JE custom indicator on the other hand, is an indicator that is a blend of the RSI and Moving Average.

Lastly, is the RainbowMMA_07 custom indicator, and happens to be the sixth GMMA forex indicator in a series of eleven indicators that are put together based on the foundations of the Guppy multi moving average.

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