Add the easy pips forex strategy to your trading chart and the result is obviously a strategy that has the potential of yielding consistent profits in an ever changing market.
Chart Setup
MetaTrader4 Indicators: HotPips.ex4 (default setting), Heiken_Ashi_Smoothed.ex4 (default setting), Indicatorarrows.ex4 (default setting)
Preferred Time Frame(s): 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Recommended Trading Sessions: London Open | New York Open
Currency Pairs: Majors, Currency crosses
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Buy Example (click the image for full size):
Fig. 1.0
Strategy
Long Entry Rules:
Enter a buy position when the following conditions are on display:
- The LimeGreen upward pointing arrow of the Indicatorarrows custom indicator forms below price bars, an indication that price is bullish.
- If the Lime colored candle like bars of the Heiken_Ashi_Smoothed custom indicator is aligned below price bars, it shows that price is heading northward and a buy order would do.
- The yellow upward pointing arrow of the HotPips custom indicator signals a buy. Also watch out for the DeepSkyBlue histogram tainted at the top with red and at the bottom area with Lime (usually above the 0.00 mark). Once this pattern is in display, do not hesitate to trigger bullish order(s).
Stop Loss for Long Entry: Place stop loss ≥30 pips away from entry price.
Exit Strategy/Take Profit for Long Entry
- If a FireBrick downward pointing arrow forms above the Indicatorarrows custom indicator, it is a warning of a possible reversal.
- If the red candle like bars of the Heiken_Ashi_Smoothed custom indicator form above price bars, it denotes trend reversal and should trigger our exit or take profit.
- Watch out for an aqua colored downward pointing arrow of the HotPips custom indicator, it is a signal that price is reversing.
Sell Entry Rules
The following conditions or rules will define our sell entry:
- If a FireBrick downward pointing arrow of the Indicatorarrows custom indicator is aligned above price bars, it signals a bearish trend.
- If the red candle like bars of the Heiken_Ashi_Smoothed custom indicator is aligned above price bars, it shows that price is in favor of the bears.
- If the aqua colored downward pointing arrow of the HotPips custom indicator forms within its indicator window, it is a signal of a bears market. Also watch out for the DeepSkyBlue histogram tainted at the top with red and at the bottom area with Lime (in this case below the 0.00 mark), as a confirmation of a bears market.
Stop Loss for Sell Entry: Place stop loss ≥30 pips above from entry price.
Exit Strategy/Take Profit for Sell Entry
The following rules or conditions affirms to an exit or take profit strategy:
- If a LimeGreen upward pointing arrow of the Indicatorarrows custom indicator forms below price bars.
- If the Lime colored candle like bars of the Heiken_Ashi_Smoothed custom indicator forms below price bars, an exit or take profit will do.
- If yellow upward pointing arrow of the HotPips custom indicator forms within the indicator window, an exit or take profit should be triggered.
Fig. 1.1
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About The Trading Indicators
The HotPips custom indicator employs the yellow and aqua arrow in delivering buy or sell signals respectively.
In addition to this is the DeepSkyBlue histogram tainted at the top with red and at the bottom area with Lime, positioned above or below the 0.00 level to further mark bullish or bearish signals.
The Heiken_Ashi_Smoothed uses filled candle like bars either place above or below price bars to define trends.
The Indicatorarrows uses colored arrows that are placed below or above the candlesticks to define market trends. It is an easy to use custom indicator.