The Every Day Pips Forex trading strategy is an easy to read trading strategy that is designed to monitor market volatility and bull/bear direction.
If you’re a currency trader and in need of a profitable trading system, then you should check out the attached trading rules for our this strategy.
The strategy works for scalping, day trading and swing trading alike.
Let’s get started!
Chart Setup
MetaTrader4 Indicators: atr-trailing-stop.ex4 (Inputs Variable Modified; BackPeriod=1000000, ATRPeriod=12, Factor=3.2), trend-continuation-factor.ex4 (Inputs Variable Modified; T3_Period=28)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week
Recommended Trading Sessions: Any
Currency Pairs: Any pair
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a bullish trade if the following indicator or chart pattern gets put on display:
- If the blue line of the atr-trailing-stop Metatrader 4 forex indicator gets aligned somewhat below the price bars as shown on Fig. 1.0, price is said to be pressured to the upside i.e. a trigger to go long on the selected currency pair.
- If the green line of the trend-continuation-factor custom indicator crosses the orange line to hover above it as seen on Fig. 1.0, the overall market sentiment is said to be bullish, therefore a buy order will suffice.
Stop Loss for Buy Entry: Place stop loss below the most recent low.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If the atr-trailing-stop custom indicator displays a red line that gets positioned above the price bars during a buy alert, price is said to be making a U-turn, thus a trigger to exit or take profit forthwith.
- If the lines of the trend-continuation-factor indicator intersects as illustrated on Fig. 1.0, it is a signal to exit or take profit straightaway.
Sell Entry Rules
Go short if the following setups gets displayed successfully on the activity chart:
- If the red line of the atr-trailing-stop custom indicator gets aligned fairly above the candlesticks as depicted on Fig. 1.1, price is said to be driven to the down side i.e. a trigger to sell the selected forex pair.
- If the orange line of the trend-continuation-factor custom indicator crosses the green line to hover above it (refer to Fig. 1.1), the general market sentiment is said to be bearish, and therefore a sell order will do.
Stop Loss for Sell Entry: Place stop loss above the most recent high.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the atr-trailing-stop custom indicator displays a blue line that gets positioned below the price bars while a bearish signal is ongoing (refer to Fig. 1.1), it is a confirmation to exit or take profit immediately.
- If the lines of the trend-continuation-factor indicator crosses during a bearish signal, it is a trigger to exit or take profit without delay.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The atr-trailing-stop.ex4 is an indicator with multiple uses for traders.
It can be used for order placement, as well as trailing stop loss.
The trend-continuation-factor.ex4 is a trend-following indicator that forms a band within an indicator window.
The lines of the band overlap as a signal to buy/sell the forex pair of interest.