So many traders find themselves looking for that perfect moment to enter the market or a significant signal that yells “buy” or “sell.”
Despite the fact that the search can be intriguing, the outcome is usually the same.
The market does not have a single route to profitability.
As a result, traders must acquaint themselves with a variety of forex strategies that can help them determine the most suitable time to buy or sell a currency pair.
The Pips Array Forex Alert trading strategy offers an easier approach that helps traders make good pips in a convenient manner during trading.
Let’s get started:
MetaTrader4 Indicators: array-test-indicator.ex4 (Default Setting), simpler-trend.ex4 (Default setting)
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
Buy Trade Example
Long Entry Rules
Enter a bullish trade if the following indicator or chart pattern gets put on display:
1 If the red line of the array-test-indicator intersects the yellow line in a bottom up fashion, while price trades above the lines (see Fig. 1.0), bulls are said to be driving price higher, therefore a buy alert will suffice.
- If the green bars of the simpler-trend Metatrader 4 custom indicator superimposes itself on the candlesticks as seen on Fig. 1.0, the general market sentiment is said to be bullish, as such a buy trigger will suffice.
Stop Loss for Buy Entry: Place stop loss 1-3 pips below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If the lines (red & yellow) of the array-test-indicator intersects while a bullish trend is on course, price is said to be making a likely bearish reversal i.e. a trigger to exit or take profit at once.
- If a red bar of the simpler-trend indicator superimposes itself on the candlestick as illustrated on Fig. 1.0, bulls power is said to be weaning, therefore an exit or take profit will suffice.
Sell Entry Rules
Go short if the following setups gets displayed successfully on the activity chart:
1 If the red line of the array-test-indicator intersects the yellow line in a top downward manner, while price runs below the lines (refer to Fig. 1.1), bears are said to be pushing price lower, thus a trigger to go short on the designated forex pair.
- If the red bars of the simpler-trend indicator superimposes itself on the candlesticks as depicted on Fig. 1.1, the overall market sentiment is said to be bearish, as such a sell trigger will do.
Stop Loss for Sell Entry: Place stop loss 1-3 pips above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the lines (red & yellow) of the array-test-indicator crosses while a bearish trend is running, a bullish reversal is said to be in the pipeline i.e. a trigger to exit or take profit immediately.
- If a green bar of the simpler-trend indicator superimposes itself on the candlestick as exemplified on Fig. 1.1, bears power is said to be halting, therefore an exit or take profit will suffice.
Sell Trade Example
About The Trading Indicators
The array-test-indicator.ex4 is a technical indicator that comprises of a slow and fast moving average lines, where their intersection gives rise to entry/exit signals.
The simpler-trend.ex4 custom MT4 indicator is a trend indicator that comes equipped with a default period of 30, but stays adjustable in line with each user preference.