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.
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
Buy Example (Click the image for full size)
Long Entry Rules
Enter a buy position when the following chart/indicator patterns forms on chart:
- 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.
- 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.
- 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:
- 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.
- 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:
- If RainbowMMA_07 custom indicator lines intersect and bearish price bar opens and closes below the lines, it signals downward pressures, hence a sell.
- 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:
- 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.
- 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.
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.