The XO forex trading strategy is a reliable trading system that is keen on generating forex profits in a unique manner.
The crux of the strategy is reliability, simplicity as well as ease of use for just about any trader who intends on deploying it.
MetaTrader4 Indicators: XO.ex4 (Input Variable modified; KirPER=90), ZigAndZag.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Place buy orders in the market if the following indicator or chart pattern gets displayed:
- If the red upward pointing arrow of the ZigAndZag.ex4 custom indicator aligns somewhat below the candlesticks as seen on Fig. 1.0, it is an indication of an upward price surge, hence a signal to buy the currency pair of focus.
- If the lime bars of the XO custom indicator aligns above the 0.00 level as depicted on Fig. 1.0, the sentiment in the market is said to be somewhat bullish, hence a nod to buy the asset of choice.
Stop Loss for Buy Entry: Place stop loss 3 pips below short-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions are met:
- If the ZigAndZag.ex4 custom indicator forms a downward pointing arrow that pops up above the candlesticks during an ongoing buy condition, then it is a trigger to exit or take profit at once.
- If the XO custom indicator forms a red bar when long positions are live in the market, then it is a pointer to possible weaning Bulls power, hence an exit or take profit is recommended.
Sell Entry Rules
Take up sell position(s) if the following holds true:
- If the red downward pointing arrow of the ZigAndZag.ex4 custom indicator aligns somewhat above the candlesticks as shown on Fig. 1.1, it is an indication of a downward price dip, hence a signal to sell the designated forex pair.
- If the red bars of the XO custom indicator aligns below the 0.00 level as illustrated on Fig. 1.1, the sentiment in the market is said to be somewhat bearish, hence a nod to sell the specified currency pair.
Stop Loss for Sell Entry: Place stop loss 3 pips above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the ZigAndZag.ex4 custom indicator forms an upward pointing arrow that pops up somewhere below the candlesticks during an ongoing sell condition, then it is a trigger to exit or take profit at once.
- If the XO custom indicator forms a lime bar when short positions are live in the market, then it is a pointer to possible weaning Bears power, hence an exit or take profit is recommended.
Sell Trade Example
About The Trading Indicators
The ZigandZag.ex4 indicator is a technical study that is used to eliminate noise from price action, thus allowing traders focus on crucial trends.
The XO indicator is authored by Sharipov Ainur, the custom indicator delivers buy/sell decisions in one move, with no averaging of the data array.