Buy Sell Pips Forex Trading Strategy
The Buy Sell Pips forex trading strategy finds new trends and reversal points in the market with the help of the popular Heiken Ashi Smoothed indicator.
The strategy is beginner friendly and makes it easy to spot new buy and sell trading signals.
It also tells you when to exit a trade.
MetaTrader4 Indicators: Heiken_Ashi_Smoothed.ex4 (Inputs Variable Modified, MaMethod=0, MaPeriod=18, MaMetod2=2, MaPeriod2=1), buysellpips.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 (London, New York, Tokyo)
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the lime candle-like body of the Heiken_Ashi_Smoothed.ex4 custom indicator gets placed slightly below price bars as depicted on Fig. 1.0, the overall market sentiment is said to be bullish, hence a buy signal will suffice.
- If the yellow upward pointing arrow and lime dotted line of the buysellpips.ex4 MT4 indicator pops up within the indicator window (see Fig. 1.0), price is said to be pushed higher, as such a buy alert is looming.
Stop Loss for Buy Entry: Place stop loss below the most recent swing low price.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If while a buy signal is running and the Heiken_Ashi_Smoothed.ex4 custom indicator forms a red candle-like body on the activity chart as shown on Fig. 1.0, an exit or take profit is advised.
- If a yellow downward pointing arrow of the buysellpips.ex4 custom indicator pops up within its window during a buy signal, bulls power is said to be weaning i.e. an exit or take profit trigger.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the red candle-like body of the Heiken_Ashi_Smoothed.ex4 custom indicator gets placed faintly above the candlesticks as exemplified on Fig. 1.1, the general market sentiment is said to be bearish, hence a sell signal will do.
- If the yellow downward pointing arrow and red dotted line of the buysellpips.ex4 MT4 indicator pops up within the indicator window (refer to Fig. 1.1), price is said to be pushed lower, as such a sell alert is on the horizon.
Stop Loss for Sell Entry: Place stop loss above the most recent swing high price.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If while a sell alert is ongoing, the Heiken_Ashi_Smoothed.ex4 custom indicator forms a lime candle-like body on the price chart as depicted on Fig. 1.1, an exit or take profit is recommended.
- If a yellow upward pointing arrow of the buysellpips.ex4 custom indicator pops up within its window during a sell alert, bears power is said to be halting i.e. an exit or take profit trigger.
Sell Trade Example
About The Trading Indicators
The Heiken_Ashi_Smoothed.ex4 uses filled candlesticks, either placed above or below price bars to define trends.
The BuySellPips.ex4 custom indicator captures trends via its yellow upward or downward pointing arrow with an attached dotted lime or red line to signal a buy or sell.