Ichimoku Pux Forex Trading Strategy

The Ichimoku Pux forex trading strategy is a decent and profitable trading strategy that most currency traders will find easy to use on all timeframes.

It is based on the popular Ichimoku trading indicator. I’ll show you how to set it up below:

Chart Setup

MetaTrader4 Indicators: Ichimoku.ex4 (Default Setting), PUX_CCI.ex4 (Default Setting)

Preferred Time Frame(s): Any

Recommended Trading Sessions: Any

Currency Pairs: Any

Download

Download the Ichimoku Pux Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Initiate a buy entry if the following indicator or chart pattern gets displayed:

If the sienna line and vertical bars (green and blue) of the PUX_CCI custom MT4 indicator breaks, and hovers above the 0.00 level (refer to Fig. 1.0), the prevalent market sentiment is said to be bullish, hence a trigger to buy the stipulated forex pair.
If the cloud of the Ichimoku custom indicator gets placed below the candlesticks as shown on Fig. 1.0, price is said to be pressured higher, as such a buy signal will suffice.

Stop Loss for Buy Entry: Place stop loss 3-5 pips below short-term support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes precedence:

If the sienna line of the PUX_CCI custom indicator dips below the 0.00 level during a buy alert, a bearish reversal is said to be looming, hence an exit or take profit is advised.
If price declines to close within the cloud of the Ichimoku custom indicator, it is a signal to exit or take profit at once.

Sell Entry Rules

Enter a sell order if the following holds true:

If the sienna line and vertical bars (red and blue) of the PUX_CCI custom MT4 indicator breaks, and hovers below the 0.00 level as depicted on Fig. 1.1, the dominant market sentiment is said to be bearish i.e. a trigger to go short on the designated forex pair.
If the cloud of the Ichimoku custom indicator gets placed above the candlesticks as illustrated on Fig. 1.1, price is said to be pressured lower, as such a sell alert will do.

Stop Loss for Sell Entry: Place stop loss 3-5 pips above short-term resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

If the sienna line of the PUX_CCI custom indicator jumps above the 0.00 level during a sell signal, a bullish reversal is said to be imminent, hence an exit or take profit is recommended.
If price surges to close within the cloud of the Ichimoku custom indicator, it is a signal to exit or take profit straightaway.

Sell Trade Example