The Norm Pip Signal forex trading strategy is a proven profitable strategy that can be applied to any currency pair and timeframe of your choice.
A good combination of technical indicators such as the Gioteen-Norm.ex4, PIPQInd.ex4 and 0T_S_Ra-Signal_Line.ex4 makes it possible to measure volatility, spot price reversal and indicate a new market direction respectively.
Chart Setup
MetaTrader4 Indicators: Gioteen-Norm.ex4 (default Setting), PIPQInd.ex4 (Inputs Variable Modified; nPips=350), oT_S_Ra-Signal_Line.ex4 (Input Variable Modified; period=30, method=3)
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
Download
Download the Norm Pip Signal Forex Trading Strategy
Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Initiate a buy order if the following indicator or chart pattern gets put on display:
- If the lime upward pointing arrow of the PIPQInd custom indicator gets aligned somewhat below the candlesticks, along with a black dotted line placed slightly below price bars as well (refer to Fig. 1.0), the overall market sentiment is said to be bullish, as such a trigger to buy the selected currency pair.
2 If the lime line of the oT_S_Ra-Signal_Line custom indicator gets placed fairly below the candlesticks as shown on Fig. 1.0, price is said to be pushed higher, as such a trigger to buy the designated currency pair will suffice.
- If the red line of the Gioteen-Norm custom indicator breaks above the 0.00 level as depicted on Fig. 1.0, bulls are said to be pushing price higher, as such a buy order will do.
Stop Loss for Buy Entry: Place stop loss 2-3 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 while a buy signal is running, the PIPQInd custom MT4 indicator pops up a red downward pointing arrow, an exit or take profit is advised.
- If the line of the oT_S_Ra-Signal_Line MT4 indicator turns red during a bullish signal, a bearish reversal is said to be looming, as such an exit or take profit is recommended.
- If the red line of the Gioteen-Norm custom indicator dips below the 0.00 level during a bullish signal, it is an indication to exit or take profit immediately.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red downward pointing arrow of the PIPQInd custom indicator gets aligned rather above the candlesticks, along with a black dotted line placed faintly above price bars as well (see Fig. 1.1), the overall market sentiment is said to be bearish, as such a trigger to sell the currency pair of focus.
2 If the red line of the oT_S_Ra-Signal_Line custom indicator gets placed fairly above the candlesticks as seen on Fig. 1.1, a sell trigger is said to be building.
- If the red line of the Gioteen-Norm custom indicator breaks below the 0.00 level as illustrated on Fig. 1.1, bears are said to be taking price lower, as such a trigger to go short on the selected forex pair.
Stop Loss for Sell Entry: Place stop loss 2-3 pips above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes to the fore:
- If while a sell signal is running, the PIPQInd custom MT4 indicator pops up a lime upward pointing arrow, an exit or take profit is warned.
- If the line of the oT_S_Ra-Signal_Line MT4 indicator turns lime during a bearish alert, a bullish reversal is said to be on the horizon, as such an exit or take profit is suggested.
- If the red line of the Gioteen-Norm custom indicator surges above the 0.00 level during a sell signal, it is an indication to exit or take profit without delay.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The Gioteen-Norm.ex4 custom indicator can be used to spot divergence in the market as well as trend, using its indicator line in reference to the 0.00 signal level.
It is a buy signal when its line hovers above the 0.00 signal level and a sell signal when it does the opposite.
The oT_S_Ra-Signal_Line.ex4 custom indicator for Metatrader4 is essentially the Hull Moving Average, also known as HMA.
It finds its use in the spotting of the prevalent market trend.
The oT_S_Ra-Signal_Line.ex4 indicator has the ability to follow price movement much closer, making it a preferred choice for traders wishing to trade in the medium and long term.
The PIPQInd.ex4 custom indicator is a technical tool that is mostly used to define reversal points.