Simpler Max Pips Forex Trading Strategy
Traders on all levels are enticed by the forex market considering it’s over $4 trillion average daily trading volume.
The market’s popularity has continued to surge considering how easy it is for just about anyone to get involved in it.
The competitiveness of the market demands traders own a sound trading strategy and the Simpler Max Pips forex trading strategy is one that we have developed to meet such needs.
MetaTrader4 Indicators: Simpler Trend.ex4 (Default Setting), Winmaxpips.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
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the green bars of the Simpler Trend custom MT4 indicator gets displayed on the activity chart as shown on Fig. 1.0, price is said to be pushed to the upside, and as such a buy signal will suffice.
- If the lime upward pointing arrows of the Winmaxpips.ex4 custom indicator gets placed slightly above the 0.00 level (refer to Fig. 1.0), price is said to be taken higher i.e. a buy signal is said to be in place.
Stop Loss for Buy Entry: Place stop loss 3 pips below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the Simpler Trend custom indicator forms a red bar within the activity chart, bulls power is said to be weaning, hence an exit or take profit is recommended.
- If while a bullish trend is ongoing, a red downward pointing arrow of the Winmaxpips.ex4 custom indicator pops up within the indicator window, price is said to be taking a new direction away from its earlier bullish stance. An exit or take profit is hereby advised.
Sell Entry Rules
Enter a sell order if the following holds sway:
- If the red bars of the Simpler Trend custom MT4 indicator gets put on show within the price chart as seen on Fig. 1.1, price is said to be pushed to the downside, and as such a sell signal will do.
- If the red downward pointing arrows of the Winmaxpips.ex4 custom indicator gets placed marginally below the 0.00 level as depicted on Fig. 1.1, price is said to be taken lower i.e. a sell signal is said to be in place.
Stop Loss for Sell Entry: Place stop loss 3 pips above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the Simpler Trend custom indicator forms a green bar within the activity chart, bears power is said to be halting, hence an exit or take profit is advised.
- If while a bearish trend is running, a lime upward pointing arrow of the Winmaxpips.ex4 custom indicator pops up within the indicator window (essentially a tad above the 0.00 level), price is said to be moving away from its earlier bearish stance. An exit or take profit is thus advised.
Sell Trade Example
About The Trading Indicators
The Winmaxpips.ex4 indicator is commended for all types of trades, due to its ease of use.
The Winmaxpips.ex4 is comprised of histograms that are formed from a middle 0.00 level.
The histograms are usually formed either to the upside or downside.
On the upside we have green arrows forming on the tips of the histogram, while on the downside, the indicator has red arrows on its tip.
The Simpler Trend custom indicator is a trend indicator that comes along with a default period of 30, but is adjustable in line with the user’s preference.