Weekly Pivot-O Forex Trading Strategy

Trading can be fun, but only when the right tools are being used, no minding the opportunities the market throws at you.

The Weekly Pivot-O forex trading strategy is designed to open buy and sell trades above or below the weekly pivot, thereby ensuring your journey as a trader is worthwhile.

Learn how this free forex system works below:

Chart Setup

MetaTrader4 Indicators: WeeklyPivotOnly.ex4 (default setting), WildersDMI.ex4 (default setting)

Preferred Time Frame(s): 1-Hour, 4-Hour, Day, Week, Month

Recommended Trading Sessions: Any

Currency Pairs: Any pair

Download

Download the Forex Weekly Pivot-O Forex Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order if the following indicator or chart pattern gets displayed:

  1. If price closes above the magenta line of the WeeklyPivotOnly.ex4 custom indicator as shown on Fig. 1.0, a buy order is placed on the open of the candle that comes after.
  2. If the lime bars of the WildersDMI.ex4 custom indicator pops up within its indicator window as depicted on Fig. 1.0, price is said to be pushed higher, hence a trigger to buy the designated currency pair.

Stop Loss for Buy Entry: Place stop loss 5 pips below support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes center stage on the price chart:

  1. If price closes below the magenta line of the WeeklyPivotOnly.ex4 custom indicator while a buy signal is still on, it is pointing to weaning bulls power, hence an exit or take profit is recommended.
  2. Watch out for tomato bars that forms within the WildersDMI.ex4 custom indicator window during an ongoing bullish trend, as a possible alert for weaning bulls power, as such an exit or take profit is strongly advised.

Sell Entry Rules

Place a buy order if the following holds sway:

  1. If price closes below the magenta line of the WeeklyPivotOnly.ex4 custom indicator as shown on Fig. 1.1, a sell order is placed on the open of the candle that comes after.
  2. If the tomato bars of the WildersDMI.ex4 custom indicator pops up within its indicator window as illustrated on Fig. 1.1, price is said to be pushed lower, hence a trigger to sell the specified currency pair.

Stop Loss for Sell Entry: Place stop loss 5 pips above resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  1. If price closes above the magenta line of the WeeklyPivotOnly.ex4 custom indicator while a sell alert is still on, it points to weaning bears power, hence an exit or take profit is recommended.
  2. Watch out for tomato bars that forms within the WildersDMI.ex4 custom indicator window during an ongoing bearish trend, as a possible alert for weaning bears power, as such an exit or take profit is strongly advised.

Sell Trade Example

Fig. 1.1

Free Download

Download the Forex Weekly Pivot-O Forex Trading Strategy

About The Trading Indicators

The WildersDMI.ex4 is multipurpose intricate trend following indicator that is built on the ADX, DMI and ADXR.

Lime bars denote a bullish trend, while the tomato red bars are indicative of a bearish trend.

The WeeklyPivotOnly.ex4 is a custom indicator that is deployed to reveal pivots levels for H1, H4, W1, MN1, etc.

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