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:
- 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.
- 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:
- 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.
- 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:
- 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.
- 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:
- 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.
- 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.