BSP is short for “BuySellPips” and in the context of the BSP forex trading strategy, it is an easy system that scans the market for intraday trading opportunities. The system combines the famous Forex Analyzer Pro, BuySellPips, and Force Index MT4 indicator in achieving this.
Chart Setup
MetaTrader4 Indicators: Forex Analyzer Pro (default setting), BuySellPips.ex4 (default setting), Force-Index.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Recommended Trading Sessions: All
Currency Pairs: any
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Place a buy order when the following conditions or rules are observed on the activity chart:
- If the Forex Analyzer Pro custom indicator forms a green upward pointing arrow below price bars, it indicates upward price pressures and as such a buy is appropriate.
- If the BuySellPips custom indicator forms a yellow upward pointing arrow attached to dotted lime line (the lime dots reveals a continuation in the bullish trend), it is a sign that the “Bulls” are in control, thus signaling a buy.
- If the LightSeaGreen line of the Force Index MT4 indicator is above the 0.00000 level, it denotes a bullish condition.
Stop Loss for Long Entry: Place stop loss on S1/S2 levels of the Forex Analyzer Pro.
Exit Strategy/Take Profit for Long Entry
- If the Forex Analyzer Pro custom indicator forms a red downward pointing arrow above price bars, an exit or take profit should be initiated.
- If a yellow downward pointing arrow of the BuySellPips custom indicator forms within the indicator window (usually accompanied by dotted red line), it signals a downward push, and as such an exit is appropriate.
- If the LightSeaGreen line of the Force Index MT4 indicator pushes below the 0.0000 level, it is an exit/take profit trigger.
Sell Entry Rules
Enter a sell order when the following conditions are in place:
- If the forex Analyzer Pro custom indicator forms a red downward pointing arrow above price bars, it denotes a sell trigger.
- The BuySellPips custom indicator forms a yellow downward pointing arrow attached to a red dotted line within its indicator window to trigger sell order(s). The red dotted line defines the overall trend i.e. a bearish trend.
- The LightSeaGreen line of the Force Index MT4 indicator drives below the 0.0000 level, a signal that price favors the downward direction.
Stop Loss for Sell Entry: Place stop loss on R1/R2 levels of the Forex Analyzer Pro.
Exit Strategy/Take Profit for Sell Entry
The following conditions or rules will trigger an exit or take profit:
- If the Forex Analyzer Pro forms a green upward pointing arrow below price bars, it suggest a possible reversal and as such an exit or take profit should be implemented.
- If the BuySellPips custom indicator forms a yellow upward pointing arrow, take a bow and go i.e. exit or take profit on position(s).
- If the Force Index custom indicator line pushes above the 0.00000 level, it shows increasing buyer force and as such an exit or take profit is appropriate.
Fig. 1.1
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About The Trading Indicators
The Forex Analyzer Pro custom indicator uses a green upward pointing and a red downward pointing arrow aligned below and above price bars respectively. The indicator also plots support and resistance levels, which can be used to determine retracements and trends alike.
The BuySellPips.ex4 custom indicator depicts trends via its yellow upward or downward pointing arrow with an attached dotted green or red line to signal a buy or sell alert.
The Force Index.ex4 MT4 Indicator was created by Alexander Elder as a tool to measure the power behind each price move in relation to three basic market elements i.e. price trend, price drops and transaction volumes.