Forex Day Trading Strategy
This forex day trading strategy uses a trading technique that incorporates Forex Analyzer PRO into its signal generating engine. The strategy is an intraday trading system that ensures success after every trading day.
MetaTrader4 Indicators: Winmaxpips.ex4 (default setting), Forex Analyzer PRO (default setting)
Preferred Time Frame(s): 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Recommended Trading Sessions: Intraday
Currency Pairs: Majors (EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, NZD/USD)
Buy Example (click the image for full size):
Long Entry Rules:
Initiate a buy entry when the following chart pattern or indicator patterns are on display:
- The yellow histogram with green arrow tips of the Winmaxpips custom indicator are aligned above the 0.00 market and point upwards to alert a bullish trend.
- The Forex Analyzer PRO custom indicator’s green arrow pointing upward and is placed below price bars is indicative of a “Buy Signal.”
It is important to understand that between when any of the above mentioned condition is set, there must not be a conflicting signal, or else it renders the first condition void.
Both conditions for a buy entry must be uninterrupted as seen in the example above on Fig. 1.0, for the signal to be valid.
Stop Loss for Long Entry: Stop loss should be set on the S1 or S2 level as plotted by the Forex Analyzer PRO indicator.
Exit Strategy/Take Profit for Long Entry:
Conditions for an exit or take profit are in opposite of those listed for “Long Entry Rules.”
- If the Winmaxpips’ histogram drops below the 0.00 mark with red arrow(s) on the tips of the histogram.
- The red Forex Analyzer PRO’s arrow is aligned above price bars and at the same time points downward.
It is important to wrap things up on your position(s) when any of the following conditions appear on your screen.
Sell Entry Rules:
The following conditions would make the market ripe for a sell entry:
- The Winmaxpips histogram is below the 0.00 level and has its red arrow pointing downward.
- The red Forex Analyzer PRO arrow forms above price bars and points downward, an indication that price is going southward.
N.B. Ensure that both rules are uninterrupted after the first one is delivered, to avoid dilution of the signal.
Stop Loss for Sell Entry: Place stop loss on the R1 or R2 level above entry price.
Exit Strategy/Take Profit for Sell Entry:
The exit or take profit strategy should be triggered when any of the following rules hit your chat screen:
- An upward facing green arrow above the 0.00 mark of the Winmaxpips custom indicator.
- A green upward facing Forex Analyzer PRO custom indicator that is aligned below price bars.
About The Trading Indicators
The Winmaxpips indicator is commended for all types of trades, due to its ease of use. The Winmaxpips 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 Forex Analyzer PRO custom indicator also has its arrows aligned to the upside and downside.
The indicator plots support and resistance levels on the chart as well, which are of course a great way of measuring price action alongside the indicator arrow alerts.