Forex Pip Rider is a trend momentum trading system. Based on customized indicators MT4.
Buy and Sell
Long/Buy signal
1. Open a weekly chart and make sure that the last 3, 4, 5 candles are all moving in the same direction, each one making new highs. (The more candles moving in se same direction the better, but you can start from 3).
2. When you find a Weekly Chart (W1) that is trending go down to the Daily Chart (D1) and make sure it "looks" right - most of the time it will be trending just like W1. On the Daily Chart you want to make sure that the last 15 - 25 trading days are moving in one direction. Drawing trend lines can be very useful. If you need more information about drawing trend-lines find a book called Stikky Stock Charts - it is the best of the best on the subject!
33. If the daily chart is trending then you can go to 4hr Chart (H4) - this is where you will hunt for a trade. The price has to be moving in the same direction as in the Weekly and Daily Charts. Now you have to wait for both of the bottom indicator green lines to move above the middle black line and there has to be an arrow pointing upwards on the candle. Wait until the candle with an arrow pointing upwards closes and then enter the trade with a buy position. Please note that the time indicator counts down the time left for the candle to close.
Short/Sell signal
The same rules but in the opposite direction.
Simple Exit Strategy
This is the easiest and the most basic exit strategy. When you open the trade simply put 50 pips Stop Loss and 60 pips Take Profit and leave the trade until one of these levels are reached. This strategy is basic but good as the trades are expected to move at least 60 pips and this method gives the trader higher than 1:1 Risk/ Reward ratio.
Download Forex Pip Rider indicators and template MT4
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