JMO Pivot Forex Scalping Strategy For MT4
The JMO Pivot Forex Scalping Strategy For MT4 works effectively well on the 15-minute time frame. You can use this trading method when trading major currency pairs in the forex markets. The rules of this system are built on good trading logic, therefore, you should be able to yield positive results.
We are using just a few indicators - the main one being the JMO indicator. It is an effective tool to use because we are able to gauge with good accuracy levels whether the market is truly in an overbought or oversold region. Then secondly, we have the pivot point levels indicator. This indicator, in this trading method, is used to determine the entry points for each trade. Furthermore, it also serves as an exit strategy tool.
The buying and selling processes are pretty straightforward. Signals are generated by certain price activity on the pivot point levels and also whether the market is in an oversold or overbought region. Once you are able to grasp this concept then you will be able to scalp with confidence. But let us go into more detail of what each buy and sell signal entails. Buy entries can be opened when the price touches a pivot point level.
Secondly, whilst that is happening the JMO indicator has to be in an oversold region which is below the 15 lower levels. Close your trade as soon as the next highest pivot level is reached. Sell entries can be opened when the price touches a pivot point level. Secondly, whilst that is happening the JMO indicator has to be in an overbought sector which is above the 85 higher levels.
Close your trade as soon as the next lowest pivot level is reached. Your take profit target varies with the currency pairs you are trading. For GBPUSD it will be around 10 pips, for EURUSD it will be about eight pips, for AUDUSD it will be seven pips and for USDCHF it will be eight pips. However, your stop loss will be 80 percent of your take profit target. So in the case of GBPUSD, your stop loss will be eight pips.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
