Pip Swing Forex Pivot Point Strategy For MT4
The Pip Swing Forex Pivot Point Strategy For MT4 is a trading system which was designed to be mainly traded on the high time frames - like the daily and also the weekly time frames.
This system works with Pivot Points - because the Pivot Points are much more stronger on the higher time frames depending on the settings of course. Furthermore, there are different settings applicable to each chart - however this will be explained more clearly for the daily time frame scenario.
There are a few indicators included in the strategy - the first indicator is the Moving Average indicator on the daily chart there are a total of four used with periods settings of 144, 89, 49 and 10 respectively. Then there is the MACD indicator and the Stochastic Oscillator Indicator. Then on the daily time frames traders can also use the weekly pivot points indicator and the GRBB indicator.
Traders need to adhere to the rules of this system - additionally it may be favorable for analysts to back-test the system in accordance with the rules to automate themselves to the recognition of the setup and also trade executions. For a long entry, both the weekly and the daily charts has to show the same major up trend, the current weekly pivot must act as a support.
The the GRBB indicator must indicate bullish momentum which is shown by a green tick. Then the trader can then enter on the third bullish bar by using the high from the previous day as the price for a buy stop order. Then during the first week of the trade it is recommended that the trader places their stop losses 50-890 pips below the price. The first take profit target must be 500 pips above the entry of the price - this applicable especially to the GBUSD and EURJPY currency pairs.
These primary stop losses and take profit settings will remain as initially configured for the first week until the beginning the following trading week. The short entry rues are the same but they are applied through an opposite logic to the buy setup rules.
Download the complete system description and the files here: