XPS 7 Intraday System For MT4
Table Of Contents:
- XPS 7 Intraday System For MT4
- The XPS-7 intraday system for forex trading – Long positions
- The XPS-7 intraday system for forex trading – Short positions
- Is XPS-7 intraday system for forex trading good for you?
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The XPS 7 Intraday System For MT4 is a simplistic trading system which makes use of just moving average indicators and a custom indicator. This trading system retains clean charts so that price action can be easily monitored.
The XPS-7 intraday system for forex trading, as the name suggests is a short term, intraday trading strategy. The ideal chart time frame to use in trading the XPS-7 intraday system is the 15 minute chart. Traders are able to capture at least one trade per instrument when using this trading system. The trading rules are also quite simple to follow. In fact, you could also look at an automated solution for using the XPS-7 intraday system for forex trading.
The main indicators behind the XPS-7 intraday system for forex trading are made up of three moving averages. We have the 16, 4 and 96 period exponential moving averages. The 96 period exponential moving acts as a trend filter. This means that bullish and bearish crossovers are taken when the price is above the 96 period moving average or below.
We then have the pivot level indicator. This indicator plots the intraday pivot points on the price chart. These price levels can be used as the take profit levels for your trades. In some ways, the XPS-7 intraday system for forex trading is a set and forget trading system. Once you easily enter a trade, you can set the take profit level and move away or move on to monitor other charts.
There is also the buy sell signal indicator. This indicator plots the up and down arrows on the price chart. This indicator alerts you to whenever there is a bullish or a bearish crossover of the moving averages.
To improve the trading system, traders can also make use of price action techniques such as the candlestick patterns or even chart patterns to further validate their trades. One of the things missing from the XPS-7 intraday system for forex trading is the oscillator.
An oscillator such as the Relative Strength index or the stochastics oscillator can be good if you want to time the entry of your trades. However, we recommend that you first use the XPS-7 intraday system for forex trading as is and then if you feel the need for using an additional oscillator, only then you should go about implementing it.
The XPS-7 intraday system for forex trading is a trend following trading system, as you might have guessed already because the moving averages form the main part of this trading system. As a result, traders should focus on instruments where trends are much more frequent.
However, note that when we talk about trends, we are looking at the trends in the short term chart, which is the 15-minute chart. You do not need to look at higher timeframes in this trading system.
Let's now take a look at how you can trade using the XPS-7 intraday system for forex trading.
The XPS-7 intraday system for forex trading – Long positions
For long positions in the XPS-7 intraday system for forex trading, start by looking at the bullish crossover made by the moving averages. We want to see price especially trading above the longer term moving average.
After the first signal, we then look for a bullish candlestick to form. By this time, you would have already seen the up arrow printed by the buy sell indicator. Take a long position at the start of the next candlestick while setting your stop loss to the previous low.
Now locate the nearest resistance level on the price chart and use that level as the take profit for your trade. Once price moves 50% in the direction of your trade, you should move your stop loss to break even.
The XPS-7 intraday system for forex trading – Short positions
For short positions in the XPS-7 intraday system for forex trading, start by looking at the bearish crossover made by the moving averages. We want to see price especially trading below the longer term moving average.
After the first signal, we then look for a bearish candlestick to form. By this time, you would have already seen the down arrow printed by the buy sell indicator. Take a short position at the start of the next candlestick while setting your stop loss to the previous high.
Now locate the nearest support level on the price chart and use that level as the take profit for your trade. Once price moves 50% in the direction of your trade, you should move your stop loss to break even.
Is XPS-7 intraday system for forex trading good for you?
In conclusion, the XPS-7 intraday system for forex trading is a very simple but an efficient forex trading system. Beginners will find it easy to get started in using this trading system. The charts are relatively clean, meaning that you can easily assess the markets before you are trading with this strategy.
The XPS-7 intraday system for forex trading is a day trading system, so it is out of reach for swing traders. However if you remove the daily pivot indicators and replace it with the weekly or even monthly pivot levels, then you could use the XPS-7 intraday system for forex trading on the 1-hour or 4-hour chart time frames.
The XPS-7 intraday system for forex trading is basically a trend following system and there is nothing mysterious about this trading system. The buy sell indicator merely plots the up and down arrows whenever there is a bullish or a bearish crossover made by the indicators.
As we mentioned earlier, if you want, you could also add an oscillator to this trading system in order to time your entries while trading with the XPS-7 intraday system for forex trading.
All in all, the XPS-7 intraday system for forex trading is a very good trading short term trend following system. The template is light weight and you can easily use the template to monitor multiple instruments at the same time.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
