Set and Forget 10 pips a day Strategy For MT4

Set and Forget 10 pips a day Strategy For MT4

The Set and Forget 10 pips a day Strategy For MT4 is a price action based daily forex trading strategy that targets 10 pips a day. The strategy uses a custom made Trade Day indicator and Gann Square of 9 indicator to give a breakout trading level daily. The strategy provides a breakout trading level at a fixed time every day, i.e., after the close of every first H4 candle of a new trading day.

It is a day trading strategy and is strictly traded on the H4 timeframe and is recommended to be traded only on the H4 timeframe. However, it can be traded on any major and minor forex trading pairs listed on the terminal.


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The Set and Forget 10 pips a day Strategy For MT4 – Overview




The Set and Forget 10 pips a day Strategy For MT4 is a price action based Gann Level breakout trading strategy which uses the Trade Day indicator as a filter to decide the breakout direction. The Trade Day indicator determines the breakout direction after the first H4 candle of a new trading day. Once the breakout direction is decided, then a buy stop or sell stop pending order is placed above/below the nearest Gann level with 10 pips take-profit target.

To understand how the breakout direction is decided and why the Gann level’s breakout is taken as an entry, a better understanding of these two indicators is necessary that forms this unique trading strategy. So we will discuss these two indicators in detail below.

Trade Day Indicator: The Trade Day indicator marks the starting candle of the day and the ending candle of the day using a vertical red line. It also marks the high and the low of the day using a horizontal red line, which together forms a day trading box that represents the starting and ending candles of the day along with the day’s high and low levels. The Trade Day indicator also lists which trading day of the week it is today.

The Trade Day indicator draws a line from the opening of the first H4 candle of the day to the closing of the last H4 candle of the day. This line is of great importance, and thus we will call it a Signal Line. It indicates how the prices have fared on that trading day. A rising line indicates the price was trending up, a falling line indicates the price was trending down, and a flat line indicates the price was moving sideways.

The first H4 candle of a new day closing above this Signal Line gives us the upward Gann level breakout direction. Similarly, the first H4 candle of a new day closing below this Signal Line gives us the downward Gann level breakout direction.

Gann Square of 9 Indicator: The Gann Square of 9 indicator uses the Gann forecasting method to determine the various necessary support and resistance levels, also known as Gann Levels. We will be using a 22.5-degree angle up and 22.5-degree angle down to calculate the Gann Levels using this Gann Square of 9 indicator.

In this system, we will be using the Gann Levels to place a buy stop and sell stop pending orders above/below them accordingly.



The Set and Forget 10 pips a day Strategy For MT4 – Buy Setup




FOR BUY/LONG SETUPS:


The first H4 candle of a new trading day closes above the Trade Day indicator’s signal line giving us the upward breakout direction.

We will then place a buy stop pending order above the nearest Gann Level, which comes immediately above the close of the first H4 candle.

If our pending buy stop order doesn’t get hit the same day, we will delete it and search for another pending order.


FOR EXIT:


We will set a fixed 10 pips take-profit target level while placing the buy stop pending order.


FOR STOP LOSS:


We will place the initial stop loss five pips below the low of the previous day.



The Set and Forget 10 pips a day Strategy For MT4 – Sell Setup




FOR SELL/SHORT SETUPS:


The first H4 candle of a new trading day closes below the Trade Day indicator’s signal line giving us the downward breakout direction.

We will then place a sell stop pending order below the nearest Gann Level, which comes immediately below the close of the first H4 candle.

If our pending sell stop order doesn’t get hit the same day, we will delete it and search for another pending order.


FOR EXIT:


We will set a fixed 10 pips take-profit target level while placing the sell stop pending order.


FOR STOP LOSS:


We will place the initial stop loss five pips above the high of the previous day.



The Set and Forget 10 pips a day Strategy For MT4 – Conclusion


The Set and Forget 10 pips a day Strategy For MT4 is a simple yet powerful forex trading strategy. It is a daily trading strategy that gives an opportunity to daily grab 10 pips out of the market in the most efficient manner. The strategy is designed to provide a high winning percentage, and when backtested, it delivers more than 90% winning strike rate in the long run.

The strategy is best suited for the trader who wants a hassle-free trading method, which requires minimum monitoring and trading time or in this strategy’s case, just 5 minutes a day. It needs the trader to come at a fixed time, mostly around the first H4 candle’s closing time, set a pending order, a stop loss, and set a 10 pips take profit target and leave.

It is one of the rarest strategies that provide a high probability of winning despite needing less work and attention from the trader. Hence, it is really a Set and Forget type of forex trading strategy in true terms.

Given the above advantages, we highly recommend using the Set and Forget 10 pips a day Strategy For MT4.

Download the complete system description and the files here:

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