Charts — 1 Hour, 15 Minutes;. Charting Software — MetaTrader4;. Indicators — ZigZag MT4 15,5,3 ;. ZigZag 1 custom ,75,15 ;. ZigZag 2 custom 34,5,3 ;. Price Alert level signal indicator, custom ;. Choose the right moment, the fortunate place, the secret bait, wait, wait, wait —. Sometimes the fish is lost, sometimes it is too small, but. This approach has the greatest temptation which is trying to find the exact.
The main indicator is the price itself. The system can be adapted for. Please note that this forex strategy may not be suitable for beginners as some of it. If you are a beginner and you continue working.
This Trading system uses 2 timeframes — a 1 hour chart H1 and a 15 minute chart. M15 , or optionally a 30 minute chart M30 and 4 hour chart H4. The trading situation is estimated mainly on the H1 chart and checked on the H4. The trades are made on the M15 chart. On Picuture you can see a lot of steelblue little arrows.
When the price is moving further this indicator shows with the. The last level which remained fixed is marked with a big green arrow. Add the price alert indicator to the M15 charts. To avoid the sound of the alert line — select the line with the double click and. Keep the H1 charts open to watch the market. The M15 charts are usually.
You will need them only when a trade is coming up. The essence of this Forex strategy is that we open trades when a candle closes at a. We accept a Stop-Loss when a candle closes at certain level. Put the line on the desired level and you will hear a. Then you can wait for the price to be. We assume that every reverse movement can start when indicated by the arrows.
Wait for a ZigZag arrow. Evaluate its significance — check if there is a. If the H4 chart has a similar arrow — A reversal is a high possibility. If the H4 chart does not have a similar arrow yet — The continuation. If the H4 chart does not have a similar arrow yet but you have doubts. Switch to the min chart. When any min candle closes at 40 pips or. Pullback is highly possible. When any min candle closes above the.
Move the entry control level only once in an hour, at the. You can trade the situations indicated with the red line ZigZag with the. Always control the virtual Stop-Loss. It is safer to take the trades following the. If you have little spare time you can trade on the H4 hour chart. Accept the Stop-loss if any hour closes lower than the last. For the conservative style you can use this approach on the M15 charts. If any min candle closes lower than the last hourly minimum for a BUY trade.
Use the Price Alert indicator to control these levels. Accept the Stop-loss if any hour closes lower than the. If any min candle closes lower than the control level of 40 pips from the last. If the price comes back from At best you will. Wait for an opposite ZigZag arrow.
This could be a. Wait for an opposite ZigZag arrow there. Wait for an opposite ZigZag arrow on the 1H chart. Or even on the 4H chart. When you have enough equity you can double or triple your trades and apply.
On the next H1 chart we have a maximum and two ZigZag arrows at 1. SELL trade will take place if the min candle closes below the 1. Checking the H4 chart: Switch to M15 chart. The candle that closed lower than our control level was a valid signal it closed at. The SELL trade was open with the market order at 1. If we return back to pic. If we wait for the second profit target on the M30 chart it could be approximately. It is a very decent profit for the. The price is moving.
At last the min candle marked with the red arrow closed at 1. We open a BUY. The stop-loss level is at 1. We return to the H1 chart and see that several hours later the candle marked. We close the trade. Special opportunity for a long trade. On the chart in pic. We are very close to its level and it is possible.
The control level for a BUY trade will be at 1. Long trade with good potential but small result. The candle marked with the red arrow has a steelblue arrow. There was a main. Now, when preparing this example, the. But at that moment, on February, 12, it was a signal for a coming trade. There were no strong signals at that moment on H4 chart.
There was a signal. So we should be very. Soon after, the price was well up about 70 pips and we. What could be done not to lose this trade which immediately turned profitable. We could take those 70 pips trusting our intuition and experience — not bad for.
But this approach is beyond the discussion for the moment. Within the basic system principles we could do two things. When you see that the price is going nowhere — find the support level here it. When the candle closed below this level,.
When the trade was stopped we could immediately reopen it with the same. But since there were no clear signals on the H4 chart it. You should have good discipline to use virtual Stop-Losses. If you hate stops — trade with very small lots and without virtual stop-losses.
If not — you will get the. It could be a trend, and. If you chose to trade this system — you can use your other favorite indicators to.More...