This is only a part of instruction pdf included in download archive:
1. You can choose to open 1 hour charts for all 14 pairs but that is too complicated and can sometimes be too cluttered for some traders. I will only use 4 charts as indicator pairs and base my decisions to trade or not, on the movements on these charts.
EURUSD, GBPUSD, USDJPY and EURJPY
Of course you can open up more charts as desired. Some times if 4 currency pairs can’t give me a clear direction, I will open up one more pair, the GBPJPY.
This is optional and a rare occurence. The EURUSD and the GBPUSD are the leading trending pairs compared to other pairs like the USDCHF, EURCHF, GBPCHF… and this is the reason why I will use these 2 pairs as my ‘indicators’. The USDJPY chart to show how the JPY responds to the US Dollar. The EURJPY is to show how the JPY responds to European currencies. And of course the GBPJPY chart serves the same purpose as the EURJPY.
2. Place the Multitimeframes Pivot Point ‘s file into your custom indicator folder.
Depending on your broker, your custom indicator folder should look similar to
Note: Your MT4 folder may be different based on your broker so if you’re not sure check with your broker’s support team.
This is optional, most of the time I feel that Fibonacci will be more reliable. I use this indicator to back up Fibonacci levels. To double confirm the setup. It will show you the monthly/Weekly/Daily Pivots, Resistance and Support levels. However, I will disable the Monthly variable on this indicator so that it only shows me Weekly and Daily levels. Once you have added the indicator your chart should look something like in the main picture.
3. Apply a Fibonacci retracement from the Swing Low to the Swing High (the example below refers to an uptrend), vice versa for a downtrend.
4. If possible, apply another Fibonacci retracement from a smaller Swing Low to Swing High. This is to make it easier to identify the price cluster area.
5. Those areas in which 2 Fibonacci levels meet or even Daily S&R points for that matter, will be an area where a bounce may occur with much higher probabilities.
Long Trade Rules
1. I monitor the 4 ‘indicator’ pairs i.e. the EURUSD, GBPUSD, USDJPY and EURJPY with the aid of the Multitimeframes Pivot Point indicator and Fibonacci studies. We are looking for areas where there is a high probability that price may either reverse or continue in its original direction.
2. Once I have determined that all pairs are trending or reversing in the same upward direction I will open 14 Buy orders, one on each of the 14 different currency pairs that I am trading.
3. I do not place a Stop Loss when trading this method, but if you choose to use a Stop Loss, I would recommend placing it a few pips away from the most recent lower low.
4. I also do not place a Take Profit as such, but I usually keep in mind a mental target (usually around 100 pips).
5. At times I may choose to exit early based on the information I read off my charts and at other times I may choose to let my profits run. These decisions are based on my experience and the way I feel about the information I read off the ‘indicator’ pair charts. If it looks as if the trend will continue I will remain in the trade but if not I will look to exit.