Introduction to the Forex Smart Pips Trading System
The Forex Smart Pips Trading System is a double crossover trading strategy that uses four different moving averages for identifying the market trends.
It has additional elements like daily pivot points and momentum oscillators in order to produce a complete trading formula for its users.
In the top right corner, there is also a small dashboard that informs MACD, STR, EMA trends for each time frame (M1-H4). Plus it provides info about current spread, pips to open, hi to low, and daily average.
This system fits all kinds of timeframes and currency pairs.
How does it work? How to apply in trading?
Trading Rules Explanation
Enter long trade when the following conditions are met:
- 5LWMA moves above 8LWMA
- 18EMA is greater than 28EMA
- Price is supported by the Daily Pivot level
- FX Smart Pips bars turn green
- Set stop loss below the current pivot level
Enter short trade when the following conditions are met:
- 5LWMA moves below 8LWMA
- 28EMA is greater than 18EMA
- Price is resisted by the Daily Pivot level
- FX Smart Pips bars turn red
- Set stop loss above the current pivot level
Exit Trade / Take Profit
Exit trade when the 8LWMA and 5LWMA make the opposite crossover or use your own method of trade exit.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Forex Smart Pips Trading System in MT4?
- PivotsDaily v2.ex4
- Forex Smart Pips System.tpl
Copy and paste indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Similarly, copy and paste the template file to the Templates folder.
Now, right-click on the chart, hover over Templates. You will have displayed a list of available systems, left-click template name you want to run.
The Forex Smart Pips Trading System is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions.
Forex Smart Pips Trading System Free Download
To download the Forex Smart Pips Trading System for Metatrader 4 (MT4) for free just click the button below: