These are a forex trading strategy that you can try out on demo for at least two months before going on a live account.First look at prices in relation to any of the pivot points- R1, R2, PP, S1, S2, ie what is price doing at the nearest pivot point,is it punching throough a pivot point or is it retracing, then the secondary inputs of the indicators macd and the 9 and 18exponential moving averages on the one hour chart and entry with the 5 minute chart.
THE TRADE:
plot the two moving averages on the one hour chart and give it different colours to identify the trend for the currency, then plot the macd indicator on the one hour chart too,if the macd line punches through it trigger line and it is above the zero line ie -0.000 look to the 5 minutes chart and check to see if only the signal line has crossed below the zero line -0.000 (not both lines of the macd line)then look to enter as close to the pivot point that was penetrated as possibleand target the next pivot point for your profit.
SUMMARY:
Wait for a break of a pivot point and a retracement to the pivot point,look at the one hour macd chart to see if the macd and signal line is crossed in the direction of the trade you are considering to take.Also look at the 5 minutes chart to see ifthe signal line has crossed over the zero line in the direction of your trade if this is achieved enter as close tothe pivot point as possible and target the next pivot point in your calculated pivot points totake profits.Note: be conservative in the use of this strategy and look for 25-40 pips as profit daily.In addition to using this strategy you can take your signal from where the last candle stick closses in relation to any of the pivot point on the one hour chart.This strategy is relatively simple to use but please remember to keep it simple always no trading strategy is expected to complex.
BUY SIGNAL
when the candle closes above any of the pivot point
SELL SIGNAL
when the candle closes below any of the pivot point
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