Forex Day Trading Strategy is simple and easy trading system trend following based on Dema indicator RLH2 Metatrader 4. The purpose of this strategy is find the intraday trend, this system is good for this purpose.
Time frame 15 min or 30 min.
Currency pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, GBP/JPY, EUR/GBP, EUR/JPY.
Metatrader 4 Indicators
Dema RLH2 20 period, close.
Dema RLH2 indicator consists in three moving averages ( High, Medium and Low).
Pivot Daily SR.
4X Xard wave (Zig Zag: SR 3, SRZZ 12, Main RZZ 12, FP 12, SMF 3).
Trading rules Forex Day Trading Strategy
Buy
Wave support formed.
Green line above, yellow line and red line.
Advanced entry : wait that the price retraces on the green line, (optional).
Profit Target on the Pivot points levels.
Initial stop loss 1 pips below wave support.
Sell
Wave resistance formed.
Green line below, yellow line and red line.
Advanced entry : wait that the price retraces on the green line, (optional).
Profit Target on the Pivot points levels.
Initial stop loss 1 pips above wave resistance.
This strategy is suitable for providing forex signals during London and New York Sessions.
Disadvantages: this is a trend following system, and in sideways market can generates false signals.
Advantages: very simple and it’s easy for recovery of the trades loses.
In the pictures Forex Day Trading Strategy in action.
Forex Day Trading Strategy.rar (10.1 KB)