Forex Pip Taker is a forex trading strategy. This is an easy, simple and powerful forex trading system. At the first glance the system might look very complex to understand but in reality, it is not. You don’t have to go in details of everything you see on the charts. We only focus on those things which are really important to take a profitable trade. The forex pip Taker forex trading system is a trend following system. It is prohibited to take a trade against the direction of the major trend using this trading system. You can trade any currency pairs using Forex pip taker system. Time frames of 1 hour, 4 hour and daily works best for this system. Scalping in the 1 minute and 5 minutes charts are not recommended.
The channels that are drawn automatically by the forex pip taker system are really beautiful aspects of forex pip taker system. And a dotted midline runs between the channels. The Forex Pip Taker system also provides some more information to its users like- bid and ask price, spread, and time remaining to close the current candle.
When the Forex pip taker system is correctly installed on the trading system it should look like this:
- EMA 100
It is one of the major indicators of the Forex pip taker system. This indicator is highly responsible for generating the trading decisions for the forex pip taker system. It is a custom built moving average. It consists of a simple line and a diamond shaped figures. When the market is up trending moving average is blue in color and the diamond is also blue and the moving average and the diamonds turn brown when the market is down.
The Forex Pip taker draws an automated channel which is based on the particular high and low formed by the price action. A dotted midline runs between the parallel channels. This channel forms a pitchfork pattern. Pitchfork technical tool is very effective in the trending market.
Buying Conditions Using Forex Pip Taker.
- Look for the market that is trending upward.
- Wait for the price to touch the lower trend line of the channel.
- Once the price touches the lower trend line of the channel wait for the bounce and let the EMA 100 diamonds appear below the chart.
- Once the colors of the bars become blue and the blue diamonds appear below the price chart, enter a long position.
- Place your stop just below the recent swing low.
- Take profit when the price touches the upper trend line of the channel.
Selling Conditions Using Forex Pip Taker.
- Look for the market that is trending downward.
- Wait for the price to touch the upper trend line of the channel.
- Once the price touches the upper trend line of the channel wait for the pullback and let the EMA 100 diamonds appear above the chart.
- Once the colors of the bars become red and the brown diamonds appear above the price chart, enter a short position.
- Place your stop just above the recent swing high.
- Take profit when the price touches the lower trend line of the channel.
Download Free Forex Forex Pip Taker