Forex Smart Pips is a trading strategy that is designed to trade in the foreign exchange market. However its application can be diversified. In simple language it is a forex trading strategy or system. Forex strategy is one of the basic things you need to have as a trader. If you are trading without a strategy it is like throwing an arrow in the dark. Having the right strategy in the hand is the first step to trading after the basics of trading has been learned. However there are countless forex strategies in forex trading and it is in the process of development everyday. Unfortunately all the systems may not be genuine you should be able to recognize genuine strategies from fake ones. But in most of the case this is not the scenario. Most of the time traders fail due to their own bad trading habits rather than the system they use.
Without any doubt Forex Smart pips is a genuine forex trading strategy. By using this trading system trades can be executed both in the direction of trend and in the counter trend direction. We recommend trading only in the direction of the trend with Forex Smart Pips. Basically trading signals are generated by the help of moving averages and the pivot points in forex smart pips strategy.
Forex Smart Pips consists of six technical indicators. When the Forex Smart Pips is installed correctly on your trading platform your chart should look like this:
- Exponential Moving Average: The Forex Smart Pips uses four exponential moving averages (EMA). Exponential Moving Averages are similar to simple moving average but EMAs are quite sensitive to price. They give weight to the recent data unlike the SMAs. The EMAs used in this trading strategy are:
- EMA 5:It is blue in color.
- EMA 8:It is yellow in color.
- EMA 18:It is red in color.
- EMA 28: It is red in color.
- S3 Indicator: It is a technical indicator which displays the support and resistance levels on the chart. This role of this tool is very significant in this trading system.
- Forex Smart Pips: Forex Smart Pips is an indicator that looks similar to volumes that appears at the bottom of the chart.
Buying Conditions Using Forex Smart Pips.
- Price should close above all the Exponential moving averages.
- A green S3 indicator should appear below the price.
- Green bars should be formed on the forex smart pips indicator.
- Place your stop at the level of the 28 EMA.
- You should take your profits when EMA 5 and 8 crosses below the EMA 18.
Selling Conditions Using Forex Smart Pips.
- Price should close below all the Exponential moving averages.
- A green S3 indicator should appear above the price.
- Red bars should be formed on the forex smart pips indicator.
- Place your stop at the level of the 28 EMA.
- You should take your profits when EMA 5 and 8 crosses above the EMA 18.
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