Forex trading strategy #4-a (1-2-3, RSI + MACD)

Hello

I agree with Thomas, start with simple strategy #13, then google forex 123 strategies, read as much as you can till you understand it. There is alot of info on the net free.

I am just trying to add to this wonderful strategy, cheeky i know :)

Here is another example using 123 setup and urban towers strategy, If i have not mentioned i got this strategy from urbanforex.com

Ooops, here is the chart :)

Lino,

Need clarfication. The entry point is at the low of previous, low of candle 3?
what's the recommended SL & TP? Thanks for your time.

Hi

Yes, you wait for each candles close, move your entry order up on each candles low price.

The stop is the high of point 3, targets is a tricky one but a conservative target is a 1:1 ratio as in example.

I used a different platform and Moving averages just to show you that its more the price action than indicators.

Hope that helps, Cheers Lino

Hi Lino/Edward,
Would appreciate if you could post the fractals indicator as well. Thanks!
Raj

Here it goes:

Fractals.mq4

Regards,
Edward

Hi Edward,

How do you read your auto pivot pt. There's the red line and then there's 3 blue lines and 3 white lines. Where do you take profit and where do you put your stop loss using your auto pivot pt? Pls help. Thanks! I have really benefited from your website and I thank God for people like you who are so willing to help others.

I read it next way:

Red is the Pivot point line.
Blue are resistance lines, white - support lines.

Make sure you look at indicator settings, there a lots of options based on what Pivot lines you want to see on the chart.

Pivots points are used for the reference to know where to expect market reversals. Therefore, stops and profit orders are placed around Pivot lines.

Regarding the basic use of Pivot points, let me recommend you this free e-book:
http://www.fxpivot-points.com/

Regards,
Edward