TFX Pivot Points MT4 Forex Scalping Strategy is an easy applying strategy, that works fine at some specific ( GBP/USD, EUR/USD, GBP/USD) pairs during London and New York sessions.
The recommended time frame for this strategy is a 5-minutes chart.
This trading method uses some familiar custom made indicators to sort out profitable trading ideas or the entry points. List of tools:
- TFX Pivot Points
- Direction
- TFX Pivot Pro
- TFX Trend Bars
- TFX Reversal
- TFX Obos oscillator
TFX pivot points (uses Fibonacci Series reading) and TFX pivot pro (shows every possible level at a certain range) draw the pivot, support, and resistance lines at the main chart.
The Direction indicator identifies the reversal or price shifting points and creates different colored (Green and red) arrows below and above the price candles.
TFX Trend Bars changes the color of the bullish candles to aqua and the color of the bearish candles to magenta. TFX Reversal creates blue dots below the bullish trend and red dots above the bearish trend.
TFX Obos oscillator is a custom made oscillator indicator with a signal line and a middle (0) line (at the range of -1 to 1) at an independent indicator window below the main chart.
After all the features set at the Metatrader 4 chart of the target (one of the suggested/recommended) assets, verify some conditions carefully, and then make entries at the recommended time zones.
Must place buy order when the price is above the pivot point, a green arrow appeared below the price candles and the oscillator value is greater than 0.
And before placing any sell order check the oscillator value is less than 0, a red arrow appeared above the price candles and the price is below the pivot point.
As this is a scalping strategy, avoid trade with this strategy during any major economic events like FOMC meeting minutes, NFP, FED interest rate, etc.
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