You simply attach it to the currency pair charts and time frames that you wish to trade and it will give you trading signals.
JMO Trading System
The Forex Pips Magnet Indicator is a flexible manual forex trading system as you can use it on any forex currency cross that you prefer and also on any time frame. Thus, this makes it suitable if you want to scalp the market for a few pips or hold trades for longer swing trade and shoot for more pips. Personally, I believe that the signals on the longer-term time frames like the 1 hour charts and above are more reliable and also means that I have to spent less times watching the charts.
The Forex Pips Magnet Indicator even includes email, SMS and pop up alerts when there is a valid buy or sell signal so that you do not have to stare at a screen all day!
You can add your own additional technical analysis, fundamental analysis and price action analysis to filter trades if you wish. You can also use an opposite signal as a point of exit for an existing trade.
I would make sure that I use a sensible risk to reward ratio and aim for winning trades to be greater than losing trades. Sign in.
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Password recovery. Recover your password. Get help. Forex Racer. By admin. Pip Magnet Elite. Check Pip Magnet Elite System with complete videos. Next article Forex Profit Keeper.
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Note: If a Support level is broken it can become a future resistance level. If a resistance level is broken it plays the role of support for future market moves. If the above occurs a green vertical line will appear on the chart. If the above occurs a red vertical line will appear on the chart. Like so.
Forex Pips Magnet Indicator
The same considerations apply here as described here above. Oversold Scenario: When the JMO indicator has passed through the lowest horizontal line the alert line towards zero then passes back through the second lowest horizontal line the trigger line Like so:. When this occurs a green arrow is placed under the candle on the chart. Overbought Scenario: When the JMO indicator has passed through the highest horizontal line towards , then passes back through the second highest horizontal line.
When this occurs a red arrow is placed above the candle on the chart. When the previous one or more bars are equal to, or higher than, the horizontal line. Note: Do not use the Volume bar which is in the process of being formed.
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Trade Entry. Enter a buy or sell trade on the H1 or M15 charts when all the signals referenced above occur at the same time. However, these can be over ruled by price direction consideration. Trade Exit. Trading against the trend. When trading a retracement against the trend, look to take only a small profit, e. Trading with the trend.
When trading with the trend, look to take larger profits and be prepared to ride out smaller retracements. There is no hard or fast rule as to how many pips to take; it depends on the considerations listed below. Things to consider. How volatile is the price? Is it becoming wider with the channels lines starting to point away from each other? Are the lines already wide apart? This means the volatility has been happening for a while and may be coming to an end or it may continue for a little while longer. Are the lines becoming closer together? This means the price is becoming less volatile and less likely to move quickly in one direction.
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Are they close together and running parallel to each other? This means there is low volatility and the price will not move very much in either direction.