MetaTrader4
Unlocking gpfTCPivotStop: Your Go-To Trading System for MetaTrader 4
Are you ready to take your trading game to the next level? Let’s dive into the gpfTCPivotStop, a solid trading system designed specifically for MetaTrader 4. This system capitalizes on daily timeframe breakdowns and pivots, making it a reliable choice for traders looking to maximize their profit potential.
How to Trade with gpfTCPivotStop
Here’s a quick overview of how to get started:
Use the hourly timeframe for trading.
After midnight, calculate the Pivot levels along with Resistance (Resist1, Resist2, Resist3) and Support (Support1, Support2, Support3) levels.
If the hourly candle closes above the Pivot, it’s time to buy. Set your stop loss at the corresponding Support level and take profit at the Resistance level.
Utilize a trailing stop to move your stop loss to breakeven as the trade progresses.
For selling, look for an hourly candle closing below the Pivot. Set your stop loss at the Resistance level and take profit at the Support level.
Understanding Key Parameters
Let’s break down some essential parameters to help you make the most of your trades:
TgtProfit: This variable defines your stop and profit levels. It can be set to 1, 2, or 3.
If TgtProfit = 1, your stop loss for a buy/sell is at Resist1/Support1, and your take profit is at Support1/Resist1.
If TgtProfit = 2, then your stop loss remains at Resist1/Support1, while your take profit shifts to Support2/Resist2.
If TgtProfit = 3, your stop loss moves to Resist2/Support2, and your take profit goes to Support3/Resist3.
isTradeDay: This variable determines if open positions will be closed at the end of the trading day. If set to true, all open trades will close by day’s end; otherwise, trades will remain open until they hit a stop loss or take profit.
isTrace: Setting this to true allows for detailed debugging information to be recorded, which can be invaluable for troubleshooting.
Testing Results
It’s important to note that this approach may not yield profitable results across all currency pairs. Be sure to test it thoroughly before committing real funds.
In future updates, we’ll explore how to enhance the advisor further based on the same foundational levels. Stay tuned!
2006.01.19