Are you ready to enhance your trading game with the gpfTCPivotLimit? This trading system is designed to help you capitalize on intraday price movements using pivot indicators. Let’s dive into how it works!
Trading Strategy Overview:
- Trade is primarily conducted on the hourly timeframe.
- At the start of each day (0:00), we calculate key pivot levels: Pivot, Resist1, Resist2, Resist3, Support1, Support2, Support3.
- To execute a buy, wait for the hourly candle (T-2) to test the Support level. If the next candle (T-1) closes above this level, place your stop loss at Support(n1) and set your take profit at Resist(n).
- Utilize trailing stops to move your stop loss to break-even as the trade progresses.
- For selling, look for the same pattern in reverse: an hourly candle (T-2) testing Resist(n) and the closing candle (T-1) falling below it, with stop loss at Resist(n1) and take profit at Support(n).
Understanding Key Parameters:
- TgtProfit: This variable determines your stop loss and take profit levels, with values ranging from 1 to 5.
- If TgtProfit = 1: Tested level = Resist1/Support1; stop loss = Resist2/Support2; take profit = Support1/Resist1.
- If TgtProfit = 2: Tested level = Resist1/Support1; stop loss = Resist2/Support2; take profit = Support2/Resist2.
- If TgtProfit = 3: Tested level = Resist2/Support2; stop loss = Resist3/Support3; take profit = Support1/Resist1.
- If TgtProfit = 4: Tested level = Resist2/Support2; stop loss = Resist3/Support3; take profit = Support2/Resist2.
- If TgtProfit = 5: Tested level = Resist2/Support2; stop loss = Resist3/Support3; take profit = Support3/Resist3.
- isTradeDay: This variable determines when open positions will be closed. If set to true, all positions will close at the end of the trading day. If false, they remain open until stop loss or take profit is hit.
- Enable isTrace to true for comprehensive debugging information that tracks your trading system's performance.
Results of Testing: Not all currency pairs yield positive results with this strategy, but many traders have found success using trailing stops to maximize profitability.
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