637# 4XPipSnager Strategy V.2
W and M Pattern with Support and Resistance.
Price action trend strategy
Submit by Dimitry (from idea of Jason Sweezey and Stepan Anatoljevich)
4XPipSnager Strategy V.2 is a trading strategy for scalping and intraday that combines two complementary trading ideas in my opinion. The first trading idea is taken from an old but valid Forex u-turn text by Jason Sweezey in which the author identifies two patterns of investing that form with moving averages: the M pattern (bearish inversion and the W bullish inversion pattern ). Typically these patterns are formed after the price bounces off support and resistance levels. The second idea on which this trading system is based on the indicator created by Stepan Anatoljevich to identify support and resistance levels while keeping the chart very clean. I simply took these two jobs and put them together, and a very good profitable trading system for time frame trading at 5 and 15 min was born.
Time Frame 5 min – 15 min
Currency pairs majors and minors with lower spread indices and oil.
Metatrader 4 Indicators:
Whole Numbers (random lines of support and resistance from idea of Jason Sweezey but the system required a more solid approach.)
Forex U-turn detectors.
-U-turn 1.1 (by Stepan Anatoljevich indicator that identifies important levels of support and resistance with precision and clarity on the chart.)
Forex U-turn filter optional because, the main method of this system (price action) is price analysis on support and resistance levels.
Trading rules 4XPipSnager Strategy V.2
The price bounces on support levels and forms a W with moving averages.
Stop loss on the previous swing low. Profit Target 2 pips before the next level of resistance.
The price bounces on resistance levels and forms a M with moving averages.
Stop loss on the previous swing high . Profit Target 2 pips before the next level of support.
In the pictures 4XPipSnager Strategy V.2 in action.
Share your opinion.