PRO FX V2

Summary of ProFX Manual Trading Strategy: Buy and Sell Rules

Buy Rules:

  • Main Trend Check: Confirm the main trend from the 4-hour chart. Only trade in the direction of the main trend.
  • Indicator Signals:
    • ProFX01: Wait for an alert signal indicating a potential buy.
    • ProFX06: Confirm buy signal on the chart.
  • Economic Calendar: Ensure no major economic news (like GDP, NFP) is about to be released.
  • Avoid Holiday Sessions: Do not trade during holiday sessions.

Sell Rules:

  • Main Trend Check: Confirm the main trend from the 4-hour chart. Only trade in the direction of the main trend.
  • Indicator Signals:
    • ProFX01: Wait for an alert signal indicating a potential sell.
    • ProFX06: Confirm sell signal on the chart.
  • Economic Calendar: Ensure no major economic news (like GDP, NFP) is about to be released.
  • Avoid Holiday Sessions: Do not trade during holiday sessions.

Protective Stop Loss Rules:

  • Placement: Place the stop loss near the last significant support/resistance level (25-70 pips).
  • Order Inclusion: Always include the stop loss with the initial order.
  • No Mental Stops: Do not use mental stops.
  • Limit: Never use a stop loss greater than 100 pips.

Exit Rules:

  • Take Profit: Exit at a take profit level of 100 pips for GBP/USD.
  • Signal Change: Exit the trade when the signal changes.
  • Major News: Exit the trade when significant news is released and the market direction is uncertain.
  • End of US Session: Exit the trade at the end of the US session.

Advanced Strategy Rules:

  • Early Entry: Enter the trade earlier if oscillators are heading down, momentum is strong, and other indicators confirm the direction.
  • Filter Tight Ranges: Avoid trading in tight ranges. Enter the trade after a clear break of the range in the signal direction.
  • Optimal Stop Loss: Use the strongest resistance or support levels (considering support/resistance, Fibonacci, and pivot levels) for setting stop loss.
  • Trend Corrections: Advanced traders can use countertrends and corrections for extra profits. Identify trend turning points (trendlines, Fibonacci, pivots) and enter trades at these points with a target of 50-100 pips.

General Recommendations:

  • Maintain a trade diary and analyze your trades.
  • Avoid sitting in front of screens all day; checking charts every few hours is sufficient.
  • Trade at fixed times.
  • Spread your risk by trading multiple pairs.
  • Ignore entry signals when the market is in a tight range; wait for a clear break.
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