300 Pips Weekly: A Simple Forex Strategy with Price Action

The 300 Pips a Week with Price Action trading forex strategy is designed to generate consistent gains by leveraging the power of support and resistance zones. This system aims to capture substantial weekly profits by carefully filtering entry signals.

Strategy Parameters

• Currency Pairs: Any
• Timeframe: M15 and higher
• Trading Time: Any
• Platform: MetaTrader 4
• Risk Management: Keep trade risk between 2-5% of the total deposit per trade.

Indicators Used

• Highest Lowest and Reentry Point: Identifies key price points.
• Magnified Price: Displays market prices more clearly.
• Supply and Demand: Marks support and resistance zones.
• RatisCy Filter: Confirms trend direction.
• Symbol Changer Profit Display: Facilitates quick currency pair selection.

Installing Indicators and Templates

1. Unpack the zip file containing templates and indicators.
2. Copy the indicators into the MQL4/Indicators folder.
3. Place the template files into the templates folder.
4. Restart the MetaTrader 4 terminal to apply the changes.
5. Open the chart of the desired currency pair.
6. Apply the template named “300 pips a week.tpl.”

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Trading Signals

Buy Signal:

• The “Buy trend” signal appears.
• The price touches the support zone or rebounds upwards from it.
• The histogram bars turn blue.

Sell Signal:

• The “Sell trend” signal appears.
• The price reaches the resistance zone or falls from it.
• The histogram bars are white.

Stop Loss and Take Profit

• Stop Loss: Position the stop loss above or below the previous local high or low.
• Take Profit: Set a 1.3:1 ratio to stop loss or aim for the opposite support or resistance zone.

Practice on a Demo Account

Practicing on a demo account before using this strategy in live trading is essential. This will help refine the approach and get comfortable with the signals.

Free Download Price Action Forex Strategy Files

Read More Silver Trend Following Scalping Strategy for MT5 FREE Download

Conclusion

The 300 Pips a Week with Price Action strategy provides a structured and disciplined framework for profitable forex trading. By understanding support and resistance zones and managing risk, traders can aim for substantial weekly profits while avoiding unnecessary risks.