HOW TO SET UP A CHART
  • We use 2 indicators including:
1) The zigzag indicator, which is available on your MT4 and TradingView as well

2) Zigzag arrows indicator, this is an external indicator, please follow the instructions below.


And here is the chart after the brothers installed

Note when using:
  • Recommended trading time frame: M1; M5
  • Recommended trading sessions: any
  • Recommended currency pair: any, except cross

RULES OF ENTRY

Buy command entry rule: Enter a buy command when the following conditions appear:
  • Arrows appear blue bullish signals, below the price.
  • The zigzag appears
  • The next bar does not break the low of the previous candle (above the zigzag).

Buy command example

Sell ​​command entry rule: Enter a sell command when the following conditions appear:
  • The red bearish arrows appear above the price
  • The zigzag appears
  • The next bar does not break the high of the previous candle (below the zigzag).

Sell command example


STOP LOSS AND TAKE PROFIT

Stop loss with small loss above/below the entry point.
Take profit when the next bullish/bearish arrow appears.


IS A STRATEGY SO SIMPLE AND JUST BASED ON INDICATORS EFFECTIVE?

The answer is, depending on the user, it might work for one person but at a loss for another. However, I will give some personal suggestions so that I can use it more appropriately.
First, you should only trade on M5 rather than M1 to limit spread fees and sudden price movements and should avoid times of strong news.
Second, we can see that this strategy is to detect price waves, so it will be divided into two schools:
  • If ranging transactions should choose Asia session.
  • If trading in trend, you should choose Europe, America sessions and always follow the trend.