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The Forex Cash King

The Forex Cash King is price action strategy using pivot points to generate trading signals. The indicators are: Forex Cash King SR, Fore...

The Forex Cash King is price action strategy using pivot points to generate trading signals.
The indicators are: Forex Cash King SR, Forex Cash King indicator.
Pivot points are a method of predicting support and resistance levels for the future. Using mathematical formulas the trader is able to know today, what will be the most powerful support and resistance levels tomorrow.
Don't worry, you don't need to calculate anything manually- there are indicators in any trading platform that do that automatically. We are supplying you with the indicator for MetaTrader 4 platform.
If you are interested, here are the formula for Pivot calculation:
H – Yesterday's Highest Price
L – Yesterday's Lowest price
C – Yesterday's Close Price
P = (H + L + C) / 3.
R1 = 2×P − L
S1 = 2×P − H
R2 = P + (H − L)
S2 = P − (H − L)
R3 = P + 2×(H − L)
S3 = P − 2×(H − L)
Each of these points is a PIVOT POINT. The R points are Resistance levels that we will trade only with LONG trades, and the S points are Support level that we will trade only with SHORT trades.
Actual Trading
Each day there are 5 pivot levels that we can trade. However we don't trade any pivot levels (it has to meet our filters).
First step is to confirm that the pivot level is strong.
We confirm that by demanding that price was in 30 pips distance from the pivot level at some point of the day.
This makes sure that the pivot level is strong enough to trade:
The Forex Cash King

The Forex Cash King
After we confirm that the pivot level is good, we proceed by putting a trade order:
if the level is a RESISTANCE level we will enter a long trade when the pivot is broken, if the level is a SUPPORT level we will enter a short trade when the level is broken.
For long trades will put a buy order 1 pip above the level, and for short trades we will put a sell order 1 pip below the order.
So if we have a Resistance pivot at 1.3119 the buy order will be placed at 1.3120
If we have a Support pivot at 1.3019 the sell order will be placed at 1.3018, and so on.
Stop Loss
We use a 20 pips trailing stop. This means that if price goes into +5 pips profit our stop loss will move 5 pips upwards, so the maximum price can go back before we exit the trade is 20 pips.
How to set trailing stop loss:
After entering the trade, right-click on it :
Take Profit
We exit half of the trade at +26 pips profit, and half the profit at +52 pips profit.This is designed to get us in profit AND to take advantage of big moves.
How to close half position:
Click on 'Close Order', then set the lot number to be half of the lots number. This will make only half of the position to close.
Receiving Alerts
To receive automatic sound (message box) alert when the Forex Cash King generates a signal, click on Inputs tab and set 'SoundAlerts' to True.
The Forex Cash King can also send emails when it generates trades and\or exit signals. As a default it is turned off. To receive email when the Forex Cash King issues signals, do the following actions:
1. Enable Email Alerts. In the 'Inputs' tab, set 'Email.Alerts' to True.
2. Click on 'Tools' and 'Options'.
3. Click on the 'Email' tab.
4. Check the 'Enable' checkbox.
5. Ask your Internet Service Provider (ISP) what are his email server details.
6. Click on 'Test'. You should receive a test email to your inbox. 

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