Retracement Pip Catcher
- Christopher Graham Parish
- Version: 1.4
- Updated: 6 July 2022
- Activations: 10
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Buy and Sell Arrows when price is about to retrace.
It Also Sends Alerts –
- On MT4
- To Your Phone
- To Your Email
- Does not repaint.
- Works ony any pair, any timeframe.
- 10 Activations allowed so you are free from limitations
- See an example of alerts from today (23 May 2020) using this and 2 more of my indicators here.
What is a Retracement and why is it important to you?
As you know, the market goes through phases of trend and retracement.
Price can only move so far in one direction before there is a small "correction" or "retracement" in the opposite direction.
The Retracement Pip Catcher alerts you when this is about to happen. This means you can catch these small movements.
But if they are small movements, can you make a profit?
Yes - even though the movements are small, the stop losses are also small and the reward to risk can be very high.
Of course, you will not win every trade, but if you only take trades with a minimum reward to risk of 3:1, the you only need to win 1 out of 4 to breakeven.
Please remember that when you trade using this indicator that these are retracements. They are counter-trend. Your profit target should only be a few pips compared to the move just before the signal.
Do not be greedy.
Do not trade close to Major News Events.
Using Retracement Pip Catcher should be a part of every Trader’s strategy.
Works very well in conjunction with the Trend Continuation Alerts Indicator.
Obviously, this indicator will not predict all trends all the time – the markets are unpredictable – otherwise we would all be successful all the time.
This is still Forex and you will not win every trade. Practice on Demo before trading with live money and always use good money management.
Please feel free to message me if you have any questions.
Version 1.3 Added the seting "MinTrendSize".
See How To Get The Best Signals Here
This allows you to set the minimum number of pips the trend must be before a retracement.
Obviously this will be larger for higher timeframes and will depend on the time of day you are trading.
See comment #2 for a video on how it compares to version 1.0.
- Please make sure you adjust the settings for the timeframe and pair you are trading.
- Let me know if you need any help.