Simple forex strategy using wave structure of the market for order placement. Trending market has characteristic wave structure of higher highs/ lower lows. As long as they are present in the market, trend is alive and kicking. We will place pending stop orders at those newly created extremes. That one last low/high of the trend will leave our last order untriggered.

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This simple entry method must be coupled with trend identification to be successful. We will use ADX indicator to do so in this forex strategy.
The system was tested for profitability on historical data since 2003 with positive results. It is provided together with expert advisor by theforexkings.com.
Used tools and indicators
Average directional movement index (ADX 150). Apply additional line in the indicators window with value of 10. This line will help us determine the market momentum. Consider position of DI- and DI+ line to determine trend direction.
Fractals: Previous closed fractal will mark the high/low price at which we place our pending buy stop/sell stop order.
Stay valid 4 days: Determines how long will place order remain valid.
Break even condition. SL is placed to break even position after profit of is reached.
Forex strategy rules
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SELL

ADX main line trending above 10 horizontal line. Momentum of trend is sufficient.
DI+ trending below DI-. Downtrend is present in the chart. We will be looking for short entry only.
Entry : We place pending sell stop order at low marked by last closed low fractal. It will remain valid for 4 days.
Take profit: 90 pips
Stop loss: 30 pips
Break even after: 20 pips
BUY

ADX main line trending above 10 horizontal line. Momentum of trend is sufficient.
DI+ trending above DI-. Uptrend is present in the chart. We will be looking for long entry only.
Entry : We place pending buy stop order at high marked by last closed high fractal. It will remain valid for 4 days.
Take profit: 90 pips
Stop loss: 30 pips
Break even after: 20 pips
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Disclaimer: Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer. TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.