The Alaskan Pip Assassin Mod Indicator is an MT4 indicator. It is known for being utilized for numerous forms of forex trading strategies as it is a very versatile tool. This indicator is extremely handy for beginning traders due to its ease of usage although it does require some user initiative when it comes to picking which signals to take. Otherwise, I feel there will be too many false signals if you depend solely on the Alaskan Pip Assassin Mod Indicator.
What is the Alaskan Pip Assassin Mod Indicator?
Alaskan Pip Assassin Mod Indicator is a well-known MetaTrader 4 trend trading indicator that could be used to catch some regular pips on any currency pair and time period if you time your trades and confirm signals with additional market analysis before taking any position. Even inexperienced users will find it straightforward to use. It’s a crossover Forex indicator with two coloured signal lines that give buy and sell signals. It can also be utilized with other indicators and oscillators, such as Moving Averages, Bollinger Bands, RSI, MACD, etc.
Alaskan Pip Assassin Mod Strategy
The Alaskan Pip Assassin Mod Strategy is one that is quite easy to understand. The indicator can be utilized independently as a signal indicator. However, traders can decide to use it in conjunction with other kinds of indicators, such as those mentioned above, in order to increase confirmations and perhaps confluence.
This forex strategy involves the crossing of one of the coloured lines over the other. The red and blue lines of the Alaskan Pip Assassin Mod Indicator give entry signals and exit signals respectively. This is done in this way – when the blue line crosses over the red line upward, it indicates a signal for a long trade; on the other hand, when the blue line crosses over the red line downwards, it indicates a signal for a short trade.
Buy Signal
This could be your checklist for a buy trade:
- When the blue line crosses the red line upward.
Once this event occur, you could do the following:
- Open a buy position just immediately after the blue line crosses above the red line.
- Set your stop loss just below the nearest swing low of the timeframe you used for your entry.
- Set your take profit at the nearest resistance zone.
- For good risk management and long-term stability, I would only pick the trade if the risk to reward ratio is 1:2 or more.
Sell Signal
This could be your checklist for a sell trade:
- When the blue line crosses the red line downward.
Once this event occurs, you could do the following:
- Open a sell position just immediately after the blue line crosses below the red line.
- Set your stop loss just above the nearest swing high of the timeframe you used for your entry.
- Set your take profit at the nearest support zone.
- For good risk management and long-term stability, I would only pick the trade if the risk to reward ratio is 1:2 or more.
Alaskan Pip Assassin Mod Pros & Cons
Pros
- Even novice traders would find the Alaskan Pip Assassin Mod Strategy very easy to understand and apply in their trading.
- It could be used to catch some good moves in any timeframe, especially in a trending market.
Cons
- This strategy could be difficult to use in a consolidating market, especially when the gap of the price range is not wide.
- You need to filter the signals with further market analysis or there will be too many false signals.
Conclusion
As previously stated, the Alaskan Pip Assassin Mod Indicator includes distinct buy and sell indications that are colour coded which means that it is very simple to use, making it a good choice for novices. However, it does not work that well when used on its own. I would only consider taking any trade after conducting my own price action analysis to confirm the signals that the indicator generates. Otherwise, I feel there will be too many losing trades, especially on the lower chart timeframes.
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