In this post I will be reviewing the coolly named Kung Fu Pips manual forex trading system for MetaTrader 4. Kung Fu Pips can be used to trade on any currency pair and time frame. I prefer to focus on one or two pairs so that I can become familiar with them. I usually trade the majors such as the EURUSD and GBPUSD due to the lower spreads and plenty of liquidity which can lead to some big market movements. I personally prefer manually trading on the 1 hour time frame and above as I find it can help to filter out a lot of the noise from the lower time frames.
Kung Fu Pips Trading Strategy
The Kung Fu Pips trading system is easy to interpret and use. It simply shows a green arrow for a buy and a red arrow for a sell. The Kung Fu Pips indicators places color coded crosses on your chart which you can use for your take profit levels.
It can be used in trending markets and in ranging markets for catching reversals. You can use it as is or add your own additional manual trading filter analysis. I would ensure that I am using sensible stops and let my winner’s run. It can be used for scalping, day trading and swing trading.
The indicator will alert you when there is a signal so you do not need to constantly chart watch and can monitor multiple currency pairs and time frames at once.
Essentially what the Kung Fu Pips indicator does is identify price action candlestick patterns. This can be done manually but it is handy to have alerts and arrows on charts when they appear although the indicator does not cover all candlestick patterns and I would want to verify the quality of them and use further analysis rather than blindly taking every trading signal.
Kung Fu Pips Summary
Overall, the Kung Fu Pips trading system and candlestick pattern recognition indicator has decent potentially but it does require some understanding of price action and further analysis from the trader. It is flexible and easy to use. It does require good money management and trading discipline. Kung Fu Pips comes with full detailed instructions, indicator, template, full support and a no questions asked 60 day money back guarantee.