Fibo Forex Trading Scalping Strategy

The Fibo forex scalping strategy is a profitable yet simple trading strategy that is easy to understand, even for absolute beginners.

For the best possible results, it is important that you apply this strategy on a pair that has a small spread because every pip counts when it comes to scalping the market.

Get this right and you are obviously on your way to a successful forex scalping career.

Chart Setup

MetaTrader4 Indicators: AutoFibo.ex4 (Inputs Variable Modified; Band_Period=1), 15 EMA, ForexMajorTrend.ex4 (Default Setting)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute

Recommended Trading Sessions: London, New York

Currency Pairs: Any small spread forex pair

Download

Download the Fibo Forex Scalping Trading Strategy

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order if the following indicator or chart setup gets displayed:

  1. If the red line of the 15 EMA indicator cuts across the lines (light sky blue & plum) of the AutoFibo.ex4 custom indicator in a bottom up manner (refer to Fig. 1.0), price is said to be pressured higher i.e. a trigger to buy the stipulated currency pair.
  2. If the blue bars of the ForexMajorTrend.ex4 custom MT4 indicator forms within the indicator as seen on Fig. 1.0, price is said to be pushed to the upside i.e. a signal to go bullish on the currency pair of focus.

Stop Loss for Buy Entry: Place stop loss below rising red line.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes precedence:

  1. If during a bullish signal the red line of the 15 EMA trading indicator intersects both lines (light sky blue & plum) of the AutoFibo.ex4 custom indicator, an exit or take profit should be considered.
  2. If the bars of the ForexMajorTrend.ex4 custom indicator turns red while a buy signal is running, traders are expected to exit or take profit forthwith.

Sell Entry Rules

Enter a sell order if the following holds true:

  1. If the red line of the 15 EMA trading indicator crosses the lines (light sky blue & plum) of the AutoFibo.ex4 custom indicator in a top downward fashion as seen on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the forex pair of focus.
  2. If the red bars of the ForexMajorTrend.ex4 custom MT4 indicator forms within the indicator as shown on Fig. 1.1, price is said to be taken to the downside i.e. a signal to go short on the currency pair of interest.

Stop Loss for Sell Entry: Place stop loss above falling red line.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  1. If during a sell signal the red line of the 15 EMA indicator intersects both lines (light sky blue & plum) of the AutoFibo.ex4 custom indicator, an exit or take profit is duly recommended.
  2. If the bars of the ForexMajorTrend.ex4 custom forex indicator turns blue while a sell signal is ongoing, position holders in the market are expected to exit or take profit without delay.

Sell Trade Example

Fig. 1.1

Free Download

Download the Fibo Forex Trading Scalping Strategy

The ForexMajorTrend.ex4 is a trend following indicator that displays red and blue vertical bars.

Blue bars for bullish trend and red bars for bearish trend.

The 15 EMA is an exponential moving average that has its period set at 15 and reduces the lag by adding more weight to recent price.

The AutoFibo.ex4 custom indicator is a custom indicator that draws Fibonacci retracement levels on the activity chart.

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