FX Signals Forex Scalping Trading Strategy
The FX signals forex trading strategy is a trading system that allows users scalp the market for pips all through the day’s trading session.
It can be used on a wide range instruments as depicted below and even more is that it combines the Forexsignals.ex4 and Forexprofitsupremefilter.ex4 MT4 indicators in generating its scalping alerts.
MetaTrader4 Indicators: Forexsignals.ex4 (default setting), Forexprofitsupremefilter.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes
Recommended Trading Sessions: Any
Currency Pairs: Any low spread forex pair
Buy Trade Example (Click the image for full size)
Long Entry Rules
Enter a buy if the following chart or indicator patterns are in display:
- If a yellow upward pointing arrow along with a yellow star is aligned below price bars of the Forexsignals custom indicator, it is a clear indication that price is being pressured higher i.e. a buy signal
- If green vertical bars are spotted within the indicator window of the Forexprofitsupremefilter custom indicator, it is a signal that says buy.
Stop Loss for Buy Entry: Place stop loss ~ 5 – 15 pips below entry price.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit is the following conditions or rules hold:
- If the Forexsignals custom indicator post a red downward pointing arrow along with a red star, open position(s) should be exited accordingly.
- As shown on Fig. 1.0, if the vertical bars of the Forexprofitsupremefilter custom indicator turns orange, it is a call to exit or take profit on position(s).
Sell Entry Rules
Enter a sell order if the following chart or indicator patterns are on display:
- If the Forexsignals custom indicator display a red downward pointing arrow with a red start placed above price bars, it is an indication that price is being pressured lower i.e. a sell signal.
- If the vertical bars on the Forexprofitsupremefilter custom indicator window turns orange, it is a signal to exit or take profit on position(s).
Stop Loss for Sell Entry: Place stop loss ~ 5 – 15 pips above entry price.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit on position(s) if the following rules or conditions are true:
- Watch the Forexsignals custom indicator for an upward yellow pointing arrow along with a yellow star aligned below price bars, this setup is suggestive of an increase in bulls in the market, as such giving weight to an exit or take profit.
- If the Forexprofitsupremefilter bars turns green, it is an indication that price is going to take a new direction and as such all open position(s) should be exited.
About The Trading Indicators
The Forexsignals.ex4 custom indicator is a trend indicator that delivers buy and sell signals via its yellow and red arrows respectively. The arrows come with an attached star that carries the same color as the arrow.
Finally, the Forexprofitsupremefilter.ex4 is a technical study that is designed to support intraday trading. Its signal is measured using six indicators and most importantly it was designed for newbies, as such requires little or no skills.