Round Price Forex scalping Trading Strategy

The Round Price scalping strategy is a simplified scalping system that uses basic indicators in defining buy/sell forex signals as price moves along.

It is an unsophisticated trading system that is devoid of complex entry rules or conditions.

Chart Setup

MetaTrader4 Indicators: RoundPrice-Ext.ex4 (default setting), SHI_SilverTrendSig.ex4 (default setting)

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

Recommended Trading Sessions: New York Open | London Open

Currency Pairs: USD/CHF, EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, NZD/USD, EUR/CHF, CAD/JPY, CHF/JPY, AUD/NZD

Download

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Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy in the market if the following indicator or chart pattern gets displayed:

  1. If the red dot of the SHI_SilverTrendSig.ex4 custom indicator forms below price bars, it is an indication that price is being pressured to the upside i.e. a signal to go long on the assets of interest.
  2. If the lines of the RoundPrice-Ext.ex4 custom indicator intersect in such a manner where price trades somewhat above the lines as seen on Fig. 1.0, it is an indication that price is being pressured to the upside i.e. a bullish signal.

Stop Loss for Buy Entry: Place stop loss 3 pips below immediate support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit of the following rules or conditions holds sway in the market:

  1. If the SHI_SilverTrendSig.ex4 custom indicator produces a blue dot that is aligned above price bars during an uptrend, it is a reversal signal and as such an exit or take profit is recommended.
  2. If the red and the gold line of the RoundPrice-Ext.ex4 custom indicator cuts through the other lines (lime, aqua, blue, magenta & purple) of the indicator top downward, it is a trigger to exit or take profit without delay.

Sell Entry Rules

Initiate a sell position if the following indicator or chart patterns are on display:

  1. If the blue dot of the SHI_SilverTrendSig.ex4 custom indicator forms above price bars, it is an indication that price is being pressured to the downside i.e. a signal to go short on the assets of interest.
  2. If the lines of the RoundPrice-Ext.ex4 custom indicator intersect in such a manner where price trades somewhat below the lines as seen on Fig. 1.1, it is an indication that price is being pressured to the downside i.e. a bearish signal.

Stop Loss for Sell Entry: Place stop loss 3 pips above immediate resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit on position(s) if the following rules or conditions holds true:

  1. If the SHI_SilverTrendSig.ex4 custom indicator yields a red dot that is aligned below the candlesticks during a downtrend as seen on Fig. 1.1, it is a reversal signal and as such an exit or take profit is recommended.
  2. If the red and the gold line of the RoundPrice-Ext.ex4 custom indicator cuts through the other lines (lime, aqua, blue, magenta & purple) of the indicator bottom up, it is a trigger to exit or take profit straight away.

Sell Trade Example

Fig. 1.1

Free Download

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About The Trading Indicators

The SHI_SilverTrendSig.ex4 generates buy and sells signals by producing red and blue dots below and above price bars respectively.

The RoundPrice-Ext.ex4 custom indicator on the other hand is quite useful when confirming the presence of market entry signals.

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