1-Minute Forex Scalping Strategy For AUD/JPY
The 1-Minute Forex scalping strategy for the AUD/JPY pair is an absolute stunner because of its unique technique and brilliant combination of indicators that complement each other.
The presence of three technical indicators allow users draw logical conclusions on market signals with better predictive correctness.
The setup rules allows us plot enhanced and reliable trade signals in a consistent manner over a definitive time span.
All the included indicators used for this strategy are adjustable on all time frames and also fits with any tradable currency pair.
This scalping strategy will ultimately offer scalpers an added layer of freedom and security while at it.
MetaTrader 4 Indicators: lukas1_Arrow_Curves.ex4 (Inputs Variable Modified; SSP=18), MA ribbon filled.89.21.ex4 (Default Setting), Commodity Channel Index.ex4 (Parameters Modified; Period=35)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: London, New York, Tokyo
Currency Pairs: Any pair
Buy Trade Example: AUD/JPY (Australian Dollar / Japanese Yen), M1 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the red line of the MA ribbon filled.89.21 custom indicator crosses below its lime line, thereby creating a lime cloud below the candlesticks (see Fig. 1.0), price is said to be pushed higher, and therefore a buy alert is recommended.
- If the blue upward pointing arrow of the lukas1_Arrow_Curves custom indicator pops up on the activity chart as seen on Fig. 1.0, bulls are said to be driving price higher, therefore a buy alert is advised.
- If the light sea green line of the Commodity Channel Index Metatrader 4 forex indicator breaksand hovers above the 0.00 horizontal level, the general market sentiment is said to be bullish, therefore a buy alert will suffice.
Stop Loss for Buy Entry: Place stop loss below short-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the red line of the MA ribbon filled.89.21 custom indicator intersects its lime line during the course of a bullish trend, it is indicative of a weaning bulls power, thus an exit or take profit stance is advised.
- If the lukas1_Arrow_Curves indicator pops up a red downward pointing arrow during the course of bullish trend (refer to Fig. 1.0), bulls are said to be closing their orders increasingly, hence an exit or take profit stance is duly recommended.
- If the light sea green line of the Commodity Channel Index indicator falls below the 0.00 horizontal level while the bullish trend is on course, it implies that bulls strength is diminishing, hence a signal to exit or take profit forthwith.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red line of the MA ribbon filled.89.21 custom indicator crosses above its lime line, thus creating a red cloud above the price bars as illustrated on Fig. 1.1, price is said to be dragged lower, as such a sell alert is apt.
- If the red downward pointing arrow of the lukas1_Arrow_Curves custom indicator pops up on the activity chart as depicted on Fig. 1.1, the overall sentiment is said to be bearish, as such a sell alert is recommended.
- If the light sea green line of the Commodity Channel Index forex indicator breaksand runs below the 0.00 reference level as exemplified on Fig. 1.1, more and more bears are said to be taking up market positions, hence a trigger to go short on the selected currency pair.
Stop Loss for Sell Entry: Place stop loss above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the red line of the MA ribbon filled.89.21 custom indicator intersects its lime line while a bearish trend is running, a bullish reversal is said to be looming, as such a signal to exit or take profit forthwith.
- If the lukas1_Arrow_Curves indicator pops up a blue upward pointing arrow while a bearish trend is ongoing (checkout Fig. 1.1), more and more bears are said to be leaving the market, hence an exit or take profit stance will suffice.
- If the light sea green line of the Commodity Channel Index indicator surges above the 0.00 horizontal level while bearish trend is ongoing, it is pointing to weaning bears strength, hence a signal to exit or take profit without delay.
Sell Trade Example: AUD/JPY (Australian Dollar / Japanese Yen), M1 Chart
About The Forex Technical Indicators Used
The MA ribbon filled.89.21 is a custom indicator designed for the Metatrader 4 platform in line with the moving average formula.
The indicator offers a simple and quick way to determine the trend direction and possible price reversals.
The lukas1_Arrows_Curves is a custom indicator that displays a band around price, with arrows (blue and red) used in denoting market trends (bullish and bearish).
The Commodity Channel Index or CCI is a momentum based indicator that falls under the oscillator classification.
Regardless of its name, the CCI is not exclusively designed for the commodity market, but can be used in the forex market to gauge overbought/oversold conditions, as well as spot trends.
Start using this forex strategy in just 5 minutes. Click here to get started now.