1-Minute Forex Scalping Strategy For EUR/CHF
The 1-minute Forex scalping strategy for the EUR/CHF pair incorporates a moving average crossover technique along with an Elliott Wave indicator confirmation signal.
The baseline for this strategy is to first allow the moving average crossover the popular trend-following Sidus indicator line.
Once this is established, we can proceed to confirm the short-term trend direction using the Elliot Wave Oscillator.
The addition of arrows on the Sidus indicator adds a layer of simplicity by detailing possible buy/sell trend direction.
However, working yourself through the entire predefined rules is a sure way to get the best off this scalping system.
Use this scalping strategy on the M1 and M5 trading charts.
MetaTrader 4 Indicators: Moving Average.ex4 (Parameters Modified; Period=50, Style=Lime), sidus v.2.ex4 (Inputs Variable Modified; FastEMA=19, SlowEMA=26, RSIPeriod=22), Elliot_Wave_Oscillator.ex4 (Inputs Variable Modified; FastMa=20, SlowMA=40)
Preferred Time Frame(s): 1-Minute, 5-Minute
Recommended Trading Sessions: London, New York Tokyo
Currency Pairs: EUR/CHF + any other pair
Buy Trade Example: EUR/CHF (EURO / Swiss Franc), M1 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the lime 50 SMA Metatrader 4 forex indicator crosses below the blue & red lines of the sidus v.2 custom indicator in a bottom up manner as shown on Fig. 1.0, bulls are said to be driving price higher i.e. a trigger to buy the stipulated forex pair.
- If the lime and green histograms of the Elliot_Wave_Oscillator custom indicator align above the 0.00 reference level as seen on Fig. 1.0, price is said to be driven to the upside, as such a buy trigger is highly about to happen.
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 while a bullish trend is running, the lime line of the 50 SMA forex indicator intersects the red line of the sidus v.2 custom indicator, bulls power is said to be weaning, as such an exit or take profit stance is extremely recommended.
- If the Elliot_Wave_Oscillator indicator pops up a red histogram below the zero signal level during the course of a bullish trend (see Fig. 1.0), price is said to be making a likely U-turn, therefore an exit or take profit stance is duly advised.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the lime 50 SMA forex indicator crosses above the blue & red line of the sidus v.2 indicator in a top downward fashion as depicted on Fig. 1.1, price is said to be dragged lower, therefore a sell alert is said to be imminent.
- If the red and maroon histograms of the Elliot_Wave_Oscillator custom indicator stack below the 0.00 reference level as exemplified on Fig. 1.1, bears are said to be increasingly driving sentiment, thus a trigger to go short on the designated forex 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 while a bearish trend is ongoing, the lime line of the 50 SMA forex indicator intersects the red line of the sidus v.2 indicator, bears power is said to be halting, as such a trigger to exit or take profit will suffice.
- If the Elliot_Wave_Oscillator indicator displays a lime histogram above the zero signal level while a bearish trend is ongoing (refer to Fig. 1.1), a bullish reversal is most likely, hence a trigger to exit or take profit without delay.
Sell Trade Example: EUR/CHF (EURO / Swiss Franc), M1 Chart
About The Forex Technical Indicators Used
The 50 SMA (Simple Moving Average) is a technical analysis indicator that smoothens out currency pair price data by constantly creating an updated average price over the last 50 periods.
The Sidus v.2 is a technical analysis indicator that deploys two moving averages and a relative strength index to map out signals.
The elliot-wave-oscillator custom indicator is an oscillator that by default depicts the difference of a 35- and 5- period simple moving average (SMA) of prices represented as histograms that are aligned above and below a zero reference level.
Start using this forex strategy in just 5 minutes. Click here to get started now.