The 1-minute Forex scalping strategy for the EUR/JPY pair ensures that scalpers are able to consistently scan the currency market for small profitable trades, with a cumulative profit leaning in the long run.
The strategy combines a crossover technique and a signal system to yield a compelling setup that is quite stress-free to implement across lower the time frame charts.
In order to spice things up, the strategy was carefully designed to be as simplistic as possible, thereby eliminating the need for any form of coaching, in terms on when/how to trigger entry/exits.
MetaTrader 4 Indicators: Stalin.ex4 (Inputs Variable Modified; Fast=17, RSI=21, Colors Modified; #0=Blue, #1=Red, Colors Width Modified; #0=4, #1=4), buzzer.ex4 (Inputs Variable Modified; Length=42), Moving Average.ex4 (Parameters Modified; Period=42, Style=Magenta)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: Any
Currency Pairs: EUR/JPY + any other pair
Buy Trade Example: EUR/JPY (EURO / Japanese Yen), M1 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the magenta 42 SMA Metatrader 4 forex indicator line crosses below the lime segment of the buzzer dual colored indicator line in a bottom up fashion as depicted on Fig. 1.0, bulls are said to be driving price higher, thus a signal to buy the underlying currency pair.
- If the blue upward pointing arrow of the Stalin custom indicator pops up somewhat below the candlesticks as seen on Fig. 1.0, the overall market sentiment is said to be bullish, therefore a buy alert is said to be recommended.
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 during the course of a bullish trend the magenta 42 SMA indicator line intersects the red line segment of the dual colored buzzer indicator, it is a signaling exhaustion in bullish momentum, as such, an exit or take profit stance is advised.
- If the Stalin indicator pops up a red downward pointing arrow while a bullish trend is running (see Fig. 1.0), a bearish reversal is said to be imminent, as such an exit or take profit stance will suffice.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta 42 SMA forex indicator line crosses above the red line segment of the buzzer dual colored indicator in a top downward manner as illustrated on Fig. 1.1, the market is said to favor bearish sentiment, therefore a sell alert will do.
- If the red downward pointing arrow of the Stalin custom indicator gets displayed above the price bars as seen on Fig. 1.1, the general market sentiment is said to be bearish, thus a trigger to go short on the currency pair of focus.
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 said to be on courseand the magenta 42 SMA indicator line intersects the lime line segment of the dual colored buzzer indicator (refer to Fig. 1.1), a bullish reversal is said to be on the horizon.
- If the Stalin indicator pops up a blue upward pointing arrow while a bearish trend is ongoing, more and more bears are said to be leaving the market, hence a trigger to exit or take profit at once.
Sell Trade Example: EUR/JPY (EURO / Japanese Yen), M1 Chart
About The Forex Technical Indicators Used
The Stalin custom Metatrader 4 indicator was designed to generate buy and sell signal based on the intersection of its two moving average.
The buzzer indicator is a trend following technical study that defines bullish (lime) and bearish (red) market sentiments based on a modified moving average.
The 42 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 42 periods.
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