Forex beginners can always rely on a 1-minute scalping strategy as a good starting point.
However, traders must be aware that this strategy will require a great deal of concentration and time.
You should be able to dedicate a few hours to this strategy, else it might not be suitable for you.
The 1-Minute Forex Scalping strategy for EUR/JPY is one of the most simple and practical scalping trading strategies that work.
One of its main strength comes with quantity, hence you might be required to open numerous positions during the course of the day in line with your personal money management strategy.
MetaTrader4 Indicators: buzzer.ex4 (Inputs Variable Modified; Length=28), tma_slope_nrp_alerts.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: London, New York
Currency Pairs: EUR/JPY and the major forex pairs
Buy Trade Example
Long Entry Rules
Enter a bullish trade if the following chart or indicator pattern takes precedence:
- If the line of the buzzer Metatrader 4 custom indicator turns lime, it is an indicator of bullish sentiment (see Fig. 1.0), as such a trigger to buy the designated currency pair (EUR/JPY).
- If the green histograms of the tma_slope_nrp_alerts.ex4custom Metatrader 4 indicator stays above the zero signal level as depicted on Fig. 1.0, price is said to be experiencing upward pressures, therefore a buy will suffice.
Stop Loss for Buy Entry: Place stop loss 1-3 pips below short-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes preference:
- If the line of the buzzer indicator turns red during a bullish signal, it is an indication of weaning bulls power (refer to Fig. 1.0), thus an exit or take profit is advised.
- If the histograms of the tma_slope_nrp_alerts.ex4indicator readjust to form coral colored histograms that are placed below the 0.00 center line, it is a trigger to exit or take profit immediately.
Sell Entry Rules
Enter a sell order if the following holds dominance on the activity chart:
- If the line of the buzzer indicator turns red as exemplified on Fig. 1.1, it is an indicator of downward price pressures, hence a signal to sell the selected forex pair (EUR/JPY).
- If the coral histograms of the tma_slope_nrp_alerts.ex4indicator stays below the zero signal level as illustrated on Fig. 1.1, price is said to be heading lower, therefore a sell will do.
Stop Loss for Sell Entry: Place stop loss 1-3 pips above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the line color of the buzzer indicator reverts to lime while a bearish trend is running, it is an indication of halting bears power as exemplified on Fig. 1.1, thus an exit or take profit is recommended.
- If the histograms of the tma_slope_nrp_alerts.ex4indicator realigns to form a green colored histogram that is placed above the 0.00 center line, it is a signal to exit or take profit at once.
Sell Trade Example
About The Trading Indicators
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 tma_slope_nrp_alerts.ex4 is an indicator designed after the triangular moving average (TMA).
It is a double smoothed indicator that is employed in defining price over a specific given number of price bars.