The 1-minute Forex Scalping Strategy For EUR/NZD is a trend following scalping strategy which is backed by a set of powerful trading indicators for consistent performance.
The strategy itself isn’t complex and straightforward. This was done specifically to suit inexperienced market enthusiasts who want to scalp the market.
Use the strategy on the lower time frames (M1, M5, M15) and deploy on the EUR/NZD and any other currency pair of your choice.
MetaTrader 4 Indicators: 2pbIdeal3MA.ex4 (Colors Modified; #0=Red, Colors Width Modified; #0=3), superscalper.ex4 (Input Variable Modified; SignalPeriod=55, FilterNumber=1.5), Relative Vigor Index.ex4 (Parameters Modified; Period=32)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: London, New York
Currency Pairs: EUR/NZD + any other pair
Buy Trade Example: EUR/NZD (EURO / New Zealand Dollar), 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 2pbIdeal3MA custom indicator crosses below the blue line segment of the dual colored (yellow & blue) superscalper indicator line as depicted on Fig. 1.0, bulls are said to be driving price higher, thus a trigger to buy the underlying currency pair.
- If the green and red lines of the Relative Vigor Index Metatrader 4 indicator break and stay above the zero horizontal level as illustrated on Fig. 1.0, it is pointing to mounting bulls power, as such 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 during the course of a bullish trend the red line of the 2pbIdeal3MA custom indicator intersects the dual colored superscalper indicator line, it is signaling a probable trend reversal, therefore an exit or take profit stance will do.
- If the green line of the Relative Vigor Index breaks below the 0.00 reference level (see Fig. 1.0), bulls power is said to be weaning, thus a signal to exit or take profit immediately.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red line of the 2pbIdeal3MA custom indicator crosses above the yellow line segment of the dual colored (yellow & blue) superscalper indicator line as exemplified on Fig. 1.1, the market is said to favor bearish sentiments, hence a sell alert will suffice.
- If the green and red lines of the Relative Vigor Index forex indicator dip and hover below the zero reference level as shown on Fig. 1.1, more and more bear are said to be showing up in the market, thus a sell alert will suffice.
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 2pbIdeal3MA custom indicator intersects the dual colored superscalper indicator line during the course of a bearish trend, bears are said to be cutting down on their market exposure, thus a trigger to exit or take profit without delay.
- If the green line of the Relative Vigor Index surgesabove the zero signal level while a bearish trend is running (refer to Fig. 1.1), bears power is said to be diminishing, as such an exit or take profit stance is recommended.
Sell Trade Example: EUR/NZD (EURO / New Zealand Dollar), M1 Chart
About The Forex Technical Indicators Used
The 2pbIdeal3MA custom indicator is a modified moving average that smoothens price, thus spotting price change in a prompt manner.
The Superscalper is a line indicator that resembles the moving average, but is employed generally as a scalping signal indicator.
The Relative Vigor Index technical indicator is a technical tool that gauges the conviction of a recent price action and the likelihood that it will continue.
Start using this forex strategy in just 5 minutes. Click here to get started now.