Scalping is an age long trading technique that currency traders have always relied upon when skimming for small profits in a consistent manner.
It doesn’t necessarily matter how long you’ve been trading the markets, it is almost certain you must have been confronted with term “scalping.”
We are introducing the 1-Minute Forex Scalping Strategy for EUR/USD, which is an amazing starting point for beginners.
Although, this strategy will demand a fair amount of time and concentration, if you’re able to dedicate a few hours every day, then it’ll be just fine.
In addition, the 1-Minute Forex Scalping Strategy for EUR/USD is one of the most straightforward and practical trading strategies.
You can apply this scalping strategy to other forex pairs as well.
MetaTrader4 Indicators: Buysellmagic01.ex4 (Default Setting), BuySellindicators.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute
Recommended Trading Sessions: London, New York
Currency Pairs: EUR/USD
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets displayed:
- If the lime dots of the Buysellmagic01.ex4Metatrader 4 forex indicator gets aligned below the candlesticks as shown on Fig. 1.0, the general market sentiment is said to be bullish i.e. a trigger to go long on the EUR/USD currency pair.
- If the blue upward pointing arrow of the BuySellindicators.ex4Metatrader 4 forex indicator pops up below price bars as depicted on Fig. 1.0, price is said to be pressured higher, as such a buy will suffice.
Stop Loss for Buy Entry: Place stop loss 2 pips 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 signal is ongoing, the lime dots of the Buysellmagic01.ex4Metatrader 4 forex indicator readjust to form above the candlesticks, it is a trigger to exit or take profit at once.
- If the red downward pointing arrow of the BuySellindicators.ex4MT4 custom forex indicator takes up position above the candlesticks as illustrated on Fig. 1.0, price is said to be making a reversal, as such an exit or take profit is advised.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the lime dots of the Buysellmagic01.ex4Metatrader 4 forex custom indicator gets aligned above the candlesticks as seen on Fig. 1.1, the overall market sentiment is said to be bearish i.e. a trigger to go short on the EUR/USD forex pair.
- If the red downward pointing arrow of the BuySellindicators.ex4Metatrader 4 forex indicator pops up above the price bars as demonstrated on Fig. 1.1, price is said to be driven lower, as such a sell will do.
Stop Loss for Sell Entry: Place stop loss 2 pips 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 running, the lime dots of the Buysellmagic01.ex4MT4 forex indicator readjust to form below the candlesticks, an exit or take profit is said to be looming.
- If the blue upward pointing arrow of the BuySellindicators.ex4MT4 custom forex indicator takes up position below the candlesticks as illustrated on Fig. 1.1, price is said to making a U-turn, hence it is advisable to exit or take profit immediately.
Sell Trade Example
About The Trading Indicators
The Buysellmagic01.ex4 Metatrader 4 forex indicator resembles the Parabolic SAR in a lot of ways.
It also can be used to gauge price reversal and the markets overall direction in relation to time.
The BuySellindicators.ex4 MT4 forex indicator on the other hand relies on the blue upward pointing and red downward pointing arrows to confirm trend direction.
The absence of customizable input parameters asides color, width and style does not reduce the indicator’s efficiency in any way.