Traders who are attempt to explore scalping opportunities in the currency market do stand a chance when they own a reliable trading strategy.
Every scalping strategy is made up of a number of variables and it’s always advisable to keep things simple.
The 1-Minute Micro Forex Trading Strategy can be used for scalping trending forex currency pairs with nice ROI.
Traders can deploy this strategy on any currency pair of their choice to give them valid information on when to buy or sell.
The guidelines that are outlined here will further aid you adopt a proactive approach when using this micro technique to scalp for profits.
MetaTrader4 Indicators: 1-min-micro-trading.ex4 (Default Setting), imacol.ex4 (Default Setting), ravi.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: Any
Currency Pairs: Any low spread pair
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the line of the imacol Metatrader 4 forex custom indicator turns deep sky blue as seen on Fig. 1.0, price is said to be driven higher i.e. a signal to go long on the designated currency pair.
- If the gray histograms of the ravi Metatrader 4 forex custom indicator gets aligned above the zero signal level as depicted on Fig. 1.0, the general sentiment is said to be bullish, hence a buy signal will do.
- If the 1-min-micro-trading Metatrader 4 forex indicator gets a blue upward pointing arrow on the M5 column, along with corresponding blue upward pointing arrows on each of the 5 rows of indicators (see Fig. 1.0), enter a buy signal.
Stop Loss for Buy Entry: Place stop loss below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the line of the imacol indicator line turns red during the course of a bullish signal (refer to Fig. 1.0), price is said to be making a probable U-turn i.e. an exit or take profit is dully advised.
- If the gray histograms of the ravi indicator readjust to form below the zero signal line as illustrated on Fig. 1.0, it is a signal to exit or take profit at once.
- If the “All” signal on the M5 column of the 1-min-micro-trading indicator turns to a red sideways arrow or a red downward pointing arrow while a buy signal is continuing, it is an indication to exit or take profit immediately.
Sell Entry Rules
Initiate a sell entry if the following holds true:
- If the line of the imacol Metatrader 4 forex custom indicator turns red as shown on Fig. 1.1, price is said to be pushed lower, as such a sell signal is said to be in place.
- If the gray histograms of the ravi Metatrader 4 forex custom indicator gets positioned below the zero signal level as exemplified on Fig. 1.1, the overall sentiment is said to be bearish i.e. a trigger to sell the currency pair of focus.
- If the 1-min-micro-trading Metatrader 4 forex indicator displays a red downward pointing arrow on the M5 column, along with corresponding lime downward pointing arrows on each of the 5 rows of indicators (see Fig. 1.1), go short on the desired fx 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 the line of the imacol indicator reverts to deep sky blue while a bearish signal is running, price is said to be experiencing a possible bullish reversal, hence a trigger to exit or take profit forthwith.
- If the gray histograms of the ravi indicator realigns to form above the zero signal line as demonstrated on Fig. 1.1, it is a signal to exit or take profit straightaway.
- If the “All” signal on the M5 column of the 1-min-micro-trading indicator turns to a red sideways arrow or a blue upward pointing arrow during a sell signal, it is a signal to exit or take profit at once.
Sell Trade Example
About The Trading Indicators
The 1-min-micro-trading.ex4 MT4 indicator is a technical tudy that is comprised of five technical indicators i.e. RSI, Parabolic SAR, MA, MACD and ADX.
It is their combined signals that reinforces its overall signal component (ALL) on the varied timeframes.
The Ravi.ex4 technical indicator is known to deploy two moving averages, computed in percent.
The indicator has been enhanced by its author T. Chand to signal bullish and bearish market trend.
The imacol.ex4 Metatrader 4 forex indicator is a trend following technical tool, with a default 21 period.
The imacol indicator is known to produce less noise on larger timeframes.