The 1-minute sniper Forex scalping strategy for the GBP/JPY pair and other pairs is a profitable scalping trading system that incorporates the popular moving average crossover technique.
It also uses a complimentary market momentum gauging filter that quickly informs the trader of the predominant market forces that are driving price.
The strategy is a combination of three astonishing indicators that offers greater flexibility in trading considering its wide-spread adoption on varying currency pairs.
In addition, traders can apply it on different time frame charts within the MT4 trading platform.
MetaTrader4 Indicators: TMA.ex4 (Inputs Variable Modified; Period=32, Colors Width Modified; #0=2), MA_ALERT.ex4 (Inputs Variable Modified; maPeriod=7, Colors Width=2), Awesome Oscillator.ex4 (Default Parameter)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: London, New York, Tokyo
Currency Pairs: GBP/USD + any other pair of your preference
Buy Trade Example: GBPJPY (Great Britain Pound / Japanese Yen), M1 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the green TMA indicator line crosses below the red MA_ALERT custom indicator line in a bottom up manner as depicted on Fig. 1.0, the general market sentiment is said to be bullish i.e. a trigger to buy the currency pair of interest.
- If the Awesome Oscillator Metatrader 4 indicator pops up green and red histograms that run above the 0.00 reference level as illustrated on Fig. 1.0, price is said to be driven to the upside, hence a trigger to buy the stipulated FX
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 the green TMA indicator line intersects the red MA_ALERT forex indicator line during the course of a bullish trend (checkout Fig. 1.0), bulls power is said to be weaning, therefore an exit or take profit stance will suffice.
- If the Awesome Oscillator indicator pops up a red histogram below the zero signal level while a bullish trend is running, it is pointing to diminishing bulls power, hence a trigger to exit or take profit at once.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the green TMA indicator line crosses above the red MA_ALERT custom indicator line in a top downward fashion as shown on Fig. 1.1, the overall market sentiment is said to be bearish, therefore a signal to go short on the currency pair of focus.
- If the Awesome Oscillator indicator pops up red and green histograms that stack below the 0.00 horizontal level as seen on Fig. 1.1, price is said to be dragged lower, as such an alert to sell the designated currency 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 green TMA indicator line intersects the red MA_ALERT forex indicator line while a bearish trend is ongoing (see Fig. 1.1), bears power is said to be halting, therefore an exit or take profit stance will do.
- If the Awesome Oscillator indicator displays a green histogram above the zero reference level while a bearish trend is on course, it is signaling a probable trend reversal, therefore an exit or take profit stance is duly advised.
Sell Trade Example: GBPJPY (Great Britain Pound / Japanese Yen), M1 Chart
About The Forex Technical Indicators Used
TMA or Triangular Moving Average defines the main weight that goes into the average part of the price series.
The TMA Forex indicator is simply a double smoothed simple Moving Average.
The length of the simple Moving Averages is dependent on the oddness or evenness of the selected number of periods
The MA_ALERT is a moving average type that filters out noise from random price actions and has a default value of 14 for the maPeriod variable.
The Awesome Oscillator indicator is a histogram-type indicator that is used in gauging market momentum and was first introduced by Bill Williams.
Traders can use this tool to confirm trends and determine probable reversal points.
Start using this forex strategy in just 5 minutes. Click here to get started now.