Scalping off the 1 min chart with the 12 pips forex scalping system. This is a simple system made up of a trending indicator and an oscillator. No complicated charts!
Chart Setup
Indicators: 144 period exponential moving average, schaff-trend-cycle (default settings)
Preferred time frame(s): 1 min
Trading sessions: London, US
Preferred Currency pairs: Medium volatility (USD/JPY, EUR/USD, GBP/USD, AUD/USD,…)
Download
Download the 12 Pips Forex Scalping System for Metatrader 4.
USD/JPY 1 Min Scalping Example
Here’s an example of two profitable short trades on the USD/JPY 1 min chart. USD/JPY below the 144EMA and the Schaff oscillator falls back below the 100 level. Sell now with 12 pips (at least) price objective.
Trading Rules
Buy Rules:
- Price has to trade above the 144 EMA (bullish trend)
- Schaff trend cycle oscillator back above 0.00 after reaching 0.00 first (oversold level)
This is your buy entry. Place stop loss 2 pips below the most recent support level.
Price objective: 12 pips or more.
Sell Rules:
- Price has to trade below the 144 EMA (bearish trend)
- Schaff trend cycle oscillator back below 100 after reaching 100 first (overbought level)
Sell the pair now and your place stop loss 2 pips above the most recent resistance level.
Price objective: 12 pips or more.