5-Minute Forex Scalping Strategy For CHF/SGD
The 5-minute Forex scalping strategy for the CHF/SGD pair uses 2 moving averages along with the somewhat popular Robby DSS Forex oscillator.
This trend following short-term strategy enables users to go for small scalping profit targets multiple times a day on a wide range of currency pairs, including the CHF/SGD.
MetaTrader 4 Indicators: Moving Average.ex4 (Parameters Modified; Style=Blue), Doda-Donchian.ex4 (Colors Width Modified; #2=2), Robby DSS Forex.ex4 (Inputs Variable Modified; EMA_period=28, Stochastic_period=28)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: Any
Currency Pairs: CHF/SGD + any other pair
Buy Trade Example: CHF/SGD (Swiss Franc / Singapore Dollar), M5 Chart
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the red Doda-Donchian indicator line crosses below the blue 14 SMA Metatrader 4 indicator line with price hovering above as depicted on Fig. 1.0, bulls are said to be driving price higher i.e. a trigger to buy the designated currency pair.
- If the dodger blue dotted dim gray line of the Robby DSS Forex custom indicator pops up on the chart window as seen on Fig 1.0, the overall market sentiment is said to be bullish, thus a trigger to buy the underlying forex pair.
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 while a bullish trend is ongoing, the red Doda-Donchian custom indicator line intersects the blue 14 SMA forex indicator line, it is pointing to diminishing bulls power, thus a signal to exit or take profit at once.
- If a red dot pops up on the dim gray line of the Robby DSS Forex indicator during the course of a bullish trend (see Fig. 1.0), a bearish reversal is said to be on the horizon, therefore it is a trigger to exit or take profit forthwith.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red Doda-Donchian indicator line crosses above the blue 14 SMA forex indicator line with price hovering below as illustrated on Fig. 1.1, the general market sentiment is said to be bearish, thus a signal to go short on the currency pair of interest.
- If the red dotted dim gray line of the Robby DSS Forex custom indicator pops up on the chart window as exemplified on Fig 1.1, bears are said to be driving prices lower, therefore it is a signal to go short on the selected forex 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 red Doda-Donchian custom indicator line intersects the blue 14 SMA forex indicator line while a bearish trend is ongoing, it is signaling weaning bears power, i.e. a signal to exit or take profit forthwith.
- If a dodger blue dot pops up on the dim gray line of the Robby DSS Forex indicator while a bearish trend is running (refer to Fig. 1.1), price is said to be making a likely U-turn, as such an exit or take profit stance is recommended.
Sell Trade Example: CHF/SGD (Swiss Franc / Singapore Dollar), M5 Chart
About The Forex Technical Indicators Used
The 14 SMA (Simple Moving Average) is a technical analysis indicator that smoothens out currency pair price data by constantly creating an updated average price over the last 14 periods.
The Doda-Donchian is a custom indicator produced by Gopal Krishan Doda and popularly known as the turtle indicator.
It is a trend following indicator that deploys the EMA (120) coupled with other values to eliminate noise when scanning the market for trend changes.
The Robby DSS Forex is an oscillator indicator that blends stochastics and an exponential moving average to form oversold (below 20) and overbought (above 80) zones within its indicator window.
Start using this forex strategy in just 5 minutes. Click here to get started now.