Chimp Scalper Forex Strategy
The Chimp Scalper Forex strategy has been able to deliver an effective combination of both momentum and trend indicators all in one place to generate a progressive trading performance.
The strategy focuses on short-term trading opportunities and also fits quite well on the M1 to M15 timeframe charts.
For maximum performance, it’s recommended to deploy the strategy on low spread currency pairs.
Adhering to the set rules with appropriate discipline can make your trading career a lot more advanced and worthwhile.
MetaTrader4 Indicators: chimp-scalper.ex4 (Inputs Variable Modified; WeightDM=9.0, WeightDI=8.0), ema-crossover-signal.ex4 (Inputs Variable Modified; FasterEMA=25, SlowerEMA=30), float-pivot.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minutes
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Enter a bullish trade if the following indicator or chart pattern gets put on display:
- If the aqua line plus lime histograms of the chimp-scalper Metatrader 4 forex indicator break and hover above the 0.00 signal level as shown on Fig. 1.0, price is said to be driven to the upside, as such a buy alert will do.
- If the green upward pointing arrow of the ema-crossover-signal forex indicator staysfairly below the candlesticks as seen on Fig. 1.0, the general market sentiment is said to be bullish, thus a trigger to go long on the selected forex pair.
- If price opens & closes above the yellow middle line of the float-pivot custom indicator to trade along the outer upper red indicator line (refer to Fig. 1.0), price is said to be pressured higher i.e. a buy alert will suffice.
Stop Loss for Buy Entry: Place stop loss below short-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If the aqua line of the chimp-scalper forex indicator dips below the 0.00 level as illustrated on Fig. 1.0, price is said to be making a likely bearish reversal, therefore an exit or take profit is apt.
- If the ema-crossover-signal custom indicator displays a red pointing arrow on the activity chart during a bullish trend, it is an indication of weaning bulls power, as such an exit or take profit will do.
- If while a bullish trend is running, price opens and closes below the yellow middle line of the float-pivot forex indicator, it is signaling a probable end in the current trend, hence an exit or take profit stance is advised.
Sell Entry Rules
Go short if the following setups gets displayed rightly on the activity chart:
- If the aqua line plus red histograms of the chimp-scalper forex indicator break and hover below the 0.00 horizontal level as depicted on Fig. 1.1, price is said to be pushed lower, as such a sell is imminent.
- If the red downward pointing arrow of the ema-crossover-signal custom indicator stay slightly above the price bars as shown on Fig. 1.1, the overall market sentiment is said to be bearish, thus it’s okay to go short on the currency pair of focus.
- If price opens & closes below the yellow middle line of the float-pivot custom indicator to trade along the outer lower aqua indicator line (check Fig. 1.1), price is said to be dragged to the downside i.e. a trigger to sell at once.
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 aqua line of the chimp-scalper custom indicator surges above the 0.00 level as exemplified on Fig. 1.1, price is said to be making a U-turn, therefore an exit or take profit stance is fitting.
- If the ema-crossover-signal custom indicator pops up a green upward pointing arrow on the price chart while a bearish trend is running, it is an indication of diminishing bears power, thus a trigger to exit or take profit immediately.
- If while a bullish trend is running, price opens and closes above the yellow middle line of the float-pivot custom indicator, it is pointing to a likely end to the current trend, hence an exit or take profit stance is recommended.
Sell Trade Example
About The Trading Indicators
The chimp-scalper is designed for both scalpers and intraday traders to allow them gauge trends when the colored histograms adjusts above or below the 0.00 level.
The ema-crossover-signal custom indicator is a trend seeking indicator built on the crossover of two exponential moving averages.
It will generate a signal when the fast and slow EMA crosses.
The float-pivot is a forex indicator that updates pivot points dynamically at the open of every new price bar for any forex pair and its accompanying timeframe.