The M1 (1-minute) Forex scalping trading strategy is a smart scalping system that is designed to allow traders make incremental profits and pips over a short time span.
Repeated, traders are able to accumulate these gains into a substantial amount, thereby proving to be quite rewarding for currency traders.
The time frame used on this particular strategy is the 1-Minute chart.
It can as well work on the 5-Minute and 15-Minute time frames.
You’re free to use this strategy on our test currency pair i.e. the EUR/USD, but it also works on any other forex pair of your preference.
Well, it’s time for you to check it out…
Chart Setup
MetaTrader 4 Indicators: ExponentialMovingAveragesSignals.ex4 (Inputs Variable Modified; FasterEMA=15, SlowerEMA=18), eWaves.ex4 (Default Setting), Williams’ Percent Range.ex4 (Parameters Modified; Period=28)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: London, New York
Currency Pairs: Any pair
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Buy Trade Example: USD/CAD (US Dollar / Canadian Dollar), M1 Chart
Fig. 1.0
Strategy
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets put on display:
- If the green upward pointing arrow of the ExponentialMovingAveragesSignals custom indicator stayssomewhat below the candlesticks as illustrated on Fig. 1.0, the general market sentiment is said to be bullish, thus a signal to buy the selected currency pair.
- If the orange, lime green and dark green histograms of the eWaves custom indicator align above the 0.00 center level as indicated on Fig. 1.0, price is said to be pressured higher i.e. a trigger to buy the stipulated forex pair.
- If the aqua line of the Williams’ Percent Range Metatrader 4 forex indicator breaksabove the -50.00 horizontal level as seen on Fig. 1.0, bulls are said to be driving price higher, therefore a buy alert will suffice.
Stop Loss for Buy Entry: Place stop loss below short-term-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes precedence:
- If the ExponentialMovingAveragesSignals custom indicator pops up a red downward pointing arrow while a bullish trend is ongoing, bulls power is said to be weaning, as such an exit or take profit stance is advised.
- If the eWaves custom indicator displays a red histogram below the 0.00 level while a bullish trend is running, bulls power is said to be halting, therefore an exit or take profit stance is recommended.
- If the aqua line of the Williams’ Percent Range indicator readjust below the -50.00 level during a bullish trend (see Fig. 1.0), it is a signal to exit or take profit at once.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red downward pointing arrow of the ExponentialMovingAveragesSignals custom indicator stays fairly above the candlesticks as demonstrated on Fig. 1.1, the overall market sentiment is said to be bearish, thus a trigger to go short on the currency pair of interest.
- If the orange, red and maroon histograms of the eWaves custom indicator align below the 0.00 horizontal level as exemplified on Fig. 1.1, price is said to be pushed lower i.e. a trigger to sell the specified currency pair.
- If the aqua line of the Williams’ Percent Range forex indicator falls below the -50.00 horizontal level (refer to Fig. 1.1), more bears are said to be having an upper hand in the market, and therefore a sell alert will do.
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 ExponentialMovingAveragesSignals custom indicator pops up a green upward pointing arrow during a bearish trend, bears power is said to be halting, as such an exit or take profit stance is recommended.
- If the eWaves custom indicator displays an orange or lime green histogram above the 0.00 level while a bearish trend is running, bears power is said to be diminishing, as such an exit or take profit stance is advised.
- If the aqua line of the Williams’ Percent Range indicator realigns above the -50.00 level during a bearish trend (checkout Fig. 1.1), it is a signal to exit or take profit forthwith.
Sell Trade Example: USD/CAD (US Dollar / Canadian Dollar), M1 Chart
Fig. 1.1
Free Download
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About The Forex Technical Indicators Used
The ExponentialMovingAveragesSignals is a custom indicator that applies the faster EMA and the slower EMA crossover when defining market trend.
The eWAVES indicator deploys colored histogram that are derived from Bill Williams Awesome Oscillator.
The histogram data calculates Elliot Waves 3, 4, and 5 and plots the count on the histogram window and the activity chart.
The Williams’ Percent Range is a momentum indicator that reveals where the last closing price is relative to the highest and lowest prices of a specified time period.
Easy Installation
Start using this forex strategy in just 5 minutes. Click here to get started now.