M15 Forex Day Trading Strategy

The M15 (15-minute) Forex day trading strategy uses a combination of three indicators and works best for day trading currency pairs.

It’s built around the popular DeMarker oscillator indicator that works together with two custom MT4 indicators.

The M15 strategy is used to trade dominant market trends for better entry and exit signals.

We’re typically looking to capture 35-75 pips profit per trade.

Chart Setup

MetaTrader 4 Indicators: forex-mt4-trend-indicator.ex4 (Inputs Variable Modified; MaPeriod=36), FBS Fisher.ex4 (Inputs Variable Modified; period=18), DeMarker.ex4 (Parameters Modified; Period=29)

Preferred Time Frame(s): 15-Minute

Recommended Trading Sessions: Any

Currency Pairs: Any pair

Download

Download the M15 Forex Trading Strategy

Buy Trade Example: USD/CAD (US Dollar / Canadian Dollar), M15 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 blue upward pointing arrow plus candle-like bodies of the forex-mt4-trend-indicator aligns somewhat below the price bars as shown on Fig. 1.0, the overall market sentiment is said to be bullish, as such a buy alert will suffice.
  • If the gold and red histograms of the FBS Fisher custom indicator break above the 0.00 horizontal level as seen on Fig. 1.0, price is said to be pressured higher, thus a signal to buy the selected currency pair.
  • If the light sea green line of the DeMarker Metatrader 4 forex indicator breaksabove the 0.50 center line as shown on Fig. 1.0, bulls are said to be driving momentum, thus a trigger to buy the selected currency pair.

Stop Loss for Buy Entry: Place stop loss 3-5 pips below the previous swing low.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit if the following rules or conditions takes precedence:

  • If forex-mt4-trend-indicator pops up a red downward pointing arrow while a bullish trend is ongoing, price is said to be making some credible downward adjustments i.e. an exit or take profit stance is advised.
  • If the FBS Fisher custom indicator pops up a gold histogram below the zero center line as depicted on Fig. 1.0, bulls power is said to be diminishing, therefore an exit or take profit should be considered.
  • If the light sea green line of the DeMarker indicator dips below the 0.50 center line during the course of a bullish trend, bull are said to be closing their positions increasing, hence an exit or take profit stance is recommended.

Sell Entry Rules

Enter a sell order if the following holds true:

  • If the red downward pointing arrow plus candle-like bodies of the forex-mt4-trend-indicator line up fairly above the price bars as depicted on Fig. 1.1, the general market sentiment is said to be bearish, as such a sell alert will do.
  • If the gold and lime histograms of the FBS Fisher custom indicator fallbelow the 0.00 horizontal level as exemplified on Fig. 1.1, price is said to be dragged lower, thus a signal to sell the currency pair of interest.
  • If the light sea green line of the DeMarker forex indicator falls below the 0.50 center line (see Fig. 1.1), bears are said to be the main market drivers, thus a signal to sell the fx pair of focus.

Stop Loss for Sell Entry: Place stop loss 3-5 pips above the previous swing high.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  • If forex-mt4-trend-indicator pops up a blue upward pointing arrow during the course of a bearish trend, a bullish reversal is said to be imminent, thus an exit or take profit is duly recommended.
  • If the FBS Fisher custom indicator pops up a gold histogram above the zero center line during a bearish trend, bears are said to be closing their positions more and more, therefore an exit or take profit stance will suffice.
  • If the light sea green line of the DeMarker indicator surges above the 0.50 center line while a bearish trend is ongoing, bears are said to be leaving the market in their droves, hence an exit or take profit stance is advised.

Sell Trade Example: USD/CAD (US Dollar / Canadian Dollar), M15 Chart

Fig. 1.1

Free Download

Download the M15 Forex Trading Strategy

About The Forex Technical Indicators Used

The forex-mt4-trend-indicator is a trend indicator just as conveyed within its name, with its red arrows signifying a sell, while its blue arrows connotes a buy signal.

The FBS Fisher custom indictor is a technical tool that tries to pinpoint trend direction, trend changes and trend strength in line with market action.

The DeMarker indicator is an oscillator designed by Tom Demark that also finds use when traders are trying to determine potential overbought and oversold regions in the market.

Easy Installation

Start using this forex strategy in just 5 minutes. Click here to get started now.

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