Profitable 5-Minute Forex Scalping Strategy For GBP/NZD

The 5-minute Forex scalping strategy for the GBP/NZD currency pair is a profitable forex trading strategy that combines three technical indicators for accurate entry and exit signal delivery.

The goal of this strategy is to enable users take hold of momentum of a trendy market with a superior entry and exit point.

This strategy also offers traders the best conditions for spotting both current market trend and price sentiment, thereby allowing the trader lead a more relaxed everyday trading life.

Asides being a scalping system and enjoying compatibility on lower time frames, the 5-minute Forex scalping strategy for GBP/NZD is also recommended for swing trading the higher time frame like H1, H4, and Daily charts.

Chart Setup

MetaTrader4 Indicators: Moving Average.ex4 (Parameters Modified; Period=42, Style=Magenta), DynamicRS_C.ex4 (Inputs Variable Modified; IPeriod=20, Colors Width Modified; #0=2, #1=2, #2=2), tma_slope_nrp_alerts.ex4 (Default Setting)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day

Recommended Trading Sessions: Any

Currency Pairs: GBP/NZD + any other pair

Download

Download the 5-Minute Forex Scalping Strategy For GBPNZD

Buy Trade Example: GBPNZD (Great Britain Pound / New Zealand Dollar), M5 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 magenta 42 SMA Metatrader 4 forex indicator crosses below the multi-colored (yellow, aqua & red) DynamicRS_C indicator line in a bottom up manner as shown on Fig. 1.0, price is said to be driven to the upside i.e. a trigger to buy the designated currency pair.
  • If the green histograms (with aqua & red dotted tips) of the tma_slope_nrp_alerts forex indicator align above the zero horizontal level as seen on Fig. 1.0, bulls are said to be driving price higher, hence a signal to go long on the stipulated forex pair.

Stop Loss for Buy Entry: Place stop loss 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 while a bullish trend is on courseand the magenta 42 SMA indicator line intersects the multi-colored (yellow, aqua & red) DynamicRS_C indicator line (see Fig. 1.0), price is said to be making a likely reversal, therefore an exit or take profit stance is advised.
  • If the tma_slope_nrp_alerts custom indicator pops up a coral histogram that’s positioned below the 0.00 reference level, bulls are said to be leaving the market increasingly, hence a trigger to exit or take profit at once.

Sell Entry Rules

Enter a sell order if the following holds true:

  • If the magenta 42 SMA forex indicator crosses above the multi-colored (yellow, aqua & red) DynamicRS_C forex indicator line in a top downward fashion 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 coral histograms (with red & aqua dotted tips) of the tma_slope_nrp_alerts forex indicator align below the zero horizontal level as depicted on Fig. 1.1, the general market sentiment is said to be bearish, as such a sell alert will suffice.

Stop Loss for Sell Entry: Place stop loss above the previous swing high.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  • If during the course of a bearish trend, the magenta 42 SMA indicator line intersects the multi-colored (yellow, aqua & red) DynamicRS_C indicator line (refer to Fig. 1.1), bears power is said to be diminishing, as such an exit or take profit stance will do.
  • If the tma_slope_nrp_alerts custom indicator pops up a green histogram that’s placed above the 0.00 signal level, more and more bears are said to be closing their positions i.e. a trigger to exit or take profit straightaway.

Sell Trade Example: GBPNZD (Great Britain Pound / New Zealand Dollar), M5 Chart

Fig. 1.1

Free Download

Download the 5-Minute Forex Scalping Strategy For GBPNZD

About The Forex Technical Indicators Used

The 42 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 42 periods.

The DynamicRS_C is a trend indicator that shows price change.

When the line of indicator is painted red, it denotes a bearish signal, while aqua depicts bullish market sentiment.

The yellow filled segment reveals periods of market indecision.

The tma_slope_nrp_alerts is an indicator derived from the triangular moving average (TMA).

It’s a double smoothed indicator that is employed in defining price trend over a specific given number of price bars.

Easy Installation

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

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