I’m pleased to introduce a well-refined forex scalping system that thrives on the 1 min, 5 mins and 15 mins trading charts.
Its ease of implementation, along with low spread currency pairs adoption makes it every scalpers delight.
Chart Setup
MetaTrader4 Indicators: SuperWoodieCCI.ex4 (default setting), TMA ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes
Recommended Trading Sessions: New York Open | London Open
Currency Pairs: Low spread pairs, 4 pips max.
Download
Download the Super Woodie Forex Trading Strategy
Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a buy in the market if the following rules or conditions hold sway:
- If the histograms of the SuperWoodieCCI.ex4 custom indicator forms above the 0.00 signal level, price is said to be pressured higher i.e. a buy alert. When blue histograms are aligned above the 0.00 level, it denotes a strong bullish trend.
- If price opens and closes above the green line of the TMA custom indicator as shown on Fig. 1.0, it is an indication that price is pushing to the upside i.e. a buy signal.
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 chart or indicator patterns are on display:
- If the histograms of the SuperWoodieCCI.ex4 custom indicator declines into the 0.00 signal level to realign below the level, price is said to be making a U-turn from is prior trend. An exit or take profit is recommended.
- If price closes below the green line of the TMA indicator as indicated on Fig. 1.0, it is a signal that price is losing its bullish moment, as such an exit or take profit is recommended.
Sell Entry Rules
Enter a sell in the market if the following holds true:
- If the histograms of the SuperWoodieCCI.ex4 custom indicator forms below the 0.00 signal level, price is said to be pressured lower i.e. a sell alert. Thus when blue histograms are aligned below the 0.00 level, it denotes a strong bearish trend.
- If price opens and closes below the green line of the TMA custom indicator as shown on Fig. 1.1, it is an indication that price is pushing to the downside i.e. a sell signal.
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 indicator or chart patterns are on display:
- If the histograms of the SuperWoodieCCI.ex4 custom indicator regresses into the 0.00 signal level to realign above the level, price is said to be making a U-turn from is preceding trend. An exit or take profit is recommended.
- If price closes above the green line of the TMA indicator as shown on Fig. 1.1, it is a trigger that price is losing much of its bearish momentum, as such an exit or take profit is recommended.
Sell Trade Example
Fig. 1.1
Free Download
Download the Super Woodie Forex Trading Strategy
About The Trading Indicators
Triangular Moving Average (TMA) is essentially an averaged twice Simple Moving Average that delivers extra weight to the mid-section of the data interval.
The SuperWoodieCCI.ex4 on the other hand is a very popular indicator that uses CCI to focus only on what your single market does at present and you can trade based on that.
It oscillates around the zero level with histograms forming above or below (buy or sell signal) its zero signal level.