If you like to scalp the forex market for profits, it is paramount that you go for a reliable trading strategy, one that is easy to adopt, yet it has the potential for triggering profitable entries.
Take a look at the trail forex system that I’ve designed using basic trading indicators, it is a great way to start your journey as a scalper.
Chart Setup
MetaTrader4 Indicators: TrailCD.ex4 (default setting), buzzer.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, for example the EUR/USD and USD/JPY.
Download
Download the Trail Forex Scalping Trading Strategy
Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Place a buy entry if the following conditions or rules hold true:
- If the line of the buzzer custom indicator turns lime, it is an indication that price is witnessing an upward thrust, a move that obviously should trigger the opening of buy position(s).
- If the royal blue histograms of the TrailCD.ex4 custom indicator aligns itself above the 0.00 signal level, price is said to be experiencing bullish sentiment i.e. a trigger to go long on pair of interest.
Stop Loss for Buy Entry: Place stop loss below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following indicator or chart patterns are on display:
- If the existing lime colored line of the buzzer custom indicator changes to red as shown on Fig. 1.0, it is an indication that price is making a U-turn and traders are advised to exit or take profit accordingly.
- If the royal blue histograms of the TrailCD.ex4 custom indicator declines into the zero level and eventually aligns below the 0.00 level, it is a trigger to exit or take profit without delay.
Sell Entry Rules
Place a sell order if the following rules or conditions are in place:
- If the line of the buzzer custom indicator turns red as depicted on Fig. 1.1, it is an indication that price is experiencing a downward push, a move that obviously should signal the opening of sell position(s).
- If the royal blue histograms of the TrailCD.ex4 custom indicator aligns itself below the 0.00 signal level, price is said to be experiencing bearish sentiment i.e. a trigger to sell the FX pair of interest.
Stop Loss for Sell Entry: Place stop loss above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following indicator or chart pattern takes precedence:
- If the existing red colored line of the buzzer custom indicator turns lime as shown on Fig. 1.1, it is an indication that price is making a reversal and traders are advised to exit or take profit accordingly.
- If the royal blue histograms of the TrailCD.ex4 custom indicator squeezes into the zero level and eventually aligns above the 0.00 level, it is a trigger to exit or take profit without delay.
Fig. 1.1
Free Download
Download the Trail Forex Scalping Trading Strategy
About The Trading Indicators
The TrailCD.ex4 custom indicator is a technical study that depicts convergence/divergence of the fast and slow trails.
The buzzer indicator defines bullish (lime) and bearish (red) market sentiments based on modified moving averages.