Every trader out there needs that one system that allows them get in and out of the market within minutes and in a profitable manner.
The 1 min forex scalping trading system is designed to give you quick and powerful entry and exit signals on the 1 min trading charts.
The system consists of the popular CCI indicator and a custom built B/S arrow signals FX indicator.
Let’s get started:
Chart Setup
MetaTrader4 Indicators: Arrows_Signal_BO.ex4 (default setting), Commodity Channel Index.ex4 (28)
Preferred Time Frame(s): 1-Minute
Recommended Trading Sessions: London and New York
Currency Pairs: Low spread pairs, such as: EUR/USD, GBP/USD, USD/JPY,..
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a buy order if the following indicator or chart pattern gets displayed:
- If an aqua upward pointing arrow of the Arrows_Signal_BO.ex4 custom indicator forms below the candlesticks as shown on Fig. 1.0, price is said to be pressured to the upside i.e. a trigger to buy the currency of focus.
- If the light sea green line of the Commodity Channel Index (28) MetaTrader 4 indicator hovers below the -100 signal level (the oversold level), price is expected to reverse to the upside, thus further supporting our earlier bullish stance in condition #1 above.
Stop Loss for Buy Entry: Place stop loss 1 pip below short-term support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions takes center stage:
- If while our buy orders are live in the market a red downward pointing arrow of the Arrows_Signal_BO.ex4 custom indicator forms above the candlesticks as illustrated on Fig. 1.0, it is a trigger to exit or take profit at once.
- If the light sea green line of the Commodity Channel Index (28) MetaTrader 4 indicator breaks below the 50.00 signal line during a bullish trend, an exit or take profit is recommended.
Sell Entry Rules
Initiate a sell order if the following holds true:
- If the red downward pointing arrow of the Arrows_Signal_BO.ex4 custom indicator takes shape above the candlesticks as depicted on Fig. 1.1, price is said to be pressured lower, hence a trigger to sell the asset of interest.
- If the light sea green line of the Commodity Channel Index (28) MetaTrader 4 indicator stays above the 100 signal level (the overbought level), price is expected to make a U-turn and head downward, thus further supporting our earlier bearish stance in condition #1 above.
Stop Loss for Sell Entry: Place stop loss 1 pip above short-term resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following indicator or chart patterns gets displayed:
- If while our sell position(s) are live in the market an aqua upward pointing arrow of the Arrows_Signal_BO.ex4 custom indicator forms below price bars as shown on Fig. 1.1, an exit or take profit should be triggered without delay.
- If the light sea green line of the Commodity Channel Index (28) MetaTrader 4 indicator breaks above the 50.00 signal line during a bearish trend, an exit or take profit is recommended.
Sell Trade Example
Fig. 1.1
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About The Trading Indicators
The CCI or Commodity Channel Index is an oscillator that swings around values placed between 100 and -100.
The market is said to be overbought (bearish alert) if the CCI value is above 100 and oversold (bullish alert) when the value is below -100.
The Arrows_Signal_BO.ex4 is a custom indicator that gauges trend in the market, using its red (bearish signal) and aqua (bullish signal) colored arrows.