Scalping does well on most liquid markets, although some market sessions have been shown to be more liquid than others.
London, New York and Tokyo are the most liquid trading sessions and excellent for scalping the market.
The Awesome Trend Signal forex scalping strategy is designed for the M1, M5 and M15 short-term charts.
It is a trend following scalping strategy that is suitable for both beginners and seasoned scalpers.
Chart Setup
MetaTrader4 Indicators: ASCTrend1i.ex4 (Inputs Variable Modified; Risk=12), Awesome_Signal.ex4 (Default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: Any (London, New York, Tokyo)
Currency Pairs: Any pair
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Initiate a buy entry if the following indicator or chart setup gets displayed:
- If the yellow upward pointing arrow of the ASCTrend1i custom indicator gets placed slightly below the candlesticks as seen on Fig. 1.0, the overall market sentiment is said to be bullish i.e. a trigger to buy the preferred forex pair.
- If the gold line and histograms (red & green) of the Awesome_Signal.ex4 custom MT4 indicator break and stay above the 0.00 level as described on Fig. 1.0, price is said to be pressured to the upside i.e. a signal to buy the designated currency pair.
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 rules or conditions takes precedence:
- If a magenta downward pointing arrow of the ASCTrend1i custom indicator shoots out above the candles as shown on Fig. 1.0, it is a signal to exit or take profit immediately.
- If the histogram (red) of the Awesome_Signal.ex4 custom MT4 indicator realigns to form below the 0.00 level during a buy signal, an exit or take profit is said to be looming.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta downward pointing arrow of the ASCTrend1i custom indicator gets placed fairly above price bars as depicted on Fig. 1.1, the general market sentiment is said to be bearish i.e. a trigger to sell the chosen currency pair.
- If the gold line and histograms (red & green) of the Awesome_Signal.ex4 custom MT4 indicator break and hovers below the 0.00 level as illustrated on Fig. 1.1, price is said to be pushed lower, hence a signal to go short on the currency pair of interest.
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 takes center stage:
- If a yellow upward pointing arrow of the ASCTrend1i custom indicator gets seen below the candles as seen on Fig. 1.1, it is a signal to exit or take profit straightaway.
- If the histogram (green) of the Awesome_Signal.ex4 custom MT4 indicator realigns to shoot above the 0.00 level during a sell signal, an exit or take profit is said to be imminent.
Sell Trade Example
Fig. 1.1
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Download the Awesome Trend Signal Forex Scalping Strategy
The ASCTrend1i.ex4 custom indicator is used to deliver trading signals via the use of its yellow upward pointing arrow (bullish signal) and magenta colored downward pointing arrow (bearish signal).
The Awesome_Signal.ex4 custom indicator just like any other oscillator has its values fluctuate above and below the zero signal line.
In so doing it depicts the difference between the 4 SMA and 34 SMA.