Sniper Magic Forex Scalping Strategy
The Sniper Magic forex scalping strategy is made up of the popular T3 CCI indicator and a reliable buy & sell scalper indicator.
This strategy is most effective on the M1, M5 and M15 trading charts.
For best results, use it on low spread currency pairs such as the EUR/USD, GBP/USD and the USD/JPY.
MetaTrader4 Indicators: buysellmagic02.ex4 (Default Setting), FX Sniper’s T3 CCI.ex4 (Inputs Variable Modified; CCI_Period=16)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute
Recommended Trading Sessions: Any
Currency Pairs: Any small spread pair
Buy Trade Example
Long Entry Rules
Enter a buy order if the following indicator or chart pattern gets displayed:
- If the lime upward pointing arrow and deep sky blue dotted line of the buysellmagic02 custom indicator gets aligned somewhat below the candlesticks as seen on Fig. 1.0, price is said to be pushed to the upside i.e. a trigger to buy the stipulated currency pair.
- If the blue line and green histograms of the FX Sniper’s T3 CCI custom MT4 indicator is seen to break and hover above the 0.00 level, the overall market sentiment is said to be bullish i.e. a buy signal is said to be imminent.
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 while a bullish trend is running, the red downward pointing arrow of the buysellmagic02 custom indicator gets placed a tad above the candlesticks (refer to Fig. 1.0), an exit or take profit is advised.
- If the blue line of the FX Sniper’s T3 CCI custom MT4 indicator dips below the 0.00 level during a buy signal, it is an indication of weaning bulls power, as such an exit or take profit will suffice.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the red downward pointing arrow and dotted line of the buysellmagic02 custom indicator gets lined up slightly above the candles as shown on Fig. 1.1, price is said to be taken lower i.e. a trigger to sell the designated forex pair.
- If the blue line and red histograms of the FX Sniper’s T3 CCI custom indicator is seen to dip below the 0.00 level, the general market sentiment is said to be bearish i.e. a signal to sell the selected forex pair.
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 the lime upward pointing arrow of the buysellmagic02 custom indicator pops up below price bars while a sell signal is running, an exit or take profit is recommended.
- If the blue line of the FX Sniper’s T3 CCI custom MT4 indicator surges above the 0.00 level during a sell signal, it is an indication of halting bears power, hence an exit or take profit will do.
Sell Trade Example
The BuysellMagic02 custom indicator is a technical tool that forms red/lime arrows above or below price bars in defining bullish or bearish trends for the asset under scrutiny.
The FX Sniper’s T3 CCI is a trend-momentum indicator that is based on the Commodity Channel Index (CCI), the indicator can be used in generating intraday signals.