Forex scalpers are good at deploying a variety of ways to look for profits in the market.
Whatever method you decide on taking, a good amount of concentration and faultless order execution is required.
Traders might decide on using scalping as their primary or supplementary strategy.
The Trend Signal v3 forex scalping trading strategy is a sound short-term trend following strategy that is designed to keep your profits bigger than losses.
Learn how it works below:
MetaTrader4 Indicators: BvS v3.ex4 (Inputs Variable Modified; BvSPeriod=30), BykovTrend_Sig.ex4 (Inputs Variable Modified; RISK=15, SSP=18)
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 put on display:
- If the dodger blue upward pointing arrow of the BykovTrend_Sig.ex4 custom MT4 indicator gets aligned slightly below the candles as seen on Fig. 1.0, price is said to be pressured to the upside i.e. a signal to go bullish on the desired currency pair.
- If the lime vertical bars of the BvS v3.ex4 custom indicator gets shown within its window as depicted on Fig. 1.0, the overall market sentiment is said to be bullish, hence a trigger 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 preference:
- If while a buy signal is ongoing, the BykovTrend_Sig.ex4 custom MT4 indicator displays a magenta downward pointing arrow that is aligned fairly above price bar, an exit or take profit is appropriate.
- If a red vertical bar is seen to form within the BvS v3.ex4 custom indicator window while a buy signal is running, an exit or take profit is duly advised.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the magenta downward pointing arrow of the BykovTrend_Sig.ex4 custom MT4 indicator gets placed somewhat above price bars as illustrated on Fig. 1.1, price is said to be taken lower i.e. a signal to go short on the forex pair of interest.
- If the red vertical bars of the BvS v3.ex4 custom indicator gets placed within its window as seen Fig. 1.1, the overall market sentiment is said to be bearish, hence a trigger 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 while a sell alert is running, the BykovTrend_Sig.ex4 custom MT4 indicator displays a dodger blue upward pointing arrow that is placed a tad below the candles (refer to Fig. 1.1), an exit or take profit will suffice.
- If a lime vertical bar is seen to form within the BvS v3.ex4 custom indicator window while a sell signal is ongoing, an exit or take profit is duly recommended.
Sell Trade Example
The BvS v3.ex4 custom indicator is known as the Buyers versus Sellers indicator and is used to literally gauge buyers versus sellers in the market.
It is a good pointer to where the future price is heading to (up or down).
The BykovTrend_Sig.ex4 custom indicator is a technical analysis tool that gauges trend with the use of an upward pointing dodger blue arrow and downward pointing red arrow.