This scalping strategy is for traders who enjoy trading and wish to trade as much as possible. Strategy requires constant attention and adjusting the position. It is suitable only for traders that are able to hold concentration for prolonged periods of time.
Scalping strategy is traded in 5 min chart of EURUSD pair. Simple moving averages are used, together with additional lines and basic signal.
Used forex indicators
Exponential moving averages (EMA) 21 and 7. Additional lines are used for EMA 21 (100,-100). Those lines will be used as profit targets. Apply both moving averages in 5 min chart of EURSD currency pair. Use candle graph.
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Forex strategy rules
EMA 7 is trending above EMA 21. This will signalize current upwards momentum and we will enter long trades only.
Signal: price touching blue (21 EMA). We enter the trade long on first candle closing above previous candle high. Candle fully formed below blue EMA cancels the signal.
Take profit: Upper EMA 21 line (with value 100)
Stop loss: Stop loss is placed below the low of a signal
EMA 7 is trending below EMA 21. This will signalize current downwards momentum and we will enter short trades only.
Signal: price touching blue (21 EMA). We enter the trade short on first candle closing below previous candle low. Candle fully formed above blue EMA cancels the signal.
Take profit: BttomEMA 21 line (with value -100)
Stop loss: Stop loss is placed above the high of a signal