Forex Trade Channel Scalping Strategy
Forex Trade Channel Scalping Strategy;
This scalping System is based on two indicators: Trade-Channel indicator and Doda Stochastic indicator
Timeframe:
The Trade-Channel scalpin system can be traded on almost every timeframe available starting from 1 min and 5 min chart
Currency Pairs:
Every currency pair can be used,
Indicators:
1. Trade-Channel indicator
2. Doda Stochastic indicator
Buy
1. Price must touch or go below the Lower trade-channel Band.
2. Doda Stochastic must decline below the 30 level and then cross back up.
3. A bullish candle must close above the Lower Trade-Channel Band.
4. When the above conditions are met, place a buy order.
5. After that, set the stop loss just below the most recent Swing low.
6. Set the take profit equal to the stop loss (1:1 risk to reward ratio).
7. Another exit option is closing the trade when there’s a reversal signal. In this
situation, we will not be setting a take profit level. Instead, when price moves in
our favor at the same amount as the stop loss, we need to move the stop loss to
break even. Then we wait for reversal signal before closing the order. This way,
we can get the maximum profits from strong trending markets.
Other exit position are: on the level of the channels or when Doda stochastic reverse position.
Another option for stop loss is 3 pip below lower band
Sell
1. Price must touch or go below the Lower trade-channel Band.
2. Doda Stochastic must decline below the 30 level and then cross back up.
3. A bullish candle must close above the Lower Trade-Channel Band.
4. When the above conditions are met, place a buy order.
5. After that, set the stop loss just below the most recent Swing low.
6. Set the take profit equal to the stop loss (1:1 risk to reward ratio).
7. Another exit option is closing the trade when there’s a reversal signal. In this
situation, we will not be setting a take profit level. Instead, when price moves in
our favor at the same amount as the stop loss, we need to move the stop loss to
break even. Then we wait for reversal signal before closing the order. This way,
we can get the maximum profits from strong trending markets.
The chart below shows long trade conditions being met.
Other exit position are: on the level of the channels or when Doda stochastic reverse position.
Another option for stop loss is 3 pip below lower band
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Trade Channel Scalping Strategy?
- Download Forex Trade Channel Scalping Strategy.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Trade Channel Scalping Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
