A Simple Forex Scalping Strategy

This is a simple forex strategy that works without using any indicators at all.

It can also be a profitable one at the same time. Many forex strategies are free and there are lots of them that use the Triple Screen Trading system by Alexander Elder as their basis.

This is the same strategy we use. This simple strategy can be combined with an appropriate money management approach and you can make a good profit. Trades can be done using whatever currency pairs you choose.

If you want to use this strategy then you should look to work with a broker that is reliable and offers the Metatrader 4 trading platform.

A Description of a Simple Forex Scalping Strategy

Trading with this strategy is simple as long as you follow these three rules:

* You can check candles on the M5, M15, M30 and H1 timeframes

* You should open up a buy transaction only if all of the 4 timeframes have white candles

* Sell transactions can be opened if there are black candles on all four timeframes

We can take a look at a sample of using the forex strategy below:

Using the Simple Forex Scalping Strategy

This best forex scalping can used once the Metatrader 4 trading terminal has been prepared. The same currency will need to have four windows made for it (see picture). Select 'Window' and then 'Tile Vertically' to arrange the chart.

Now the preparation has been completed, just wait for the signal before opening up the transaction.

We can describe the transaction opening process in detail:

* The picture shows that at 3:00 when the candle was opened on the H1 timeframe was black at closure

* Now we see that at 3:30 on the M30 timeframe a candle was opened and it was also black when it closed

* On the M15 timeframe, the candle that had been opened at 3:45 was also black upon closure

* Lastly, the candle that was opened on the M5 timeframe at 3:55 was black

This shows us that the conditions for this forex trading strategy were achieved and so we can open up buy transactions based on the market price.

This is only an example; if M15 had showed a white candle and H1 and M30 showed black candles then this transaction would not have proceeded.

If you want to guarantee successful trades then you need to stick to the rules. That is not just for this strategy as all systems of forex trading can yield profits as long as you adhere to the rules.

Rules when Placing Take-Profit and Stop-loss

There are only two rules here for this strategy when placing stop-loss and take-profit:

* 15- 20 points is where the stop-loss is fixed. The profit here will be a minimum of 30-40 pips. As soon as the price gets to 15 pips, the transaction transfers to break-even or half the position is closed. This simple forex strategy uses trailing stop just like a lot of other forex strategies

* Stop losses can be placed below (above) the minimum close (maximum). Here the take-profit is 2-3 times the protecting stop order. Profit can be fixed the same way as before.

by: iticsoftware

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