The simple super scalper forex trading strategy is an easy technique to rake in profits all day long. Use this strategy on the major currency pairs and cross pairs.
MetaTrader4 Indicators: Superscalper.ex4 (default setting), Arrow_Signal.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-minutes
Recommended Trading Sessions: Any
Currency Pairs: Majors + currency crosses
Buy Example (click the image for full size):
Long Entry Rules:
Enter a buy position when the following chart or indicator patterns are on display:
- The Superscalper custom indicator turns blue below price action, signaling that price is about to reverse and go the buy direction.
- The Arrow Signal indicator turns aqua below price bars, an indication that price is going to push higher.
N.B. Wait for both conditions to play out before initiating a “Buy” entry.
Stop Loss for Long Entry: ≥15 pips from low of bullish candle that precedes the entry candle.
Exit Strategy/Take Profit for Long Entry:
Watch out for the following confirmation patterns before exiting or taking profit on position(s) entered:
- When the Superscalper custom indicator turns yellow, you’ll have to exit open positions and cut in on your profits (disregarding whether the custom indicator is aligned above, below or in-between, go for the color change in the indicator as a potent exit/take profit alert).
- Watch out for a red colored Arrow Signal custom indicator above price bars pointing downward.
Any of the conditions stated above should suffice for an exit, you do not necessarily have to wait for both conditions.
Sell Entry Rules:
The following chart or indicator patterns are indicative of a Sell signal when deploying the Simple Super Scalper Forex Trading Strategy:
- The Superscalper indicator turns yellow, signaling that price is about to go south i.e. a Bears market is in the making. Also watch out for a bearish candle to open and close below the yellow Superscalper indicator line.
- The Arrow Signal indicator gives a red arrow pointing downward and aligned above price bars, signaling that price is on its way down
Stop Loss for Sell Entry: ≥15 pips from high of bearish candle that precedes the entry candle.
Exit Strategy/Take Profit for Sell Entry: Based on the under listed conditions, the exit strategy/take profit should be triggered.
- When the Superscalper indicator turns red, it signals an exhaustion in the number of bears in the market and price is getting ready to jump.
- The Arrow Signal indicator reveals an aqua colored upward pointing arrow as an exit/take profit signal.
About The Trading Indicators
The Arrow_Signal.ex4 custom indicator is built on the CCI indicator, with the indicator delivering buy and sell signals by listening to when the CCI crosses the zero mark (denoting it with an aqua or red arrow).
The indicator has been able to minimize lag, thereby increasing its accuracy.
The Superscalper.ex4 is a line indicator that resembles moving averages, but is employed generally as a scalping indicator.