Trend Line Forex Scalper provides an easy, yet effective way to scalp the forex on 1 min forex charts. The strategy is composed of the Stochastic oscillator and rising or falling trend lines.
Chart Setup:
• Preferred currency pair to trade: Major Currency Pairs
• Time to Trade : Euro and Us Session
• Timeframe: 1 Min or M5
Indicators:
Stochastic Oscillator (default settings: 5,3,3)
Trend Line Forex Scalper Example
How it works:
BUY TRADE
• Draw a significant rising trend line in a up trending market.
• The currency pair retreats towards the rising trend line but doesn’t close below.
• Open a buy trade if the Stochastic oscillator turns back above 20 from oversold readings below 20 (gray circle on the chart above).
• Place your stop loss 1 pip below the rising trend line.
• Price objective 20 pips or better.
SELL TRADE
• Draw a significant falling trend line in a down trending market.
• The currency pair retreats towards the falling trend line but doesn’t close above.
• Open a sell trade if the Stochastic oscillator turns back below 80 from overbought readings above 80.
• Place your stop loss 1 pip above the falling trend line.
• Price objective 20 pips or better.
