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Forex Wave Scalping Strategy
This is a scalping strategy that uses a 1 minute to 30 minutes timeframe. This is applicable to all currency pairs also. In this strategy, we will be observing more on the waves and MACD as the confirmation indicator.
Forex Indicators:
- 34EMA High (green)
- 34EMA Low (Red)
- 34EMA close (white)
- 161EMA
- Pivot
- Stochastic (8,3,3,)
- RealMACD (5, 15,5)
Long Entry:
- The price must retrace into the wave from above the wave.
- The candle must close above the wave
- Stochastic is greater than 50.
- MACD is greater than 0.
Short Entry:
- The price must retrace into the wave from below the wave.
- The candle must close below the wave.
- Stochastic is less than 50.
- MACD is less than 0.
- For 30 Minutes timeframe:
Stop Loss:
- SELL: Place 2 pips above 34 EMA close.
- BUY: Place 2 pip below 34 EMA close.
Take profit at he pivot level or take it at 35 pips.
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