Trade Channel Forex Scalping Strategy
This is a scalping system that is based on 2 indicator which is the trade channel and doda stochastic indicator. This is useful in a 1-minute and 5-minute timeframe and this works in any currency pairs.
Metatrader Indicators:
- Trade-Channel indicator
- Doda Stochastic indicator
Buy Entry:
- The price must touch or go below the Lower trade-channel Band.
- Doda Stochastic must decline below the 30 level and then cross back up.
- A bullish candle must close above the Lower Trade-Channel Band.
- Enter trade when the above conditions are met.
- Place stop loss below the most recent Swing low.
- Take profit equal to the stop loss. Ratio 1:1
- You can also exit at the reversal but do not set a take profit, just move the stop loss when the price moves in your favor with the same amount of the stop loss, then wait for the reversal before you close the position.
- Another exit position is on the level of the channels or when doda stochastic reverse position.
- Another option for stop loss is 3 pip below lower band
Sell Entry:
- The price must touch or go below the Lower trade-channel Band.
- Doda Stochastic must decline below the 30 level and then cross back up.
- A bullish candle must close above the Lower Trade-Channel Band.
- When the above conditions are met, place a buy order.
- Place stop loss just below the most recent Swing low.
- Take profit should be 1:1 ratio.
- Close trade at the reversal and trail stop.
- Another exit position is on the level of the channels or when Doda stochastic reverse position.
- Another option for stop loss is 3 pip below the lower band.
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