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This trading strategy refers to the so-called scalping systems. It is intended for the EURUSD currency pair and is used on the M5 timeframe. This strategy is implemented using the Forex Profit Boost indicator .
After downloading this indicator on our website in the Indicators section , install it in your Metatrader 4 terminal and apply it to the EURUSD chart.
Indicator settings
In the indicator settings, change the value of the BBPeriod parameter from 15 to 21. Leave all other parameter values as default.
This strategy has one feature - in order to start considering the possibility of opening a deal to buy or sell, it is important in what color the indicator bar closed yesterday. To do this, switch the price chart timeframe to D1. If the indicator bar opposite yesterday’s D1-candle is blue, only options for buying transactions are considered today. If yesterday’s indicator bar is red, only sales should be considered today.
Conditions for opening long positions
Conditions for opening short positions
Stop Loss and Take Profit
Stoploss is set at the nearest extremum. When the price moves in the direction specified by the deal, the distance equal to the stop loss is converted to breakeven. Then move the stop-loss in the positive zone using this distance to lock in profits. Or for these purposes, you can apply a trailing stop by specifying a value equal to the distance from the deal price to the stop-loss.
Conclusion
This strategy is simple and easy to use. By strictly observing its conditions, you can achieve good trading results. Do not forget about your own money management system.
