You can now download the SNR Scalping Forex Trading Strategy for free on AtoZ Markets indicators gallery.
Supports and resistances are powerful techniques and tools to analyze the market. These are areas or price points on the chart where price could either bounce off or breakout. However, for some reason, it is rarely utilized on the 1-minute chart.
For this trading strategy, we will be using one of the most basic ways to draw supports and resistances – using swing lows and highs to draw horizontal supports and resistances.
Because swing lows and highs are previous turning points on the price chart, the market will be taking note of those areas. The advantage is that, unlike diagonal supports and resistances, horizontal supports and resistances are exact price figures, so traders could be setting pending orders on those areas.
Timeframe: 1-minute chart
Currency Pair: GBPUSD & EURUSD
Session: London and New York session
How to Use SNR Scalping Forex Trading Strategy
Buy Trade Setup
- The most recent horizontal resistance should be drawn by the indicator on the chart
- Set a pending Buy Stop Order at the horizontal resistance
- Set the stop loss at 5 pips above the entry price
- Set the take profit at 5 pips below the entry price
Sell Trade Setup
- The most recent horizontal support should be drawn by the indicator on the chart
- Set a pending Sell Stop Order at the horizontal support
- Set the stop loss at 5 pips below the entry price
- Set the take profit at 5 pips above the entry price
How to download and install an indicator
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT4>Indicator folder of the MetaTrader5 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “SNR Scalping Forex Trading Strategy” template to apply it on the chart.
Note: This indicator was developed by Jack. AtoZ Markets does not carry any copyrights over this trading tool.