This forex trading strategy uses 2 timeframes, the 1 hour and the 5 minute. We will look at both of this timeframe and look for entries on this two timeframes. This trading strategy is applicable to EURUSD and GBPUSD pairs. There are only 2 indicators that are used in this system.
Forex Indicators:
- Wick o Gram level 5; -5
- CCI 150; -150
How to trade with Wick Forex Scalping Strategy?
Long Entry:
- The wick indicator must be below -5.
- CCI 14 is in oversold area -150.
- Enter at the opening of the next bar.
Short Entry:
- The wick must be below 5.
- CCI 14 is in overbought area 150.
- Enter at the opening of the next bar.
Exit Position:
- Place stop loss at 8-10 pips and take profit at 5 pips.
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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 “Download Indicator” button located at the bottom of the post.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “Wick Forex Scalping Strategy” template to apply it on the chart.
Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.
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