Your support is fundamental for the future, to continue sharing the best free strategies and indicators.


43 # Forex Scalp Retracement Trading System

Submit by joy22

 

Time Frame 5min

Pairs: GBP/USD EUR/JPY

 

Indicators:

55EMA

MACD (4,9.6)

Long Entry:

The Closing price must be above 55EMA on The Hourly Chart;

The closing hourly candelstick must be a bullish candelstick;

MACD bar mus show a positive divergence or show a higher low bar.

If all of the conditions above agree,

switch to a 5-min chart.

 

Scenario A: look out for 38% or 50% Fibonacci retracement (support) from the recent swing low on hourly chart. Open long position if the candelstick went below but closed above the retracement level (eigther 38% or 50 %); set stop loss at 61,8% or recent swing low if your risk per trade allows.

 

Scenario B: if the price action does not retrace to 38% level, open long position at the break of the previous hourly candle's high; set stop loss at 61,8% or at recent swing low.

Short Entry:

The Closing price must be below 55EMA on The Hourly Chart;

The closing hourly candelstick must be a bearish candelstick;

MACD bar must cross lowe the Signal EMA on the hourly chart and color must be red.

If all of the conditions above agree,

switch to a 5-min chart.

 

Scenario A: look out for 38% or 50% Fibonacci retracement (resistance) from the recent swing high on hourly chart. Open short position if the candelstick went below but closed above the retracement level (eigther 38% or 50 %); set stop loss at 61,8% or recent swing high if your risk per trade allows.

 

Scenario B: if the price action does not retrace to 38% level, open short position at the break of the previous hourly candle's low; set stop loss at 61,8% or at recent swing high.

 

 

Share your opinion, can help everyone to understand the forex strategy.

 

Retracement Forex Strategies

Forex Scalp Retracement Trading System
Forex Scalp Retracement is an trading system based on the 55 EMA indicator , MACD and 38% and 50% Fibonacci Retracement.
forex+scalp+retracement.rar
compressed file archive 19.3 KB

Write a comment

Comments: 0