This forex trading strategy is called the 1 Minute Forex Scalping Strategy With CCI And Slope Indicator . It is a really simple forex scalping strategy.
How To Setup Your Trading Charts
Here are the indicators you need:
- slope-direction-line (click link to download)
- CCI (35 period)
Timeframe required: 1 minute
Trading Session: London or US
Currency Pairs to Trade: GBPUSD, EURUSD, USDJPY, GBPJPY, AUDUSD, USDCAD, EURJPY
Buying (Long) Rules
- slope direction line is blue
- price must be above the slope direction line indicator
- CCI indicator line be greater than +100
- place stop loss 2 pips below the rising slope line
- set your take profit targets at 10-20 pips
Selling (Short) Rules
- slope direction line is red
- price must be below the slope direction line indicator
- CCI indicator line be >-100
- place stop loss 2 pips above the rising slope line
- set your take profit targets at 10-20 pips
The chart below shows and example of how to take a short trade:
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Hello Tot,
the current default settings are set at 10 which means the slope line pretty much hugs the price.
If you think that is too close increase them to 14 or 20 etc
what are the settings for slope indicator? thanks