Envelope 1 Minute Forex Scalping Strategy
This is a scalping strategy that is based on the price action of the market. The objective of this system is to enter the market when there are strong price hikes. The envelopes are the instrument that applies to measure the excursions. Use this system in EURUSD and GBPUSD pairs in a 1-minute timeframe. This system is effective during London and New York sessions. The spread must be 0.0015.
Forex Indicators:
- Envelopes (simple moving average 34-period, median price HL/2 deviations 0.08 color white);
- Envelopes (simple moving average 34-period, median price HL/2 deviations 0.09 color upper band red, lower band blue);
Buy Entry:
- The price must break the blue lower band.
- Open long trade at the opening of the next bar.
Sell Entry:
- The price must break the red upper band.
- Open sell position at the opening of the next bar.
Exit position:
- Take profit at the middle band or set a profit target at 6-8 pips.
- Initial stop loss must be 10 pips after the 5 pips in gain move stop loss at 2 pips from the entry price.
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