ForexScalp Retracement

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.

ForexScalp Retracement

ForexScalp Retracement

ForexScalp Retracement- Switch 5min chart

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  • Platform: Metatrader4
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • How to install MT4 indicator?
  • 1. On the desktop, double-click to open the MT4 trading platform software you installed.
  • 2. Click on “File” – “Open Data Folder” in the upper left corner, double-click the MQL4 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT4, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window