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Saturday, April 13, 2024

Forex Trading Guide 2021: Scalping on FX Prime strategy

FX Prime is a simple scalping strategy that is recommended for trading the GBP / USD currency pair on 1 minute and 5 minute charts.

The essence of the strategy:

1. Open the chart of the currency pair in 2 windows M1 and M5.

2. Plot the following indicators on the M1 chart:

• CCI indicator with a set period of 34
• Another CCI – set a period of 170
• RCI indicator with a period of 8

3. Plot two indicators on the M5 chart

• CCI indicators with periods of 34 and 170

4. Signal for long positions:

• CCI indicator (34) above zero on all timeframes

• CCI indicator (170) above zero on all timeframes

• RSI indicator is more than 65

5. Signal for short positions:

• CCI indicator (34) below zero on all two timeframes

• CCI indicator (170) is below zero on all two timeframes

• RSI indicator less than 35

6. Stop loss is set to no more than 20 points.

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