BASIC SCALPING STRATEGY GUIDELINES

TIMEFRAME: D1

ZOOM INTO smaller timeframe like M15 or M5 to see better.

StopLoss and TakeProfit

7-10 Pips

No Open Trading on Sunday or First Day of the Week

NOTE: You can trade Sunday; this is my personal preference to avoid Sunday chart candle confusion

BUY RULES

1. Previous day’s Close Above Weekly and Monthly Open

2. Buy one tick above the previous days HIGH

1. EXAMPLEClose Yesterday was above Weekly & Monthly Open Lines
2. Yesterdays High is 0.89620
3. Buy TODAY if the Price goes 1 Tick Above Yesterdays High. Or Buy if the Price goes at least 0.89621

SELL RULES

1. Previous day’s Close Below Weekly and Monthly Open

2. Sell one tick above the previous days LOW

1. EXAMPLEClose Yesterday was below Weekly & Monthly Open Lines
2. Yesterdays Low is 1.35608
3. Sell TODAY if the Price goes 1 Tick Below Yesterdays Low. Or Sell if the Price goes at least 1.35607

SECOND OPEN TRADE STRATEGY

ONLY FOR TESTING PURPOSES AND NOT YET TESTED, TRADE AT OWN RISK

THE LOGIC: If the first breakout attempt was a bit “SHY,” the second attempt would have been stronger

1. IF First Trade was A bit Loss, Open another Trade on the SAME Level of the First Trade
2. Set StopLoss Same as Previous
3. Increase Takeprofit By 50%

FIRST TRADE HIT STOPLOSS (-10Pips)

PREPARE 2ND TRADE

2ND TRADE WON (+15 Pips)

Download Needed Indicators

Read More: 50 Pips A Day Forex Trading Strategy