Simple Forex Strategy (Beginner)

This is a simple scalping/day trading strategy using only 3 features of our indicator! This strategy is highly profitable, and beginner friendly. It works on the 5m, 15m, 30m, and 4hr time frames!

STEP ONE: ALGO SETTINGS

The only settings you need, are the following (make sure to copy exactly):

STEP TWO: BASIC SUPPORT AND RESISTANCE

This step isn't vital; however, we recommend drawing basic support and resistance lines around where your entry will be. This will help you just see key areas where price could head to, and also give you areas to place your stop loss if you desire.

STEP THREE: TWO CONFIRMATION ENTRY

Entering a trade is very simple, you are waiting for price to close above the trend filter and fast cloud (for longs), or below the trend filter and fast cloud (for shorts). ENTER BELOW FOR SHORT POSITIONS (2a) ENTER ABOVE FOR BUY POSITIONS (2b)

STEP FOUR: TAKE PROFIT LEVELS

With this strategy, there are only two reason to exit a trade. 1. Price touched the reversal cloud (3a for shorts/3b for longs). 2. Price closed in the opposite direction above/below the trend filter and fast cloud.

I recommend closing 80% of your position when price hits the reversal zone, and then let the other 20% rise until price closes in the opposite direction above/below the trend filter and fast cloud.

STEP FIVE: STOP LOSS LEVELS

When using this strategy, you have 3 options on where to place your stop loss. This is all preference based on what you want to risk: 1. Just below the trend filter. 2. Just below the trend filter & fast cloud. 3. Just below a previous support or resistance.