There is a Forex scalping strategy that is used to trade on the 1-minute chart (M1) known as 'Scalping in Silence'. Beyond any doubt, this is a profitable Forex strategy if you follow all of its rules. We advise you to use the EURUSD currency pair. For starters, you need to know that 'Scalping in Silence' has one special feature: you can only trade from 9:00 to 11:00 GMT.
Look for a trustworthy forex broker when looking to use this Forex scalping strategy and one that can give you access to the MT4 4 trading platform.
Short Description of the Strategy Scalping in Silence
The chart window should be adjusted before you use this Forex strategy to start trading. Using the currency pair you have chosen you should firstly place the following indicators:
- Parabolic SAR (0.02 and 0.2) ' green
- Parabolic SAR (0.005 and 0.05) ' blue
Remember that you should only open up trades going towards the blue Parabolic SAR. In order to determine entry points, we will also need a Fibonacci grid. Once the price has broken away from the green-colored Parabolic, a Fibonacci grid should be built. This will be built between the last local maximum and minimum candle from where the reversal occurred.
When using the 'Scalping in Silence' Forex trading strategy, open a buy trade on the Fibonacci level of 50%. When it comes to placing the stop-loss, this should be placed at two points below the last local minimum. It is advisable to keep your risk limited to somewhere between 2% and 4%. At 164.8% on the Fibonacci level is where the take-profit should be placed. Or a trailing stop can be used. For opening up a sell trade, you just do exactly the opposite.