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The 10 Pips Scalping Strategy for Currency Traders. http://www.financial-spread-betting.com/forex/forex-trading.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! This is a trading strategy for scalpers, not for swing traders. You can try it out and see if it fits with your style of trading and personality. And perhaps you can find ways to tweak it into ways where it works for you.
This is on a one-minute chart; it might work on USD/JPY or GBP/USD. The whole point of this strategy is that we’re looking for a 10 pips final target so the market has to be reasonably active.
We are looking to trade extreme oscillations on a very short-term basis. The key with any scalping strategy is to be brutally disciplined with your exit.
Rules;
1) Short when RSI is greater than 90
2) Long when RSI is less than 10
3) Enter on cross
4) Target = 10 pips
5) Stop = 10 pips or prior extreme
The idea of this is that price is stretching in one direction very short-term (indicated by the RSI overbought/RSI oversold condition), starting to roll a bit and then we’ll hitting it immediately. If we’re wrong we get immediately out.