Name : Urban Towers Scalping Forex Strategy
Indicators : Blue MA (Rainbow)
Time Frame : 15min Charts
Strategy By : Analyst Navin Prithyani (forexwatchers.com)
The Strategy :
During a trend, when the market retraces to the blue MA with at least 3 consecutive lower highs (3 towers), we enter at the break of the high of the last high. Ok let me explain in details one by one.
Steps to Follow :
– Price is above the blue MA trend is up
– Price is below the blue MA trend is down
– Market retraces towards the blue MA with 3 consecutive lower highs (in a uptrend)
– At the break of the high of the last candle, we enter long (in a uptrend)
Example 1 :
Alright, what do we know right off the bat by looking at this. We know the market is in a uptrend because the market is above the blue MA. The market retraced to the blue line with 3 consecutive lower highs (3 towers) as we can see the red candles above. Next, we entered long at the break of the high of the last retracement candle – which in this case is 3rd tower as we can see above. Ok 1 more example for you guys 🙂
Example 2 :
Example of a Do Not Enter Trade
Alright, in this example, the market was in a uptrend, it did a 1, 2, 3 tower retrace but it never had a breakout on the high of the 3rd tower, in fact, the market continued down and changed to a down trend. This example is to show that this strategy helps avoid many fake trades.
1:1 Risk to reward. If your stop is -12 pips your limit should be +12 pips.
Open 2 lots. If your stop is at -10 pips, once your trades goes in your favor and you’re at +10 pips, close 1 lot and let the other one run. Exit at Support and Resistance levels.
Exit at the nearest 50 or 00 level. These are psychological levels. (make sure your exit is at least the same number of pips as your stop, otherwise don’t enter the trade)
Trailing Stop. Once in a trade, at the close of each candle, place your stop 1 pip below the low (if in a buy trade). Vice versa for a sell trade.
Urban Towers Scalping Forex Strategy Video Tutorial :
Urban Towers Scalping Forex Strategy Recap :
Click on the link to see the article to learn how to install the Blue Rainbow MA Indicator for this strategy.