Simple Scalper Strategy

In day trading, simplicity can be a trader's best friend. Complexity often leads to confusion, hesitancy, and missed opportunities. That's why we've crafted a straightforward yet effective strategy tailored for the bustling London and New York sessions, focusing on low spread major currency pairs. Using only three indicators on the MetaTrader 4 platform, this strategy aims to capture short-term trends with precision and ease.

Strategy Overview:

Time Frame: 5 or 15 minutes

Sessions: London and New York

Preferred Currency Pairs: Majors with low spreads

Indicators:

Direction Indicator: Provides clear buy or sell signals through arrows.

Pivot Points Levels: Identifies potential reversal or breakout points.

SupremeFilter: Acts as a confirming filter, enhancing signal accuracy.

Trading Rules:

Buy

Look for a buy arrow on the direction indicator.

Confirm with a blue bar on the SupremeFilter.

Sell

Look for a sell arrow on the direction indicator.

Confirm with a white bar on the SupremeFilter.

Exit

Set stop-loss below/above the dot of the direction indicator or at pivot levels to manage risk.

Aim for a profit target of 6-15 pips or at pivot levels.

Risk Management

Implement a negative progression money management system or adjust position sizes with increments or decrements of 10%-15%.

Examples of Trades

During the London session, observe the price action on the 1 or 5-minute chart.

Spot a buy arrow accompanied by a blue bar on the SupremeFilter.

Enter the trade with a stop-loss below the direction indicator dot or at a nearby pivot level.

Aim for a profit target of 6-15 pips or consider exiting at a pivot level if it aligns with your risk-reward ratio.

Manage your trade size according to your risk management strategy.

Conclusion

This streamlined trend-following day trading strategy offers a clear framework for navigating the volatile Forex market during the London and New York sessions. By focusing on simplicity and utilizing just three indicators, traders can quickly identify high-probability trading opportunities while effectively managing risk. Remember, discipline and consistency are key to success in day trading. Happy trading!

Note: Remember to backtest this strategy thoroughly and adjust it according to your trading style and risk tolerance before implementing it in live markets.