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Learn the most powerful scalping strategy using the USD CAD currency pair on a 15-minute time frame. The strategy involves using the Wave Trend Crosses Indicator with specific settings for both sell and buy trades. Set stop loss and profit targets at 1:1 and if you like the strategy, like and subscribe to the channel.
The Most Powerful Scalping Strategy – A Step by Step Guide
Introduction:
When it comes to trading, scalping has been one of the most preferred strategies by traders worldwide. The term scalping refers to the act of conducting multiple trades in a short timeframe to generate small but consistent profits. But, as we all know, scalping involves high risk due to its smaller time frame nature. Therefore, traders must have a well-crafted strategy to win the game. In this article, we will discuss one of the most powerful scalping strategies that can help you achieve your desired profits.
Step 1: Go for USD/CAD in 15 Minute Time Frame:
The first step towards implementing this powerful scalping strategy is to choose the right currency pair. As discussed, we recommend USD/CAD in the 15-minute time frame. The reason behind this is because the USD/CAD pair is highly liquid and offers tight spreads.
Step 2: Wave Trend Crosses Indicator:
The wave trend crosses indicator is a crucial element of this strategy, and we need to make some changes in its settings. The indicator is preferred as it identifies potential trend reversals, and it works best in a lower time frame.
To set up the indicator, go to the chart, select the wave trend crosses indicator, and change its settings to the following:
– Trend Factor: Decrease to 2
– Trend Period: Decrease to 10
Step 3: Sell Trade:
After setting up the indicator, we can now move on to the next step, which is opening a sell trade. For this, we need to wait for the wave trend crosses indicator to show both “M A cross slope” and “line” moving downward. Once both of these indicators appear on the chart, we can confirm that it’s time to open a sell trade.
Step 4: Cell Signal Confirmation:
To ensure the validity of the sell signal, we need to wait for confirmation. For this, we place a sell trade and set the stop-loss to the previous high point. Additionally, we set the profit target to 1:1, which means we should aim to take profit when the price moves down by one pip.
Step 5: Buy Trade:
After completing the sell trade, it’s time to move on to the next step, which is opening a buy trade. We can open a buy trade if the wave trend crosses indicator shows both “M8 cross upper” and “Bend line” moving upward. Once both of these indicators appear on the chart, we can confirm that it’s time to open a buy trade.
Step 6: By Signal Confirmation:
As with the sell signal, we need to wait for confirmation to ensure the validity of the buy signal. For this, we place a buy trade and set the stop-loss to the previous low point. We then set the profit target to 1:1, which means we should aim to take profit when the price moves up by one pip.
Step 7: Repeat:
After completing the buy trade, we can repeat the entire process again, starting from step 3. This process can be repeated multiple times until the desired profit is attained or until the market conditions are no longer favorable.
Conclusion:
Scalping can be an effective way to generate consistent profits with proper risk management. This powerful scalping strategy can be an effective tool for any trader if they follow the instructions carefully. However, it is essential to note that no strategy is foolproof, and proper risk management is crucial to minimize potential losses. Happy trading!
