Scalping on 15min is very popular trading Strategy and with Towers Scalping Strategy you can have positive return in trades. It is traded with great success!
- TimeFrame: 15 minutes (preferred) or 5 min
- Symbol: any currency
- Risk: MAX 1% of account equity per order
Towers Scalping Strategy Overview:
With Rainbow MMA Indicator the Towers Scalping Strategy works great on 15min timeframe. If Price is above Rainbow MMA Indicator then trend is bullish. If Price is below Rainbow MMA Indicator then trend is Bearish. For the Towers Scalping Strategy to work you need to watch for Price to move towards Rainbow MMA Indicator. When Price reaches the Rainbow (wich or full candle) you check LAST 3 candles and if they are one after another rising or going down that is your Entry Point on the opposite of the last third candle. I know its confusing but you can check picture below for the explanation:
Towers Scalping Strategy Entry Rules:
BUY Order Example:
- For BUY order price NEEDs to be ABOVE Rainbow and going towards rainbow
- When Price touches Rainbow you check LAST 3 candles (including candle that touches Rainbow MMA Indicator we label it CANDLE 1)
- Last 3 candles NEED to be going lower and lower with making lower highs (marked with BLACK line on below Image)
- When candle closes you set PENDING order just ABOVE last CANDLE 1 wick (marked with BLUE line on below Image)
- you wait MAX 2-3 next candles if Pending order is HIT take the ride to profit but if its not, delete the pending order and wait for new opportunity.
- you should set SL on the opposite side of the BUY Order Candle 1
- TP is 1 times of SL so the risk / reward ratios is 1:1
Towers Scalping Strategy Exit Rules:
- When TP is hit which should be 1 times of SL with risk / reward ratio of 1:1
- Second Option is to take out half order on TP and set BE to +2 pips and then let it run and exit on support / resistance levels
How to install Towers Scalping Strategy Template in MetaTrader 4 / MT4:
- Download/Copy/Save the TPL file into your C:\Program Files\MetaTrader 4\templates folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- Open the Template with Charts/Template
- Locate the Template which you have just downloaded into the folder stated in Step 1
- TADA and your done!