A Simple But Profitable GBPUSD Scalping Strategy - GoTrade4me


Here is a simple but potentially profitable GBP/USD scalping strategy with buy and sell entry and exit rules:

  1. Use a 1-minute chart to monitor the price action of GBP/USD.
  2. Identify key levels of support and resistance using trend lines, moving averages, or other technical indicators.
  3. Set up your buy and sell trades:
  • For a buy trade: Wait for the price to pull back to a level of support, and then enter a long position when the price breaks above the most recent high.
  • For a sell trade: Wait for the price to rally to a level of resistance, and then enter a short position when the price breaks below the most recent low.
  1. Use a stop loss to manage risk: Set a stop loss at a level that is below your entry price for a buy trade, or above your entry price for a sell trade. You can use a multiple of the average true range (ATR) of GBP/USD to determine your stop loss level.
  2. Set a profit target: Choose a profit target that aligns with your risk tolerance and trading goals. You can use a multiple of the ATR of GBP/USD to determine your profit target.
  3. Exit the trade when your profit target is reached or when the stop loss is triggered.

It is important to note that all trading carries some level of risk, and it is important to carefully manage your risk and use appropriate risk management techniques. This strategy can be profitable if GBP/USD exhibits strong trends and if you are able to accurately identify key levels of support and resistance. However, it is always a good idea to thoroughly test any trading strategy on historical data before using it to trade live.

Here is a simple, but potentially profitable, scalping strategy for GBP/USD on the 5-minute chart:

Buy Entry Rules:

  1. Wait for the GBP/USD to pull back to a key level of support, such as a moving average or a horizontal support level.
  2. Look for bullish price action at the support level, such as a hammer or a doji candlestick pattern.
  3. Enter a long position as soon as a bullish candlestick pattern forms, using a stop loss just below the low of the candlestick.
  4. Set a profit target at a key level of resistance, such as a previous swing high or a horizontal resistance level.

Sell Entry Rules:

  1. Wait for the GBP/USD to rally to a key level of resistance, such as a moving average or a horizontal resistance level.
  2. Look for bearish price action at the resistance level, such as a shooting star or a bearish engulfing pattern.
  3. Enter a short position as soon as a bearish candlestick pattern forms, using a stop loss just above the high of the candlestick.
  4. Set a profit target at a key level of support, such as a previous swing low or a horizontal support level.

Exit Rules:

  1. Close the trade as soon as the profit target is reached.
  2. If the market moves against you and the stop loss is triggered, close the trade to limit your losses.

It is important to note that this is just a simple example, and there are many other factors that you will need to consider when scalping the GBP/USD, such as risk management and money management. It is always a good idea to thoroughly test any trading strategy on historical data before using it to trade live.

Here is a simple example of a forex scalping robot for the GBP/USD currency pair on the M5 time frame coded in MQL4:

//— input parameters
extern double TakeProfit = 10;
extern double StopLoss = 50;
extern double LotSize = 0.1;

//— variables
int buy_ticket, sell_ticket;

void OnTick()
{
//— check for buy entry conditions
if(Close[1] > Open[1] && Close[2] < Open[2])
{
//— open a buy trade
buy_ticket = OrderSend(Symbol(), OP_BUY, LotSize, Ask, 3, 0, 0, “My Buy Trade”, 16384, 0, Green);

    if(buy_ticket < 0)
      {
        Print("Error opening buy trade: ", GetLastError());
        return;
      }

    //--- set stop loss and take profit levels
    OrderModify(buy_ticket, Bid - StopLoss*Point, Ask + TakeProfit*Point, 0, Green);
  }

//--- check for sell entry conditions
if(Close[1] < Open[1] && Close[2] > Open[2])
  {
    //--- open a sell trade
    sell_ticket = OrderSend(Symbol(), OP_SELL, LotSize, Bid, 3, 0, 0, "My Sell Trade", 16384, 0, Red);

    if(sell_ticket < 0)
      {
        Print("Error opening sell trade: ", GetLastError());
        return;
      }

    //--- set stop loss and take profit levels
    OrderModify(sell_ticket, Ask + StopLoss*Point, Bid - TakeProfit*Point, 0, Red);
  }

}

This code creates a simple forex scalping robot that opens buy and sell trades for the GBP/USD currency pair on the M5 time frame based on the following entry conditions:

  • Buy entry: The robot will enter a buy trade if the close of the current bar is higher than the open and the close of the previous bar is lower than the open.
  • Sell entry: The robot will enter a sell trade if the close of the current bar is lower than the open and the close of the previous bar is higher than the open.

The robot uses the OrderSend function to open the trades and the OrderModify function to set the stop loss and take profit levels.

It is important to note that this is just a simple example, and there are many other factors that you will need to consider when creating a forex scalping robot, such as risk management, money management, and testing. It is always a good idea to thoroughly test your robot on historical data before using it to trade live.

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