Sunday, 12 June 2016

Forex Scalping Strategy | 2016-05-24 GBPUSD +10

GBPUSD +10 2016-05-24 | 5 min Trend Trade

This is a vanilla 5 min trend trade on cable. This trade occurs when a pair makes a new high (or low) and price retraces back to the first 5 min box. In a vanilla trade, such as this the boxes have formed a step pattern (see the red line linking the boxes on the 1, 5 and 15min timeframes) with a 5-10 pip gap between each set of boxes. This trade was textbook with it being taken around the first five minute box and giving us +10 pips.

More information and further help regarding scalping using forex price action, with the forex Fib Matrix trading software, can be viewed here

Previous recording Forex Price Action | 2016-05-20 GBPUSD +8

from 24HR Forex Trade Room