The name 60 Seconds Trades forex trading strategy makes this sound as though it is designed for scalping.
Nevertheless, it is a day trading system that is designed to allow you enter, manage and exit positions in the market within the trading day’s session.
Chart Setup
MetaTrader4 Indicators: SixtySecondTrades.ex4 (default setting), Slope Direction Line.ex4 (default setting), sMAMA.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour
Recommended Trading Sessions: Any
Currency Pairs: All pairs
Download
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a buy in the market if the following indicator or chart pattern gets displayed:
- If the light blue line of the Slope Direction Line custom indicator intersect the lines (red and blue) of the sMAMA.ex4 custom indicator bottom up, price is said to be pressured higher i.e. a trigger to enter a buy. The light blue line of the Slope Direction Line indicator is aligned below the lines (red and blue) of the sMAMA.ex4 indicator, while price trades above (refer to Fig. 1.0) during a buy trigger.
- If a lime dot of the SixtySecondTrades.ex4 custom indicator appears below the candlesticks as seen on Fig. 1.0, the momentum in the market is said to be bullish, as such buy order(s) is crucial.
Stop Loss for Buy Entry: Place stop loss below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following conditions or rules apply:
- If the line of the Slope Direction Line custom indicator intersects the lines (blue and red) of the sMAMA.ex4 custom indicator top bottom, price is said to be driving lower i.e. a signal to exit or take profit at once.
- If the SixtySecondTrades.ex4 custom indicator forms a red dot above the candlesticks during an uptrend, it is a reversal signal i.e. an exit or take profit is recommended.
Sell Entry Rules
Enter a sell in the market if the following indicator or chart patterns are on display:
- If the tomato line of the Slope Direction Line custom indicator intersect the lines (red and blue) of the sMAMA.ex4 custom indicator top downward, price is said to be pushed lower i.e. a trigger to enter a sell. The tomato line of the Slope Direction Line indicator is aligned above the lines (red and blue) of the sMAMA.ex4 indicator, while price is trading below (refer to Fig. 1.1) during bearish conditions.
- If a red dot of the SixtySecondTrades.ex4 custom indicator appears above the candlesticks as seen on Fig. 1.1, the momentum in the market is said to be bearish, as such a sell order(s) is crucial.
Stop Loss for Sell Entry: Place stop loss above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following rules or conditions hold sway on the activity chart:
- If the line of the Slope Direction Line custom indicator intersects the lines (red and blue) of the sMAMA.ex4 custom indicator bottom up during a downtrend, it is a signal to exit or take profit without delay.
- If the SixtySecondTrades.ex4 custom indicator form a lime dot below the candlestick during a downtrend, it is a reversal signal, as such an exit or take profit will suffice.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The Slope Direction Line.ex4 is a trend following indicator but has its period set at 80, offering it more lag.
The sMAMA.ex4 custom indicator is also a trend following indicator that is made up of two lines (blue and red) that are attached to the chart.
The SixtySecondTrades.ex4 is a simple signal indicator that is built on the ADX indicator. It displays lime (bullish) and red (bearish) dots below and above the candlesticks respectively.
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