Cycle of Waves Scalping Strategy is greatly known as a trend-following forex trading system. Along with the trend signals, it also plots pivot and support/resistance levels so that traders can follow the right path while trading at the market. The chart demonstrations and signaling system look very much easier to learn by newbie traders to apply in real trading operations.
Cycle of Waves Scalping Strategy can be applied to trade any forex currency pairs available at the forex market. Besides, it also fits great with all kinds of timeframe charts at the MT4 terminal. Furthermore, you’ll not have to bother about drawing support levels manually anymore.
Cycle of Waves Scalping Strategy Overview
After installing the Cycle of Waves Scalping Strategy at your forex MT4 terminal, your trading chart will appear like the following image:
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Cycle of Waves Scalping Strategy Anatomy
Bollinger Bands: One of the most popular forex momentum indicators around the market. Its lower band is the oversold area and the upper band indicates the overbought area of the market. Price holds above the mid-band signals the bullish momentum and if below then confirms the bearish momentum respectively.
Bolli Toucher: It appears as a tiny little dot around the price bars. Its job is to make you alert whenever price touches the lower or upper Bollinger bands so that you know when to watch the market for trade opportunities.
Key PA Levels: It calculates and plots the pivot levels along with horizontal support/resistance levels on an automatic basis. These levels are very important to watch for price action signals as the price usually tends to swing in such areas.
VCustom3: It is a momentum filter. Its value at -10 means the oversold condition and if hits +10 then signals the overbought condition of the market.
STC Color: Known as a forex trend indicator. Its color gets green and moves above the zero level to signal the bullish trend. Contrarily, if it turns red carrying a negative value then indicates the bearish trend of the market.
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Cycle of Waves Scalping Strategy: Buy Parameters
- Price is supported by either lower Bollinger Band or the Key PA Levels
- Bolli Toucher appears below the price bars
- VCustom reaches -10
- STC Color turns green and remains positive in value
- Buy triggers when all of the above conditions are met
- Set stop loss below the lower Bollinger Band
- Exit long/take profit whenever price reaches the upper Bollinger Band and VCustom reaches +10
Cycle of Waves Scalping Strategy: Sell Parameters
- Price is resisted to go up by either upper Bollinger Band or the Key PA Levels
- Bolli Toucher appears above the price bars
- VCustom reaches +10
- STC Color turns red and remains negative
- Sell triggers when all of the above conditions are met
- Set stop loss above the upper Bollinger Band
- Exit short/take profit whenever price reaches the lower Bollinger Band and VCustom reaches -10