BeanFX Nasdaq 100 Index Scalper
This article will guide Nasdaq 100 (NAS 100) Index traders on how to scalp quick profits when trading Nasdaq 100. The BeanFX Nasdaq100 Index Scalper is a combination of four Meta Trader 5 indicators.
Basically, the indicators are Moving averages, Relative Strength Index, Stochastic Oscillator and Envelopes. The ideal time frame for this strategy is 15 minutes time frame. (Please try this strategy on a demo account before going live).
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Two moving averages are loaded on the main MT5 chart with the following settings as shown in image below;
On the main chart, when the Gold and Red moving averages cross the Blue/Red envelope lines up, then we have a BUY signal. When the Gold and Red moving averages cross the Blue/Red envelope lines down, then we have a SELL signal.
Indicator Window 1
The relative strength Index and moving average indicators are installed on Indicator Window 1 with the following settings.
Buy signal occurs when the Red moving average line cross up on the Relative Strength Index mid line (at level 50) as shown in the image below.
Sell signal occurs when the Red moving average line cross down on the Relative Strength Index mid line (at level 50) as shown in the image below.
Indicator Window 2
The Stochastic Oscillator indicator is installed on Indicator Window 2 with the following settings;
Buy signal occurs when the Red Main Stochastic Oscillator line cross up on the 50 and 57 Stochastic Oscillator levels as shown in the image below.
Sell signal occurs when the Red Main Stochastic Oscillator line cross down on the 50 and 43 Stochastic Oscillator levels as shown in the image below.
When scalping Nasdaq 100 Index, scalp trades should only be placed when signal occurs at the same time (or almost at the same) on all three windows as shown in the images below.
The combination of the three signals on the main chart, indicator 1 and indicator window 2 will help NAS 100 Index scalpers make better trade decisions.
Sell trade example;
Buy trade example;
Take Profit and Stop Loss Levels;
For NAS 100 Index scalping, trade profit may be taken when buying at the nearest resistance. However, it is advisable to book profits on long positions at point when sell signal occurs.
Stop loss for a buy trade can be placed below the most closet and recent low.
For a sell trade, take your trade profit at the nearest support. However, profit can be taken on short positions at points where buy signals occur.
Stop loss for the sell trades can be placed a little above the recent highs.
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