Quick 1 min timeframe scalping strategy. It is Simple But Profitable(small profits)
Many of us heard of quick scalpers or jobbers who keep punching orders in live market. this setup here is similiar where 1 min Timeframe quick in and out of market is done at fixed points with minimum Risk Reward 1:2
Traders adopt a variety of strategies in order to constantly beat the markets and profit, but scalping is one of the most profitable methods of trading. Scalping is a type of trading that entails executing a series of little winning deals in order to increase earnings by focusing on number rather than quality. Rather than undertaking a lot of detailed technical analysis, the primary aim of such methods is to use trading volumes. There are a variety of such trading tactics, one of which was detailed in this article. Continue reading to learn more.
There are 3 main indicators used in this trading setup, and each of these indicators has been explained below in detail.
Engulfing Candle Pattern
Trade setup Explained:
For this particular trading setup, the following settings were used on the indicators:
EMA: Period = 200
Two indicators in trading view
Bullish and Bearish Engulf pinescript: Detection set to no trends in tradingview
RSI: The 50-line was marked clearly.
- A long position will be initiated when the current price is above the 200 EMA, there is a bullish engulfing pattern, and the RSI is above 50.
- A short position will be initiated when the current price is below the 200 EMA, there is a bearish engulfing pattern, and the RSI is below 50.
The risk/reward ratio was set at 1:2.
Around 60% + profitable and its quick in and out in 1 min timeframe.
Some additional indicators and settings that can be added in order to increase the pop like:
The ADX indicator could be added to weed out bad trades that would’ve been made when the trend was about to end. (Rising ADX above 25-30 mark is good indicator for trending strength.)
We can also change the EMA period from 200 to 50 or 100 for better results.