The 100 Pips Today Scalper indicator uses a Moving Average to identify the market trend. This guide will talk about how the indicator works and how you can apply it as a strategy.
What is the 100 Pips Today Scalper indicator?
The 100 Pips Today Scalper is a scalping indicator that helps determine the exact entry and exit points. The indicator uses Moving Average and plots up and down signals to illustrate the market trend.
Whenever the trend changes, it draws a UP/Down text. Along with this, some start to identify the consolidation, so you may refrain from taking positions.
In addition, the indicator also describes the BUY/Sells signal at the bottom. This identifies the current market trend.
100 Pips Today Scalper Indicator Strategy
Although the indicator has a fancy name, it mentions the market’s current strength. When the indicator draws the UP text, the trend is about to change, and you can take long positions. Conversely, you can look for short entries if there is a DOWN text.
It’s important to wait for the text to appear, as the indicator can be repainted. In addition, if there are stars, it means consolidation, and you may not take trades at this point.
You should note that the signal text below the chart is a guiding force. If the indicator mentions the SELL signal, you may only trade when there is a DOWN text. Similarly, if there is a BUY signal, you may trade if the UP text appears.
As the name suggests, the indicator is good for shorter timeframes, but on a longer timeframe, it can give a delay in trend change because of the time delay.
Although the indicator works fine, you can add other indicators like the traditional Moving Averages or other indicators for further signal confirmation.
Buy Signal
- The indicator must plot the UP text.
- Wait for the bar to complete, and then enter the next candle.
- You could place a stop-loss at the recent low.
- You could set take-profit at the previous high or exit the trade when the DOWN text shows up.
Sell Signal
- The indicator must plot the DOWN text.
- Wait for the bar to complete, and then enter on the next candle.
- You could place a stop-loss at the recent high.
- You could set take-profit at the previous low or exit the trade when the UP text shows up.
100 Pips Today Scalper Indicator Pros & Cons
The 100 Pips Today Scalper has its share of strengths and weaknesses. Let’s see what these are:
Pros
- The 100 Pips Today Scalper is simple to understand.
- It can present clear entry and exit points.
Cons
- The indicator can repaint.
- The indicator doesn’t work properly on higher timeframes.
Conclusion
The 100 Pips Today Scalper plots the Moving Average to determine the market trend. It also mentions the BUY/SELL signal, which acts as a guiding force on where the current trend is heading. You can always practice trading on a forex demo account to begin with to improve your trading skills and build up your confidence. Most forex brokers provide a free demo account, including IC Markets. They are my top choice for both manual and automated forex trading systems. This is because they have tight spreads, quick execution speeds, low commission fees and excellent 24/7 support.
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