You can take advantage of the 60-minute time frame in this strategy. The most suitable currency pairs to trade using this strategy are the EUR/USD, USD/JPY, GBP/USD, and the AUD/USD. In regards to Forex trading strategies resources used for this type of strategy, the MACD is the most suitable which is available on both MetaTrader 4 and MetaTrader 5.
Buy Trade Rules:
You can enter a long position when the MACD histogram goes beyond the zero line. The stop loss could be placed at a recent swing low.
Sell Trade Rules:
You can enter a short position when the MACD histogram goes below the zero line. The stop loss could be placed at a recent swing high.
Below is an hourly chart of the AUDUSD. The red lines represent scenarios where the MACD histogram as gone beyond and below the zero line:
Source: Admiral Markets MetaTrader 4, AUDUSD, H1 chart (between 20 May 2020 to 31 May 2020). Accessed: 31 May 2020 at 11:45 am BST – Please note: Past performance is not a reliable indicator of future results or future performance.