Advanced Trendline Forex Scalping Strategy
Platform: Scalping StrategiesType: Trading Systems Last update: August 15, 2024The Advanced Trendline Forex Scalping Strategy utilizes an excellent idea to trade the forex trend in a highly effective and pretty simple way. It has been designed with the two powerful forex trading indicators: Advanced Trendlines and Exponential Moving Average. These forex indicators work together to provide accurate signals.
How to trade with the Advanced Trendline Forex Scalping Strategy?
The Advanced Trendline Forex Scalping Strategy consists of just two indicators, which are the following:
- Advanced Trendline: this indicator draws trendlines automatically on the chart. A red-colored trendline is a bearish resistance level. On the other hand, a blue-colored trendline is considered a bullish support level.
- 50 Exponential Moving Average: the 50 EMA represents the 50-day period Exponential Moving Average. As like as other moving averages, 50 EMA works with the same manner. Price floating above its level signals the bullish trend, and on a contrary, price diving below it indicates the bearish trend.
Buy Signal
Follow these steps for a long trade:
- Price is supported by the blue-colored Advanced Trendline
- Price crosses and close above the 50 EMA
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the blue trendline
- Take profit or exit trade whenever the price reaches red trendline or use your own preferred method of trade exit
Sell Signal
Follow these steps for a short trade:
- Price is resisted by the red-colored Advanced Trendline
- Price crosses and close below the 50 EMA
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the red trendline
- Take profit or exit trade whenever the price reaches blue trendline or use your own preferred method of trade exit
