Introduction to the Advanced Trendline Forex Scalping Strategy
The 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.
The Advanced Trendline Forex Scalping Strategy fits all kinds of timeframes (M15 is recommended) and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
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.
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
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
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Advanced Trendline Forex Scalping Strategy in MetaTrader (MT4)?
Download the Advanced Trendline Forex Scalping Strategy.rar archive at the bottom of this post, unpack it, then copy and paste the indicators files of the Advanced Trendline Forex Scalping Strategy into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Furthermore, to run the Forex Stryder Strategy you need to copy the template file into the templates folder. To proceed, right-click on a chart, then Template > Open Templates, and then copy the Advanced Trendline Forex Scalping Strategy.tpl file into that folder. Now select the file and click Open to load the system on your chart.
The Advanced Trendline Forex Scalping Strategy is well worth adding to your trading collection. A good forex strategy will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex trading system provides false signals occasionally. Its performance will vary significantly depending on market conditions.
Download Free MT4 Advanced Trendline Forex Scalping Strategy
To download the Advanced Trendline Forex Scalping Strategy for Metatrader 4 (MT4) for free just click the button below: