Introduction to the Trendline Scalper Trading System
The name of the Trendline Scalper Trading System pretty much explains what it is. It simply utilizes a trendline trading approach. It got famous among trend-following traders for its capability to plot the trendline slope with ease and accuracy. This automatic trendline supporting tool helps traders struggling to spot and draw trendlines for their trade entries.
The Trendline Scalper Trading System fits all kinds of timeframes and currency pairs, but we suggest trading on lower timeframes. The Trendlines are displayed directly on the main trading chart and the Stochastic Oscillator is displayed in a separate window below it. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to trade with the Trendline Scalper Trading System?
The Trendline Scalper Trading System basically consist of only two indicators, which are the following:
- Trendline V1.1: it’s the core of the system as it spots the possible setups to draw the trendlines and plots the slope on an automatic basis. These levels can be considered as the dynamic support and resistance levels of the market. It also defines entry points for traders. Green trendline stands for sell traders, and green trendline stands for buy trades.
- Stochastic Oscillator: it’s of the most popular forex oscillators. Its value under 20 means the oversold market state nad above 80 reflects overbought market state.
Follow these steps for a long trade:
- Price is above red trendline
- Stochasic Oscillator drops below 20 level
- Price touches and rejects red trendline
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the red trendline
- Take profit or exit trade whenever the price touches green trendline or use your own preferred method of trade exit
Follow these steps for a short trade:
- Price is below green trendline
- Stochasic Oscillator rises above 80 level
- Price touches and rejects green trendline
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last swing low of the market
- Take profit or exit trade whenever the price touches red 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 Trendline Scalper Trading System in MT4?
Download the Trendline Scalper Trading System.rar archive at the bottom of this post, unpack it, then copy and paste the indicators files of the Trendline Scalper Trading System 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 Trendline Scalper Trading System 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 Trendline Scalper Trading System.tpl file into that folder. Now select the file and click Open to load the system on your chart.
The Trendline Scalper Trading System 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 Forex MT4 Trendline Scalper Trading System
To download the Trendline Scalper Trading System for Metatrader 4 (MT4) for free just click the button below: