Trendline Scalper Trading System
Platform: Trading Systems Last update: August 16, 2024The 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.
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.
Buy Signal
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
Sell Signal
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
