Contrarian Scalping System is a trend following forex trading system. Like the name says it is a contrarian approach of scalping with its indicators with unique algorithms. Contrarian Scalping System is a very simple yet very reliable trend following scalping forex trading system. The technical indicators in the main chart window generate the trading signal and the indicator in the indicator window confirms the signals. Since Contrarian Scalping System is a scalping system it can be used to trade on 5 minute and 1 minute time frame. With a discipline to fully follow the rules of the system sincerely, one can make money from the market on a consistent basis.
Contrarian Scalping System Overview
|Time Frame||Currency Pairs||Number of Indicators||Ratings|
|1 minute and 5 minute||Any||4||9.7/10|
This is a simple trend following scalping forex trading strategy and we’ve rated it 9.7 out of 10. Contrarian Scalping system will look like this when you put in your MetaTrader 4.
Now you see what Contrarian Scalping System looks like. Let’s go through the indicators used in Contrarian Scalping System.
Contrarian Scalping Indicators Overview
|Main Chart Window||Window 1|
|Stochastic cross alert||Moving average|
Envelopes are the two moving averages moving in a channel like fashion. The lower moving average of the envelop works as a support level and the upper moving average works as a resistance. Idea is to look for long when lower moving average is tested and vice versa.
- Stochastic cross alert
The green and red arrows you see are the Stochastic Cross Alert. Green arrows indicate buying and red arrows indicate selling.
ADX indicator has green red and blue oscillators. Buy and sell signals will be verified by the crossovers of these oscillator. When the blue and red oscillator is above the green oscillator, it’s a bullish signal and vice versa.
- Moving average
Moving average, here, moves with ADX line. So, they both actually have same job.
Contrarian Scalping System: Buy Parameters
- Market should be bouncing from the recent support zone.
- Stochastic oscillator alert indicator (green arrow) should appear below the market.
- Green oscillator of ADX should cross above the red oscillator.
- Buy the currency pair when all of the above conditions are met.
- Set your stop loss just below the recent support level.
- Book your profit when a stochastic oscillator alert indicator (red arrow) appears above the market.
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Contrarian Scalping System: Sell parameters
- Market should be retracing from the recent resistance zone.
- Stochastic oscillator alert indicator (red arrow) should appear above the market.
- Red oscillator of ADX should cross above the green oscillator.
- Sell the currency pair when all of the above conditions are met.
- Set your stop loss just above the recent resistance level.
- Book your profit when a stochastic oscillator alert indicator (green arrow) appears below the market.