Trendline Scalper Trading System got famous among trend-following traders for its capability to plot the trendline slope with better accuracy. This automatic trendline supporting tool has managed to help many traders who find it difficult to spot and draw daily trendlines for their trend-based trading purposes.
Trendline Scalper Trading System Can be applied to trade all kinds of forex currency pairs available at the MT4 trading platform. Furthermore, as it is a scalping system I recommend you to use lower time frames like 1-minute, 5-minute, and 15-minute time frame.
Trendline Scalper Trading System Overview:
After installing Trendline Scalper Trading System at your forex MT4 terminal, your trading chart will appear like the following image:
|Time Frame||Currency Pairs||Indicator Factors||Ratings|
Trendline Scalper Trading System Anatomy:
- Trendline V1.1: It spots the possible setups to draw the trendlines and plots the slope on an automatic basis. These levels are used as the dynamic support and resistance levels of the market. It suggests traders buy at the higher low in a bullish trend and sell from the lower high in a bearish trend of the market.
- Stochastics: One of the most popular forex momentum indicators around the financial trading markets. Its value under 20 means the oversold condition of the market. Stochastics above 80 means market has already entered to its overbought condition.
Your job is to look for buy opportunities at the oversold condition and sell opportunities from the overbought condition of the market.
Also Read: The Best Forex Trading Strategy Ever
Trendline Scalper Trading System: Buy Parameters
- Price successfully holding its position right above the current Trendline V1.1
- Stochastics reaches below 20
- Price bar closes as a bullish bar above the trendline
- Buy triggers when the above conditions are met
- Set stop loss below the trendline level
- Exit long/take profit whenever price hits the next horizontal support
Trendline Scalper Trading System: Sell Parameters
- Price successfully holding its position right below the current Trendline V1.1
- Stochastics reaches above 80
- Price bar closes as a bearish bar below the trendline
- Sell triggers when the above conditions are met
- Set stop loss above the trendline level
- Exit short/take profit whenever price hits the next horizontal support