Trading strategy Scalping System Pro
As the name of the trade suggests Scalping System Pro strategiesit's designed for scalping or making a large number of trades with a small profit target. The trading strategy is based on the price level of the beginning of the day, which serves as a reference point for making a buy or sell transaction. In fact, we are looking at another variation of the strategy on the bounce from the daily boundaries.
This is an indicator trading strategy that uses author's filters, so ForTrader.org experts recommend to test it thoroughly on demo and cent accounts before using it in real trading.
Trading strategy settings:
- Currency pair: EUR/USD.
- Timeframe: M15, M30.
- Bidding time: any.
- Risk Management: not more than 5% of the deposit per trade.
Setting the system indicators:
- Unpack the archive with the indicators and the template.
- Copy the indicators to the folder experts -> indicators.
- Copy the template into the templates folder.
- Restart the terminal.
- We open the M15/M30 chart of the EUR/USD currency pair.
- Install the template named ForexScalpingPro Trader on it.
The schedule should look like this:
Descriptions of the strategy indicators
Open Daily Line Indicator (shown as a dark green line in the figure above) represents the price level at the beginning of the day. This level is very important because it serves as the centerline around which the price fluctuates.
ForexScalpingPro Trader Indicator (shown in the figure above as green and red arrows) shows possible points of position opening, a signal indicator.
ForexScalpingPro Check Indicator signals that a possible signal for opening a deal has appeared on the chart.
Rules for opening trades on the strategy
Buying deal opens when the following conditions are met:
- There's a message about signal to buy.
- The closing price of the candlestick indicated by the green arrow of the indicator ForexScalpingPro Trader, is above the opening price level of the day.
A bargain for sale opens when the following conditions are met:
- A sell signal message appeared.
- The closing price of the candle indicated by the red arrow is below the opening price level of the day.
Important point: if the closing prices of candlesticks indicated by the arrows are below (above) the opening price of the day at the occurrence of buy (sell) signals, such a signal is considered false and the deal is not opened.
Setting a stop loss
- When buying stop loss is set at the minimum of the previous 3-7 candles.
- When selling, the stop loss is set at the maximum of the previous 3-7 candles.
Take profit is set at a distance of 2-10 points from the opening price depending on the market activity. We remind you that the strategy is scalping, so you should not expect especially high profits per transaction.