The Trendline Forex Scalping Strategy utilizes an excellent idea to trade the forex market trend in a highly effective and straightforward way. It has been designed with two powerful forex trading indicators: Advanced Trendlines and Exponential Moving averages. These forex indicators work together to give accurate signals.
The Advanced Trendline Forex Scalping Strategy is recommended for all timeframes (M15) and currency pairs. It is shown directly on the main trading chart. The main default settings can be modified directly from the input tab. Feel free to test the settings and parameters to fit your preferences.
How to trade with the Trendline Forex Scalping Strategy?
The Trendline Forex Scalping Strategy consists of just two forex indicators, which are the following:
- Advanced Trendline: this forex indicator draws trendlines automatically on the mt4 chart. A red colored trendline is a bearish resistance level. On the other hand, a blue colored trendline is considered a bullish chart support level.
- 50 Exponential Moving Average(EMA): the 50 EMA represents the 50 days Exponential Moving Average. As with other moving averages, 50 EMA works in the same manner. A price floating above its level signals a bullish trend; however, a price diving below it indicates a bearish trend.
Follow these steps for a long trade:
- The blue-colored Advanced Trendline supports the price.
- Price crosses and close over the 50 EMA
- Buy-entry trade is triggered after the above conditions are met.
- Set stop loss(SL) a few pips below the blue Trendline.
- Take profit(TP) or exit trade whenever the price reaches the red Trendline, or use your preferred method of trade exit.
Follow these steps for a short trade:
- The red-colored Advanced Trendline resists price.
- Price crosses and close under the 50 EMA
- Sell entry trade is triggered after the above conditions are met.
- Set stop loss(SL) a few pips above the red Trendline.
- Take profit(SL) or exit trade whenever the price reaches the blue Trendline, or use your preferred method of trade exit.
As always, to achieve better results, remember about proper money management. To be a profitable forex trader, you must master discipline, emotions, and psychology. It is crucial to know when and when not to trade. Avoid entering trading during unfavorable times and market conditions like low volume/volatility, beyond major market sessions, exotic currency pairs, wider spread, etc.
How to set up the Trendline Forex Scalping Strategy in MetaTrader (MT4)?
Download the Advanced Trendline Forex Scalping Strategy.zip archive at the end of this post, unzip it, then copy and paste the forex indicators files of the Trendline Forex Scalping Strategy into the MQL4 folder of the MT4 trading platform.
You can gain access to this data folder by clicking the menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators.
Furthermore, you must copy the template file into the templates folder to run the Advanced Trendline Forex Scalping Strategy. To proceed, right-click on an mt4 chart, then Template > Open Templates, and then copy the Advanced Trendline Forex Scalping Strategy. tpl file into that folder. Select the file and click Open to load the system on your chart.
The Advanced Trendline Forex Scalping Strategy is worth adding to your forex trading collection. A good forex strategy will up your chance of success. Nonetheless, remember to have realistic expectations. 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.