A really accurate free forex scalping system that can be used on the 5 minute and 15 minute charts.
It’s made up of 2 trading indicators, one for short-term trend direction and one for trade entry signals and simple stop-loss placement.
Indicators: ArrowsAndCurves, BarTimer (shows time left to next bar), freescalpingindicator
Preferred time frame(s): 5 min, 15 min
Trading sessions: London, New York
Preferred Currency pairs: low spread major fx pairs (EUR/USD, USD/JPY, GBP/USD, AUD/USD)
Example: EUR/USD 15 Minute Chart
As shown in the EUR/USD chart above, this system identified 6 trading opportunities.
2 Long signals and 4 short signals. 5 Trading positions were closed for 15 pips each and 1 short trade was closed for a 18 pips loss.
Result: 57 pips gain.
- Free forex scalping indicator draws green histogram (short-term bullish)
- Blue up arrow (trade entry)
==> Go long at the open of the next candlestick and set profit target to 15 pips.
Stop-Loss: Place a stop-loss just below the lower green ArrowsAndCurves line.
- Free forex scalping indicator draws red histogram (short-term bearish)
- Red down arrow (trade entry)
==> Go short at the open of the next candlestick and set profit target to 15 pips.
Stop-Loss: Place a stop-loss just above the upper green ArrowsAndCurves line.