The 50 pips a day super Forex scalper system is a mechanical trading system that will put you in the green using the right combination of the Alligator and MACD divergence tool.
This trend scalper system is designed to give you 50 pips per trade on the M15 chart.
It is a simple system that should be implemented on low spread major/minor currency pairs, i.e. EUR/USD, AUD/JPY, GBP/USD, USD/JPY, GBP/JPY, EUR/JPY etc.
MT4 Chart Setup
MetaTrader 4 Indicators: Alligator.ex4 (Parameters Modified; Jaws Period=18, Teeth period=13, Lips period=10), FX5_MACD_Divergence_V1.1.ex4 (Default Setting)
Trade Recommendations
Time Frame(s): 1-Minute, 5-Minute, 15-Minute,
Trading Sessions: London, New York, Tokyo
Currency Pairs: any low spread pair + Gold
Trade Style: scalping
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Buy Trade Example: AUD/JPY (Australian Dollar / Japanese Yen), M15 Chart
Fig. 1.0
Strategy
Buy Trade Setup
Open a buy trade when the following conditions are met:
- The FX5_MACD_Divergence_V1.1 MT4 indicator should be printing a bullish divergence (as shown by its green filled line) on the chart window indicating a bullish trend, followed by the red and blue lines crossing above the zero-horizontal level.
- The blue line of the Alligator indicator should be crossing the lime and red lines in a bottom up manner indicating a bullish trend momentum.
Stop Loss
Set the stop loss below the lines of the Alligator.
Take Profit
- Close the trade as soon as the red line of the FX5_MACD_Divergence_V1.1 indicator crosses below zero.
- Alternatively, close the trade for a predetermined profit target, for example exit the buy trade for +50 pips TP on the 15-minute time frame, or when the lime Alligator indicator line intersects the red line.
Sell Trade Example: AUD/JPY (Australian Dollar / Japanese Yen), M15 Chart
Fig. 1.1
Sell Trade Setup
Open a sell trade when the following conditions are met:
- The FX5_MACD_Divergence_V1.1 MT4 indicator should be printing a bearish divergence (as shown by its red filled line) on the chart window indicating a bearish trend, followed by the red and blue lines crossing below the zero-horizontal level.
- The blue line of the Alligator indicator should be crossing the lime and red lines in a top downward manner indicating a bearish trend momentum.
Stop Loss
Set the stop loss above the lines of the Alligator.
Take Profit
- Close the trade as soon as the red line of the FX5_MACD_Divergence_V1.1 indicator crosses above zero.
- Alternatively, close the trade for a predetermined profit target, for example exit the sell trade for +50 pips TP on the 15-minute time frame, or when the lime Alligator indicator line intersects the red line.
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About The Forex Technical Indicators Used
The Alligator indicator by Bill Williams is made up of three components: a 13-day Simple Moving Average (blue color), a 13-day Simple Moving Average (red color) and a 5-day Simple Moving Average (green color).
The FX5_FX5_MACD_Divergence_V1.1 custom indicator is a technical study that detects divergences between the currency price and the MACD indicator.
The indicator offers buy alert for bullish divergences and sell alerts for bearish divergences.