Here’s a great scalping trading system for trading gold.
It’s composed of an RSI trend indicator, together with an accurate buy/sell arrow scalping indicator.
The system is built to buy and sell gold (XAU/USD) in an existing trend, “buy low and sell high” principle.
Used MT4 indicators: buysellarrowscalper.ex4 (default settings), RSIFilter.mq4 (default settings)
Preferred time frame(s): M5, M15, M30
Recommended trading sessions: London and US
Trading instrument: gold (XAU/USD)
Example: Gold 30 Minute Chart
The figure above is an example of the gold trading system in action on the 30 minute gold chart.
It shows our proposed buy and sell entry points.
The RSI histogram filtered technical indicator is used to keep us trading in the overall direction of the gold trend.
Total signals: 5 (3 sell, 2 buy).
Gold System Trading Rules
- RSI Filter indicator orange color (trend up)
- Buysellarrowscalper indicator draws blue arrow
==> Open buy position. Set stop-loss slightly below the most recent support level.
Close buy position ideas: 1. Wait for the scalping indicator to draw a red arrow (short-term bearish). 2. Set your own profit target, for example 100 pips.
- RSI Filter indicator blue color (trend down)
- Buysellarrowscalper indicator draws red arrow
==> Open sell position. Set stop-loss slightly above the most recent resistance level.
Close sell position ideas: 1. Wait for the scalping indicator to draw a blue arrow (short-term bullish). 2. Set your own profit target, for example 150 pips.