Free scalping indicator for intraday trading
Free scalping indicator system is a trend following trading system for intraday trading. The author is Karl Dittman Dittman. On line there are various setup of this system.
Time frame 1 min, 5 min. 15Min.
Markets currecncy pairs (majors) and Indicies.
IMPORTANT RULES - How to use the signals
- Identify a current trend. (Remember? Trend is your
friend?)
- Ignore all signals against a current
trend! Example:
Trend is up – but you get a “sell” signal ( ignore it!)
- Wait for a “buy” signal to enter. This is the most
important rule #1, if you follow it – you will have no
losing trades at all.
- The most important rule #2: do not trade and do not use
the indicator on a side trend. This is “MUST follow”
rule#2.
If you DON’T follow or ignore the rules above – good results are
not guaranteed!
Entering Trades
The Free Scalping Indicator generates trades it changes colors.
To use the Free Scalping Indicator © to generate signals:
Long trades occur when the Free Scalping Indicator
changes color from Red to Yellow. (Red to Green) (ZERO line crosses depends by indicator in the folder there are two versions)
Short trades occur when the Free Scalping Indicator
changes color from Green to Red. (ZERO line crosses depends by indicator in the folder there are two versions)
Place your stop loss 5 pip below the previous candle
For long trades
Place your stop loss 5 pip above the previous candle
For short trades.
Exit trades when the Free Scalping Indicator Indicator issues the opposite
trading signal. This ensures that you trade with maximum profits and right
before the market reverses.
Another exit mechanism which is highly effective is to exit near strong support
or resistance levels. It is a method that generates exits earlier, so you take
profits early.
Place your stop loss 5 pip below the previous candle
For long trades
Place your stop loss 5 pip above the previous candle
For short trades.
Tips-IMPORTANT: Make sure to trade only follow a currect trend! It will cut ALL
bad trades! Never place a trade against a trend.
Example: If the current trend is up and the indicator
shows “BUY” signal – place a trade.
If the current trend is up and the indicator
shows “SELL” signal – NO TRADE! Wait for the next “BUY” signal…
Stay away from using the signals and open trades on unclear trends or side
trends.
In the pictures Free scalping indicator system in action.
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